(1)  Every third financial year, the Board is to prepare a plan ( strategic plan ).

(2)  The strategic plan may be in respect of the following 3 financial years or, if the Board so determines, a greater number of financial years ( the planning period ).

(3)  In preparing a strategic plan, the Board is to have regard to the TMAG objectives and its obligations in respect of those objectives.

(4)  A strategic plan is to include the following:

(a) a statement of the Board's objectives for the planning period with particular regard to the general management, operation, financial sustainability and development of TMAG including the Board's financial plans;

(b) strategies for attaining those objectives;

(c) strategies for monitoring progress towards the attainment of those objectives and for managing risk and measuring success;

(d) an appraisal, if applicable, regarding the effectiveness and the attainment of the objectives of the previous strategic plan.

(5)  A strategic plan is to be consistent with –

(a) any applicable Ministerial statement of expectation; and

(b) any applicable Ministerial directions.

(6)  A strategic plan is to be in such form as the Board thinks fit.

(7)  In preparing a strategic plan, the Board –

(a) is to consult the Minister; and

(b) may consult such other persons as it thinks fit.

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

(9)  The Minister may –

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

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

(10)  To avoid doubt, the Minister's power under subsection (9)(b) may be exercised more than once.

(11)  Once a draft strategic plan has been approved by the Minister for a planning period –

(a) it takes effect as the strategic plan of the Board for that planning period; and

(b) the Board is to act during that planning period in accordance with the strategic plan.

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

(13)  Subsections (7) , (8) , (9) and (10) 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.

(14)  The Board may publish a strategic plan as it thinks fit.