Recommendations 11 (Paragraph 81) and 13 (Paragraph 86) relate to the important balancing act in the establishment of ARIA, between facilitating a high degree of autonomy to allow for dynamic and evolving investment portfolios, while also ensuring sufficient oversight. These are important recommendations, and we hope they are reflected at the heart of the Bill, and in the design of the organisation. We believe the ARIA Bill strikes the appropriate balance with, on the one hand, requirements for the body to produce an Annual Report for Parliament and including Government representatives on ARIA’s Board; and on the other, allowing ARIA necessary agility, for instance, with regards to procurement. Furthermore, the forthcoming Framework Agreement between BEIS and ARIA will again aim to strike a balance, stipulating specific reporting requirements and certain flexibilities within non-legislative processes.