617Functions of Institute Board

617 Functions of Institute Board

The functions of the Institute Board are—

(a) to develop statements of priorities and strategic plans for the operation of the Institute and to monitor compliance with those statements and plans; and

(b) to develop financial and business plans, strategies and budgets to ensure the accountable and efficient performance of the functions of the Institute and the long‑term financial viability of the Institute; and

(c) to monitor the performance of the Institute to ensure that—

(i) the Institute operates within its budget; and

(ii) the audit and accounting systems of the Institute accurately reflect the financial position and viability of the Institute; and

(iii) the Institute adheres to—

(A) its financial and business plans; and

(B) its strategic plans; and

(C) its statements of priorities; and

(iv) effective and accountable risk management systems are in place; and

(v) effective and accountable systems are in place to monitor and improve the quality, safety and effectiveness of mental health and wellbeing services provided by the Institute; and

(vi) any problems identified with the quality, safety or effectiveness of the mental health and wellbeing services provided by the Institute are addressed in a timely manner; and

(vii) the Institute continuously strives to improve the quality and safety of the mental health and wellbeing services it provides and to promote innovation; and

(viii) committees established or appointed by the Institute operate effectively; and

(d) during each financial year, to monitor the performance of the chief executive officer of the Institute (including at least one formal assessment in relation to that financial year), having regard to the objectives, priorities and key performance outcomes specified in the Institute's statement of priorities under section 634; and

(e) to develop arrangements with other relevant agencies and service providers to enable effective and efficient service delivery and continuity of care; and

(f) to establish a finance committee, an audit committee and a quality and safety committee; and

(g) to provide appropriate training for its directors.