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 under the Act and the Code.

In the normal course the Ministry provides assistance and guidance to the Panel with its preparation of various accountability documents, including this statement of intent. 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.

During the course of 2008/09 the Panel has consulted the successive Ministers and the Ministry over its physical separation from the Securities Commission and also about proposed changes to the law requiring legislative change. The Panel has also co-operated with the accounting firm of KPMG who were commissioned by the Ministry to prepare a report on the physical relocation of the Panel.

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 specified in the annual Output Agreement with the Minister.

The Panel proposes to report to the Minister on its:

1. Financial performance;
2. Achievement of outputs;
3. Use of its litigation fund;
4. Outlook for the remainder of the financial year,

on a quarterly basis through the year in accordance with its Output Agreement. The Panel will also report on the progress of its physical relocation as it separates from the Commission. 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.

The Panel considers that 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 considers that there are no 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.