695Corporate plans

695 Corporate plans (1) The Regulator must, on an annual basis, prepare and give to the responsible Ministers for approval by the Ministers a corporate plan for each 3 year period. (2) The corporate plan must— (a) outline the Regulator’s objectives for the 3 year period; and (b) state how the Regulator’s objectives will be implemented during the 3 year period; and (c) contain a statement outlining the National Performance Measures (Standards and Indicators), determined by the Regulator under subsection (4), for the 3 year period, including (but not limited to) annual measures for each of the 3 years specifying— (i) the standards expected to be complied with for each year; and (ii) the performance indicators proposed to be used for measuring the Regulator’s progress in implementing the Regulator’s objectives during the year; and (d) identify any challenges and risks that the Regulator reasonably believes may have a significant impact, during the 3 year period, on— (i) the Regulator’s ability to implement the Regulator’s objectives; and (ii) the achievement of the object of this Law; and (iii) the exercise of the Regulator’s functions; and (e) include the Regulator’s proposed budget for each financial year commencing within the 3 year period.

(3) The Regulator must, by notice given to the responsible Ministers, advise the Ministers if either of the following occurs— (a) the Regulator makes a significant amendment to its corporate plan; (b) the Regulator becomes aware of an issue that will have a significant impact on its ability to implement the objectives stated in the corporate plan. (4) The Regulator must publish documentation for National Performance Measures on the Regulator’s website and determine National Performance Measures (Standards and Indicators) in accordance with the documentation.