119. Section 5 of the Act of 1971 is amended—

(a) by the insertion of the following subsections after subsection (2):

“(2A) An Bord 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 objectives in the strategic development plan under section 20C,

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.

(2B) Without prejudice to the generality of subsections (1), (2) and (2A), An Bord 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;

(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) by the insertion of the following subsections after subsection (3):

“(3A) An Bord shall, in the performance of its functions, have regard to policies of the Government (including policies relating to education and training or remuneration of staff employed in the education sector) for the time being.

(3B) (a) For the purposes of the performance of its functions, An Bord shall establish procedures relating to resolution of disputes.

(b) Procedures established under paragraph (a) shall—

(i) be established following consultation with each trade union and staff association recognised by An Bord and with the student union,

(ii) provide for consideration of a dispute by a person who is independent of the persons involved in the dispute, and

(iii) be published in such manner as An Bord considers appropriate.

(3C) An Bord may delegate any of the functions that, in its opinion, can be better or more conveniently performed by the academic council to the academic council.”.