(1) The board or controlling body of a statutory body shall submit to the responsible Minister and the Minister —
(a) a 3 year strategic plan reflecting the strategic objectives of the statutory body over the financial year and the 2 subsequent financial years; and
(b) no later than 4 months before the beginning of a financial year, a financial, operational or business plan, reflecting proposals to operationalize the statutory body's strategic objectives over the financial year.
(2) The 3 year strategic plan under subsection (1)(a) must include forecast fiscal aggregates, including capital expenditure, key performance indicators and performance targets and be updated on an annual basis.
(3) Where the board or controlling body of a statutory body fails to comply with subsection (1)(a) or (b), the responsible Minister may, in consultation with the Minister, take corrective action as may be appropriate.
(4) On receipt of a strategic plan, financial, operational or business plan the responsible Minister and the Minister shall approve or disapprove the strategic plan, financial and operational plan or business plan and provide reasons for the approval or disapproval to the board or controlling body of the statutory body within a period of 2 months after receipt of the plan and in any event no later than the beginning of the financial year to which the plan relates.
(5) The Minister may prescribe, in consultation with the responsible Minister, the format in which a strategic plan, financial, operational plan or business plan required under this section must be prepared and the procedures for review and approval by a Ministry and the responsible Minister.