19. (1) The Agency shall provide financial and commercial advisory services to a Minister of the Government who is a relevant Minister in relation to a designated body.

(2) For the purposes of this section and section 20, “financial and commercial advisory services”, in relation to a designated body and a Minister of the Government, means services consisting of advice relating to any of the following matters:

(a) the performance of any functions of the Minister of the Government (whether or not under any enactment) in relation to the designated body (other than a general function relating to a sector of the economy);

(b) the exercise of rights attaching to any shares held by the Minister of the Government in the capital of the designated body;

(c) the governance of the designated body and its financial and commercial operation, including the rate of return on capital expected from the designated body and the appropriate dividend policy for the designated body;

(d) the corporate strategy and capital and investment plans of the designated body;

(e) any steps that may be necessary or expedient to take to protect, enhance or realise the value of any interest held by the Minister of the Government in the designated body;

(f) any proposed acquisition or disposal of any interest in the designated body;

(g) any proposed winding up, reorganisation or restructuring of the designated body;

(h) the appointment of the chairperson, members, directors or chief executive of the designated body;

(i) the remuneration of the chairperson, members, directors or chief executive of the designated body.

(3) The Agency shall, if a Minister of the Government who is a relevant Minister in relation to a designated body requests it to do so, provide project management services in relation to, or services consisting of overseeing—

(a) any acquisition or disposal of any interest in, or any assets of, the designated body, or

(b) any winding up, reorganisation or restructuring of the designated body.

(4) In performing its functions under this section the Agency shall have regard to the objective of seeking the effective and efficient application of capital by the designated bodies taken as whole.

(5) The Minister for Public Expenditure and Reform may, with the consent of the Minister, give to the Agency directions as to the performance of its functions under this section and the Agency shall comply with any such directions.

(6) Before giving a direction under subsection (5) the Minister for Public Expenditure and Reform shall consult each Minister who is a relevant Minister in relation to a designated body likely to be affected by the performance by the Agency of any of its functions under this section in compliance with the direction.

(7) As soon as is reasonably practicable after giving a direction under subsection (5), the Minister for Public Expenditure and Reform shall publish the direction in such manner as he or she considers appropriate.