1. Assess the performance of GRDC in meeting its obligations under the Statutory Funding Agreement 2025–2034 (the SFA) with the Commonwealth, with reference to:
   • the five Performance Principles (see below) and associated Key Performance Indicators, as described in the SFA and the Guidelines for Statutory Funding Agreements
   • the Best Practice Guide to Stakeholder Consultation
   • the GRDC Knowledge Transfer and Commercialisation Guide
   • the Australian Government’s relevant research, development and extension priorities
2. Assess GRDC’s development and implementation of its Strategic RD&E plan, including:
   • the delivery of benefits to GRDC’s stakeholders, including levy payers and the Australian Government, as well as the community in general
   • the degree to which GRDC’s investments have met the needs of stakeholders, including analysis of feedback from GRDC stakeholders received through consultative processes.
3. Assess how GRDC conducts its business, review the efficiency and effectiveness of GRDC’s current processes, and assess if current processes are fit for purpose and encapsulate best practice.
4. Report on the implementation and effectiveness of changes GRDC has made since its previous Independent Performance Review including to:
   • address feedback/recommendations from its previous Independent Performance Review, including a comparison with the previous review’s findings, to identify what has/has not changed
   • address feedback provided by the Department of Agriculture, Fisheries and Forestry at the annual performance meeting
   • improve its general efficiency and effectiveness.
5. In undertaking the review, the independent party will:
   • consult with levy payers and key stakeholders, including the Department of Agriculture, Fisheries and Forestry
   • provide a draft copy of the Performance Review Report simultaneously to GRDC and the Department of Agriculture, Fisheries and Forestry.

The ‘Performance Principles’ are:

• To engage stakeholders to identify RD&E priorities and activities that provide benefits to the industry
• To ensure RD&E priorities and activities are strategic, collaborative and targeted to improve profitability, productivity, competitiveness and preparedness for future opportunities through a balanced portfolio
• To undertake strategic and sustained cross-industry and cross-sectoral collaboration that addresses shared challenges and draws on experience from other sectors
• For governance arrangements and practices to fulfil legislative requirements and align with contemporary Australian best practice for open, transparent, and proper use and management of funds
• To demonstrate positive outcomes and delivery of RD&E (and marketing) benefits to levy payers and the community in general and show continuous improvement in governance and administrative efficiency.