Three non-executive directors have been appointed to Treasury's board, but Labour is continuing to question the board's existence.
Treasury Secretary John Whitehead announced the governance board in a speech last month.
He said the board would include private and community sector representatives to provide strategic advice.
Mr Whitehead would retain the right to veto the board's advice.
He said he would continue to answer to the State Services Commission and Finance Minister.
Today he announced the appointment of the three non-executive board members.
They were former Fairfax chief executive, chairwoman of Mighty River Power and deputy chairwoman of Television New Zealand Joan Withers, Bank of New Zealand director Susan Macken and New Zealand School of Music and Institute of Economic Research board member Paul Baines.
Treasury's deputy chief executives Andrew Kibblewhite and Gabriel Makhlouf would also be on the board.
Labour's state services spokesman Grant Robertson said the board challenged the neutrality of the public service and public service bosses' responsibility to government ministers.
With various working groups, purchase advisors, a review of public sector advice and now a board for Treasury, the Government was fundamentally changing the nature of the public sector, he said.
"This board looks designed to lock in place the economic thinking of the current government.
"Mr Whitehead has said that the people appointed would be representative of the community, so where are the representatives of the community sector?"
In a statement today, Mr Whitehead said the three private board members had a great deal of governance and commercial wisdom to bring to the table.
The board would hold its first monthly meeting in October and would meet with Finance Minister Bill English periodically.
"I am on record as making a lot of noise about public sector performance and innovation, with an expanded Treasury board we are 'walking the talk' and trying something new," Mr Whitehead said.
