18Corporate plans

18 Corporate plans

(1) The Corporation shall:

(a) not later than 3 months before the commencement of each planning period, formulate a corporate plan, for the planning period concerned, setting out:

(i) the broad objectives of the Corporation in performing its functions during the planning period; and

(ii) a broad outline of the policies and strategies to be pursued by the Corporation to achieve those objectives; and

(iii) the Corporation’s assessment, for the planning period, of the market outlook and the economic outlook for the industry; and

(b) from time to time and, in any event, at least once in each financial year, review and revise the corporate plan.

(2) A corporate plan, or a revision of a corporate plan:

(a) shall be submitted to the Minister as soon as practicable after it is formulated; and

(b) has no effect until it is approved by the Minister.

(3) Before formulating or revising a corporate plan, the Corporation shall consult the eligible industry bodies.