Section 29—delete the section and substitute:
29—Progress reports in relation to performance plan
(1) Within 1 month
after 31 December in each financial year the Corporation must prepare and give
to the Minister—
(a) a
report on its progress in achieving the target for the rate of return on
investment and management of the public sector superannuation funds set out in
the relevant performance plan for that year; and
(b)
separate reports in relation to each approved authority on its progress in
achieving the target for the rate of return on investment and management of
the nominated funds of the approved authority set out in the performance plan
for the authority for that year.
(2) Within 1 month
after the end of each financial year the Corporation must prepare and give to
the Minister—
(a) a
report on the extent to which it has achieved the target for the rate of
return on investment and management of the public sector superannuation funds
set out in the relevant performance plan for that year; and
(b)
separate reports in relation to each approved authority on the extent to which
it has achieved the target for the rate of return on investment and management
of the nominated funds of the approved authority set out in the performance
plan for the authority for that year.
(3) The Corporation
must give a copy of each report prepared under subsections (1)(a) and
(2)(a) to each of the superannuation boards.
(4) The Corporation
must give a copy of each report prepared in respect of an approved authority
under subsections (1)(b) and (2)(b) to the approved authority to which
the report relates.
(5) If, during a
financial year, the Corporation is of the opinion that the target in relation
to the public sector superannuation funds or the nominated funds of an
approved authority for that year is not achievable or a strategy set out in a
performance plan should be modified or abandoned because a factor affecting or
influencing the investment or management of the public sector superannuation
funds or the nominated funds of an approved authority has changed or a new
factor has arisen, the Corporation must prepare a report in relation to the
matter.
(6) A report under
subsection (5) must—
(a)
describe the factor concerned; and
(b)
explain why the target is not achievable or the strategy should be modified or
abandoned; and
(c) be
prepared and given to—
(i)
the Minister; and
(ii)
if the report relates to the public sector superannuation
funds—each of the superannuation boards; and
(iii)
if the report relates to an approved authority—the
relevant approved authority,
as soon as practicable after the Corporation forms its opinion on those
matters.