21. (1) The Board shall be the governing body of the Agency with authority, in the name of the Agency, to perform the functions of the Agency.

(2) The Board shall—

(a) oversee the development of corporate strategy in relation to major plans of action, risk policy, annual budgets and business plans,

(b) set performance objectives having regard to sections 41 and 44,

(c) monitor the implementation of corporate performance and, subject to section 49, oversee major capital expenditure,

(d) promote high standards of corporate governance with particular regard to a code of conduct issued under section 37,

(e) establish arrangements for the management of the performance of the chief executive officer and implement the necessary development and appraisal processes, and

(f) ensure, having regard to net expenditure limits determined under section 45, the integrity of the Agency’s accounting and financial reporting systems, including the independent audit, and that appropriate systems of control are in place, in particular, systems for risk management, financial and operational control, and compliance with the law and relevant standards.

F24[(3) The Board of the Agency shall be accountable—

(a) to the Minister for the performance of its functions, and

(b) to the Minister for Education in respect of the performance by the Agency of its education welfare functions.]

(4) The Board may delegate to the chief executive officer any of the functions of the Agency with the exception of the functions of the Board under subsection (2).

(5) If a function of the Agency is delegated to the chief executive officer under subsection (4), the delegation remains in force until the Board revokes the delegation.

(6) The Board shall notify the Minister F25[or, in respect of any education welfare functions of the Agency, the Minister for Education,] in writing of any delegation under subsection (4) or revocation under subsection (5).

(7) Without prejudice to section 14, the Board shall inform the Minister F25[or the Minister for Education] of any matter that it considers requires the F24[attention of the Minister concerned].

(8) The Minister F25[or, in respect of any education welfare functions of the Agency, the Minister for Education,] may issue directions to the Board in relation to the delegation of functions to the chief executive officer under subsection (4).