Come to think of it - are you sure Bose? I know that a full FI or a CRI can do this, but are you sure that an FI(R) can't do the biennial flight with an instructor.
I am quite sure that in the context of the question that I am correct. I did not say that they can't conduct the flight. Just unless the FI(R) is supervised they can't do it. An FI(R) can't go out and freelance, they have to have a supervising FI in an approved training organisation.
This means the flight will need to be conducted from the approved organisations base and in accordance with the Operations Manual/Flying Order book etc.