PART IV

Accountability and Reporting

25. —(1) The chairperson of the Commission shall appear before, and give evidence to, the Committee of Public Accounts at such times as the Committee may reasonably request.

(2) Any evidence given under subsection (1) shall, subject to preserving confidentiality in relation to such commercially sensitive information, as determined by the Commission, relate to the policies of the Commission in relation to the Fund.

26. —(1) The Commission shall keep in such form as may be approved of by the Minister all proper and usual accounts of all moneys and other assets appropriate to the Fund. The accounts shall include a separate account of the administration fees and expenses incurred by the Commission in the operation of the Fund.

(2) The audited accounts prepared under section 12 of the National Treasury Management Agency Act, 1990 , shall note a record of expenses incurred by the Agency as the Manager.

(3) Accounts kept in pursuance of this section, signed by the chief executive officer of the Manager and by a commissioner authorised for that purpose, shall be formally adopted by the Commission and shall be submitted as soon as may be, but not later than 4 months, after the end of the financial year to which they relate by the Commission to the Comptroller and Auditor General for audit. A copy of the accounts as so audited shall be presented to the Minister as soon as may be and the Minister shall cause a copy of the accounts as so audited to be laid before each House of the Oireachtas.

(4) The chief executive officer of the Manager shall, whenever required by the Committee of Public Accounts, give evidence to that committee on—

(a) the regularity and propriety of the transactions recorded or required to be recorded in any book or other record of account subject to audit by the Comptroller and Auditor General which the Commission is required by or under statute to prepare,

(b) the economy and efficiency of the Commission and the Manager in the use of the resources made available to them under section 17 and 23, respectively,

(c) the systems, procedures and practices employed by the Commission for the purposes of evaluating the effectiveness of its operations, and

(d) any matter affecting the Commission referred to in a special report of the Comptroller and Auditor General under section 11(2) of the Comptroller and Auditor General (Amendment) Act, 1993 , or in any other report of the Comptroller and Auditor General (in so far as it relates to a matter specified in paragraph (a), (b) or (c)) that is laid before Dáil éireann.

(5) The chief executive officer of the Manager, if required under subsection (4) to give evidence, shall not question or express an opinion on the merits of any policy of the Commission or the objective of such a policy.

27. —(1) As soon as may be, but not later than 6 months, after the end of each financial year the Commission shall make a report to the Minister of its activities during that year and the Minister shall cause copies of the report to be laid before each House of the Oireachtas.

(2) Each report under subsection (1) shall, having regard to the need for open and transparent reporting on the operation of the Fund, but subject to preserving confidentiality in regard to commercially sensitive information, include the following for the year under review:

(a) information on the investment strategy followed;

(b) a report on the investment return achieved by the Fund;

(c) a valuation of the net assets of the Fund and a detailed list of the assets of the Fund at the year end;

(d) information about the investment management and custodianship arrangements in relation to the Fund; and

(e) information on fees, commission and other expenses incurred by the Commission and by the Manager in the operation of the Fund.

(3) Each report under subsection (1) shall include information in such form and regarding such matters as the Minister may direct.

(4) The Minister may from time to time appoint a person to carry out an examination of any or all aspects of the operation of the Fund and the Commission and the Manager shall be required to assist this examination in every respect and to afford the person appointed by the Minister access to all records, books and accounts for this purpose.