The position paper includes a timeline of major milestones and a description of process steps. It also includes role descriptions for several key entities in the review, such as our consumer reference group, and the independent panel who will review our draft instrument.
In deciding on our pathway to 2022, the AER has considered stakeholder submissions in response to our November 2019 consultation paper on this topic. We also collected feedback on the development of the 2018 rate of return instrument. While many elements of the 2022 pathway are based on our 2018 process, we have made several improvements so that we have the best possible opportunity to hear and understand the views of all stakeholders.
The next step in the pathway will be a series of working papers on specific rate of return topics. Each of these working papers will include a stakeholder consultation period. This is in addition to our annual updates on rate of return data.