(1) The board of directors must prepare, in consultation with the Secretary, a statement of priorities for the Institute for each financial year in accordance with subsection (4).
(2) The board of directors must give a copy of the proposed statement of priorities to the Minister on or before 1 October in each year for approval.
(3) If the board of directors and the Minister do not agree on a statement of priorities on or before 1 October, the Minister may make a statement of priorities for the relevant financial year in accordance with subsection (4).
(4) A proposed statement of priorities must specify—
(a) the services to be provided by the Institute and the funds to be provided to the Institute; and
(b) the objectives, priorities and key performance outcomes to be met by the Institute; and
(c) the performance indicators, targets or other measures against which the Institute's performance is to be assessed and monitored; and
(d) how and when the Institute must report to the Minister and the Secretary on its performance in relation to the specified objectives, priorities and key performance outcomes; and
(e) such other matters as, from time to time, are—
(i) agreed by the Minister and the board of directors; or
(ii) determined by the Minister.
(5) A statement of priorities may be varied at any time if the board of directors and the Minister so agree.
(6) If the board of directors and the Minister fail to agree to a proposed variation of a statement of priorities within 28 days after the variation is proposed, the Minister may—
(a) vary the statement of priorities; or
(b) decline to vary the statement of priorities.