111.— (1) As soon as practicable after the Authority is established, it shall submit to the Minister for approval a code of governance that includes an outline of—

(a) the guiding principles applicable to the Authority as a public body having the functions described in section 96,

(b) the structure of the Authority, including the role and responsibilities of the Authority and the chief executive officer,

(c) the processes and guidelines to be followed to ensure compliance with the reporting requirements imposed on the Authority by or under this Act, and

(d) the Authority’s internal controls, including its procedures relating to internal audit, risk management, public procurement and financial reporting.

(2) The Authority shall review the code of governance periodically at the times that may be specified by the Minister and shall revise the code as the Authority considers appropriate.

(3) In preparing or making revisions to the code of governance, the Authority shall have regard to any direction given by the Minister under section 107.

(4) Following the Minister’s approval of the code of governance or of any revisions to it, the Authority shall arrange for the publication of the code or the revised code.

(5) The Authority shall indicate in its annual report its arrangements for implementing and maintaining adherence to the code of governance.