6.1 The government agrees with the Committee’s recommendation. Target implementation date: Spring 2022 6.2 The department is extremely mindful of the need to respect the Bank’s operational independence and will always seek to ensure any correspondence with the Bank reflects that, where it applies. 6.3 The Shareholder Relationship Framework Document governs the relationship between the Bank and the Department for Business, Energy and Industrial Strategy’s (BEIS) Secretary of State, who is the sole shareholder, and informs how officials from the department and the Bank work together on a day-to-day basis. This document includes a specific undertaking (‘Operational Independence Undertaking’) which sets out the Bank’s independence in respect of operational or commercial matters, though it does not apply to activities undertaken by the Bank’s ‘Service Arm’, such as the COVID-19 programmes. ‘Service Arm’ activity is governed by a service agreement and matters of operational independence for programmes carried out by the ‘Service Arm’ are defined in relevant service agreement schedules. 6.4 The Shareholder Relationship Framework Document is currently being updated. As part of this process, consideration will be given to whether any changes are required on the matter of operational independence with respect to ‘Service Arm’ activity, including with respect to correspondence between the department and the Bank in relation to the delivery of such activity. The department will write to the Committee on the outcome of its considerations.