76. Section 18 of the Act of 1997 is amended—

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

“(1A) The governing authority of a university shall—

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

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

(i) to achieve the objects of the university,

(ii) for the internal performance management and accountability of the university in respect of—

(I) the performance of its functions, and

(II) the achievement of the aims in the strategic development plan under section 34,

and

(iii) 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 university,

and

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

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

(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 chief officer;

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

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

and

(b) in subsection (4), by the insertion of “(including committees relating to audit and risk management functions)” after “appoint such and as many committees”.