Under Cabinet Office guidance issued in 2000, Government Departments were required to conduct regular and challenging reviews of the public bodies for which they are responsible, every five years. This Quinquennial Review programme was a key part of the modernising government programme aimed at improving the quality and effectiveness of public services.
The Quinquennial Review of the Grant Awarding Research Councils was published in two stages, you can download these as well as the implementation plan here:
Quinquennial Review of the Grant Awarding Research Councils - Stage 1 
Quinquennial Review of the Grant Awarding Research Councils - Stage 2 
Implementation plan for the Quinquennial Review of the Grant Awarding Research Councils 
The seperate Quinquennial Review of the Council for the Central Laboratory of the Research Councils can be found on the BERR website.
The Quinquennial Review programme has now been replaced with business reviews linked to the Public Service Agreement (PSA) targets set for each Government Department. More information about the management of Non-Departmental Public Bodies (NDPBs), which includes the Research Councils, is available on the Cabinet Office website.