55Financial policy

#### 55 Financial policy (1) The Commission shall, not later than 60 days before the commencement of each financial year: (a) determine, by instrument in writing, that the financial target of the Commission for the financial year is to be: (ia) a specified rate of return on the Commission’s assets; or (i) a specified profit; or (ii) neither a profit nor a loss; or (iii) a specified loss; and (b) inform the Minister, by notice in writing, of the financial target that it has determined for the financial year. (2) The Minister may, before the expiration of the period of 60 days after receipt by him of notice under subsection (1) of the financial target that the Commission has determined for the financial year: (a) determine, by instrument in writing, a different financial target for the financial year; and (b) inform the Commission, by notice in writing, of the financial target that he has determined for the financial year and the reasons for his determination. (3) Subject to section 6AA and Part VA, the Commission shall pursue a policy in the financial year directed at ensuring that it attains the financial target for the financial year. (4) Subject to subsection (6), the Commission shall, whenever it considers it necessary or desirable to do so during the financial year, review the financial results of its operations during the part of the financial year that has elapsed and, if on any such review it appears to the Commission that its progress towards attaining the financial target for the financial year has not been satisfactory, the Commission shall, subject to subsection (5): (a) forthwith consider what specific measures should be adopted by it in order to ensure that it attains the financial target; and (b) inform the Minister, by notice in writing, of the respects in which its progress towards attaining the financial target has not been satisfactory, of the measures that it proposes to adopt in order to ensure that it attains the financial target and of the effect that, in its opinion, the adoption of those measures will have on the financial results of its operations for the financial year. (5) The Commission shall not, for the purposes of subsection (4), propose that the financial target for the financial year should be attained, in whole or in part, by means of moneys appropriated by the Parliament. (6) The Commission shall ensure that not more than 6 months elapse between: (a) the commencement of the financial year and the commencement of the first review under subsection (4) in relation to the financial year; or (b) the commencement of a review under subsection (4) in relation to the financial year and the commencement of the next such review. (7) A reference in subsection (3), (4) or (5) of this section or in subsection 56(1) to the financial target of the Commission for a financial year is a reference to: (a) the financial target determined by the Commission under subsection (1) for the financial year; or (b) where the Minister has, under subsection (2), determined a different financial target for the financial year—the financial target so determined.