What is the Magisterium of the Catholic Church and what power do they have? Does the Magisterium of the Catholic Church hold equal power with the Pope in decision and statement making? Are they the Catholic Church's 'think-tank'? Do they advise the Pope on matters spiritual, or does the Pope advise them? Why don't we ever hear about them ie.' The Magisterium are working on the Latin Vulgate today and came upon what appears to be some insightful new revelation'. 

Can the Pope make decisions against what the Magisterium says, or do they all have to be in agreement for any statement to be made, in public, or a binding statement from 'the chair'.
What is Magisterium
Magiterium is the Teaching Authority.


  CCC 93 "By this appreciation of the faith, aroused and sustained
  by the Spirit of truth, the People of God, guided by the sacred
  teaching authority (Magisterium),. . . receives. . . the faith, once
  for all delivered to the saints. . . The People unfailingly adheres to
  this faith, penetrates it more deeply with right judgment, and applies
  it more fully in daily life."


Who is "the Magisterium"?
The Magisterium is the Pope and the Bishops with Him.


  CCC 100 The task of interpreting the Word of God
  authentically has been entrusted solely to the Magisterium of the
  Church, that is, to the Pope and to the bishops in communion with him.


Please see also Catechism of the Church CCC 85-87 The Magisterium of the Church.

From this and the references, you will get answers and clarification to your post.