(1) The Council shall submit to the Minister as soon as practicable and in any event not more than eight months after the end of each financial year a report dealing generally with the activities and operation of the Agency during the year to which the report relates and shall include

(a) the audited accounts of the Agency and the Auditor-General's report on the accounts of the Agency; and

(b) such other information as the Agency may consider necessary.

(2) The Minister shall within two months after the receipt of the annual report submit the report to Parliament with such statement, as the Minister considers necessary.