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Source: New Zealand Treasury:

As is usual practice in an election year, the Government has considered its expectations of State sector board members who may be standing for Parliament. Continuing the practice of previous governments, Ministers have reaffirmed their expectation that, in general, board members standing for Parliament will stand down from their roles from Nomination Day, 21 August 2020, (or an earlier agreed date), and resign if elected.

Ministers have asked that these expectations be conveyed on their behalf to the relevant State sector boards, by SSC, Treasury and other agencies. Here is the letter template produced by SSC to guide agencies in communicating Ministers’ expectations to boards.