I believe the text is rather clear on this matter. 

III.A. The elements of this proposal 
"Establishment of a Review Committee, with representatives from each RIR, to advise the NRO EC on the review of the IANA functions operator’s performance and meeting of identified service levels.”
...
III.A.4. Establishment of a Review Committee
To ensure that the service level defined in the proposed agreement is maintained by the IANA Numbering Services Operator, the NRO EC will periodically review the service level of the IANA Numbering Services provided to the Internet Number Community.

The RIRs shall establish a Review Committee that will advise and assist the NRO EC in its periodic review. The Review Committee will, as needed, undertake a review of the level of service received from the IANA Numbering Services Operator and report to the NRO EC any concerns regarding the performance of the IANA Numbering Services Operator, including especially any observed failure or near- failure by the IANA Numbering Services Operator to meet its obligations under the proposed agreement. Any such Review Committee will advise the NRO EC in its capacity solely to oversee the performance of the IANA Numbering Services, and the Review Committee’s advice and comment will be limited to the processes followed in the IANA Numbering Services Operator’s performance under the proposed agreement. Activities of the Review Committee shall be conducted in an open and transparent manner. Reports from the Review Committee shall be published.

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I hope this clarifies the matter. 

Kind regards,

Nurani