Paul Connell, from Auckland, will chair the committee. He has extensive experience as a financial professional working as a chartered and corporate accountant in New Zealand and the UK.
He now combines professional consultancy with independent directorships.
Tony Steele, from Hamilton, has more than 40 years in business advisory and financial management roles and was a partner at KPMG in Hamilton.
Tony combines professional consultancy and is a director of seven companies, including Forlong and Maisey (board chair), Prolife Foods and WEL Networks.
Mayor Julie Hardaker says rigorous scrutiny of how council goes about its business is critical and the committee will have this as a key focus of its work.
The committee will meet at least four times a year, with its first meeting expected in June.