(1) At the times set out in subsection (2)(f), the Authority shall prepare and submit to the Minister for his or her approval, with or without amendment, a strategy statement for the following 3 year period.

(2) A strategy statement shall -

(a) specify the key objectives, outputs and related strategies (including the use of resources) of the Authority,

(b) have regard to the need to ensure the most beneficial, effective and efficient use of the Authority's resources,

(c) except for the first strategy statement, include a review of the outcomes and effectiveness of the preceding strategy statement,

(d) specify the manner in which the Authority proposes to assess its performance in respect of the objectives referred to in paragraph (a), taking account of relevant performance indicators (financial and non-financial),

(e) be prepared in the form and manner that the Minister may from time to time direct,

(f) be prepared and submitted to the Minister not later than -