(1) The principal objective of a council-controlled organisation is to—
(a) achieve the objectives of its shareholders, both commercial and non-commercial, as specified in the statement of intent; and
(b) be a good employer; and
(c) exhibit a sense of social and environmental responsibility by having regard to the interests of the community in which it operates and by endeavouring to accommodate or encourage these when able to do so; and
(d) if the council-controlled organisation is a council-controlled trading organisation, conduct its affairs in accordance with sound business practice.
(2) In subsection (1)(b), good employer has the same meaning as in clause 36 of Schedule 7.