22Annual business plans

22 Annual business plans

(1)  The Board, on or before 31 March in each financial year, is to prepare a business plan for the following financial year.

(2)  In preparing a business plan, the Board is to have regard to the TMAG objectives and the Board's obligations in respect of those objectives.

(3)  A business plan is to –

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

(b) include a statement of the manner in which the Board is to meet the business and financial objectives of the applicable strategic plan or, for the final year of a planning period under section 21 , its next strategic plan.

(4)  After preparing a business plan, the Board is to submit a draft of it to the Minister for approval.

(5)  The Minister may –

(a) approve the draft business plan as submitted; or

(b) require the Board to amend the draft business plan and resubmit it for approval.

(6)  To avoid doubt, the Minister's power under subsection (5)(b) may be exercised more than once.

(7)  Once a draft business plan has been approved by the Minister 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.

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

(9)  Subsections (4) , (5) and (6) have the same application to an amendment as they have to the plan itself and the amendment takes effect once it has been approved by the Minister.

(10)  The Board may publish a business plan as it thinks fit.