Here we go then.
How is it accountable to the fan base?
Will the public minutes show what subjects have been 'deemed confidential' and why so deemed? The second para above suggests strongly that fans won't even be told what was discussed that the OUFC-Sponsored Panel Chair decides they shouldn't know about.
What happens if a member of the Panel disagrees with the minutes?
In other words, a Panel majority can decide that any information published any way about any matter is 'wrong' and can't be mentioned. How does a Panel Member who disagrees with a Panel decision get heard? Sounds like they don't or they will be excluded from the club.
If the minutes don't even say what topics been discussed (points above) and the judgement of what's 'wrong' is in the hands of the Panel majority, the 'Expectations' need to be considered seriously. If a Panel member disagrees with a policy, feels there is misbehaviour, undue secrecy, or good old fashioned stupidity in the Panel they aren't allowed to say so. Panel members are at risk of being removed or otherwise sanctioned if whoever gets to decide (who is that?) deems that what they post publicly is 'negative or speculative' (how is that judged, by whom?). In practice this means that, should I or [deleted to avoid offence] (just an example) disagree with a policy that, let's say, prevents something like the Ultras regenerating they will have to think twice (at least) before saying so publicly.
Here's a scenario that should happen sooner or later. The Club, along with it's Panel decide on something that OxVox members have, through consultation, decided they are against. The Chair decides it's confidential. If OxVox mentions it do they lose their representation in the Panel?
Make up your own minds.