DMcG:
Presumably your quote has answered your own question:
In our first year we will set up a Constitution, Democracy & Rights Commission that will examine these issues in depth, and come up with proposals to restore trust in our institutions and in how our
democracy operates

Of course it appears that that commission has yet to be set up, but Covid has intervened.
That commission would appear to supersede the Electoral Commission, and the prior removal of the Electoral Commission may be required to allow the Constitution, Democracy & Rights Commission to be brought into place.