(1) There is established a Council.
(2) The Council—
(a) is the governing body of the University; and
(b) has the general direction and superintendence of the University; and
(c) subject to this Act, the university statutes and university regulations, may exercise all the powers, functions and duties of the University.
(3) The primary responsibilities of the Council include—
(a) appointing and monitoring the performance of the Vice-Chancellor as the chief executive officer of the University;
(b) approving the mission and strategic direction of the University and its annual budget and business plan;
(c) overseeing and reviewing the management of the University and its performance;
(d) establishing policy and procedural principles for the operation of the University consistent with legal requirements and community expectations;
(e) approving and monitoring systems of control and accountability of the University, including those required to maintain a general overview of any entity over which the University has control within the meaning of section 3 of the Audit Act 1994 ;
(f) overseeing and monitoring the assessment and management of risk across the University, including university commercial activities;
(g) overseeing and monitoring the academic activities of the University;
(h) approving any significant university commercial activities.