(1) After the end of each reporting period the Pensions Authority shall, in accordance with section 45, prepare and submit to the Minister a report, referred to in this section as a "supervisory report".

(2) For the purpose of preparing a supervisory report the Pensions Authority shall review -

(a) the performance by the Authority and the Board of their functions in the reporting period,

(b) the operation and effectiveness in the reporting period of the Authority's systems of governance and systems of operation, including in relation to -

(i) the systems, procedures and practices for the internal performance management and accountability of the Authority under section 10(2)(a),

(ii) the arrangements for the management of the performance of the chief executive under section 10(2)(b),