16Statement of business intent

16 Statement of business intent

16 Statement of business intent

(1) The Board must prepare and submit to the Treasurer and the Finance Minister a statement of business intent for each financial year.

(2) The statement of business intent for a financial year must be submitted to the Treasurer and Finance Minister by 31 July in the financial year.

(3) The statement of business intent for a financial year must—

(a) include an overview of how the Corporation intends to carry out the Investment Mandate,

(b) set out the Corporation’s business plan for the financial year, and

(c) include the following for the financial year—

(i) the Corporation’s objectives and main undertakings,

(ii) an overview of the Corporation’s business and a summary of the nature and scope of the activities to be undertaken by the Corporation,

(iii) a statement about the accounting standards, policies and other requirements that will be applied in preparing the Corporation’s financial reports,

(iv) performance targets and other measures by which the Corporation’s performance may be judged in relation to its objects,

(v) the Corporation’s risk appetite,

(vi) any other matters required by the Treasurer or Finance Minister.

(4) The statement of business intent must be consistent with the Investment Mandate.

(5) If the Treasurer and Finance Minister are not satisfied with the statement of business intent for a financial year, the Treasurer or Finance Minister may direct the Board to amend and resubmit the statement in the way and time specified in the direction.