The Panel is an Independent Crown Entity with a statutory guarantee of its independence in all matters relating to the exercise of its powers and the carrying out of its functions. There are therefore no matters relating to the exercise of its powers or the carrying out of its functions on which the Panel would consult with the Minister or Ministry or notify the Minister or Ministry before making a decision.

However, the Panel is involved in a consultation process with the Minister and the Ministry in relation to the appointment of new members. The Panel is also likely to provide to the Minister and the Ministry an indication of its thinking on policy issues before making any final decisions because its recommendations could have implications for the Government's legislative programme. They may also impact on other Government initiatives.

If issues arose of a fundamental nature about the Panel's operations, for example concerning its relationship with the Securities Commission, this would have significant funding implications for the Crown. Accordingly it is unlikely that any decision would be made on such matters without first consulting with the Minister and the Ministry.

The Panel currently reports to the Minister on a quarterly basis and expects to continue with this level of reporting in future years. This is determined by the annual Output Agreement with the Minister.

The Panel proposes to report to the Minister on its:

on a quarterly basis through the year in accordance with its Output Agreement with the Minister. These reports are provided in the first instance to the Ministry who will brief the Minister as required.

The Panel maintains an ongoing relationship with the Ministry on current issues. It provides responses to Ministerial correspondence and questions in the House as required.

The Panel has no intention of acquiring any shares or interests in any partnership, joint venture or other association of persons, or any other interest in a company, for the purposes of section 100 of the Crown Entities Act in the next three years.

There are no other matters that are required to be disclosed in this statement of intent as a result of any other Act of Parliament, including the Takeovers Act.

The Panel does not consider that there are any other matters that should be disclosed that are reasonably necessary to achieve an understanding of the Panel's intention and direction.

The Panel has not sought any exemptions under section 143 of the Crown Entities Act in relation to the contents of the Panel's forecast Statement of Service Performance. It covers all the Panel's outputs.