So the Act provides that, once the Policy Targets Agreement between Minister and Governor has been signed, the Governor should be entirely independent in the formulation and implementation of monetary policy. The Governor has absolutely no obligation to consult with the Minister, with the Treasury, or indeed with the Board of the Bank.
Note that the combination of these two principles - of political involvement in the definition of the objective of monetary policy but complete independence on how that objective is achieved made the New Zealand approach internationally unique at that time.