19Business plans

19 Business plans

(1)  The Board, on or before 30 June in each financial year, is to prepare a business plan for the following financial year.

(1A)  [Section 19 Subsection (1A) inserted by No. 38 of 2022, s. 5, Applied:30 Nov 2022] The Board is to prepare its first business plan, as soon as practicable, for the financial year commencing on 1 July 2022.

(2)  In preparing a business plan, the Board is to have regard to the Authority’s functions and powers.

(3)  A business plan is to –

(a) be consistent with the applicable strategic plan, the applicable Ministerial statement of expectations and any applicable Ministerial directions; and

(b) detail the manner in which the Board is to meet the business and financial goals of the applicable strategic plan.

(4)  Once a draft business plan has been endorsed by the Board for a financial year –

(a) it takes effect as the business plan of the Board for that financial year; and

(b) the Board is to act during that financial year in accordance with the business plan.

(5)  The Board, having regard to changes of circumstance or for other reasonable cause, may prepare an amendment to its business plan at any time.

(6)  The Board must publish the applicable business plan.