111. Section 7 of the Act of 1992 is amended—

(a) by the insertion of the following subsections after subsection (1):

“(1A) The governing body of a college shall—

(a) promote the success (including academic success) and reputation of the college,

(b) satisfy itself that appropriate systems, procedures and practices are in place—

(i) for the internal performance management and accountability of the college in respect of—

(I) the performance of its functions, and

(II) the achievement of the aims in the strategic development plan under section 21C,

and

(ii) in order to implement, and report on compliance with, the policies (whether set out in codes, guidelines or other documents, or any combination thereof) of the Government or a Minister of the Government to the extent that those policies may affect or relate to the functions of the college,

and

(c) establish and implement arrangements for the management of the performance of the Director.

(1B) Without prejudice to the generality of subsections (1) and (1A), the governing body of a college shall perform the following functions with regard to the college:

(a) approve expenditure for major capital and investment projects;

(b) approve annual financial statements;

(c) provide for and maintain a system of audit;

(d) provide for and maintain a system of risk management;

(e) provide for and maintain a system of quality assurance in accordance with the Qualifications and Quality Assurance (Education and Training) Act 2012;

(f) review and oversee the implementation of major plans of action and provide strategic direction;

(g) delegate such functions as may be appropriate to the Director;

(h) manage the financial affairs of the college to ensure value for money and its financial viability;

(i) account to An tÚdarás for funding provided to the college by An tÚdarás.”,

and

(b) in subsection (6), by the substitution of “a committee of the governing body established under paragraph 6 of the Second Schedule” for “a committee”.