	Shepherd was appointed Colonial Treasurer on 9 May 1842, succeeding George Cooper. He thus became a member of the Executive Council of the Crown Colony, with the role of Colonial Treasurer being the fourth most senior role at the time (after Governor, Colonial Secretary and Attorney-General). When New Zealand gained self-government with the formation of the Fitzgerald Ministry on 14 June 1854, Shepherd's role was disestablished and he was given a government pension.