Section 14Sec./Art. 14

Specific Duties and Powers of Governing Board.- The governing Board shall have the following specific duties and powers:

a. Determine the general policies of the Corporation within the scope of its powers, objectives and financial resources;

b. Approve and adopt annually the Corporation's budget at least three (3) months before the start of the fiscal period in conformity with the guidelines prescribed by the Department of Budget and Management, the Department of Finance and the Government Corporate Monitoring and Coordinating Committee; the Corporation's plan of operations for the year; as well as its medium- and long-term plans, programs and projects;

c. Monitor the implementation of the Corporation's general policies, plans, budgets and projects;

d. Upon the recommendation of its President, approve, reorganize or otherwise alter the position structure, staffing pattern, qualifications, powers and functions of the Corporation's officers and employees, in consultation with the Civil Service Commission and the Department of Budget and Management;

e. Rationalize the rates of salaries, wages, allowances, per diems, consultant's fees, overtime pay and other forms of compensation, including gratuities and fringe benefits, which shall be determined in accordance with the position classification and compensation scheme or policy formulated under existing laws, rules and regulations and in consultation with the Civil Service Commission and the Department of Budget and Management, without prejudice to the compensation, fringe benefits and gratuities enjoyed by or provided for incumbent personnel at the effectivity of this Act;

f. Approve, upon the recommendation of its president, the appointment of senior corporate officials in accordance with the pertinent provisions of the Civil Service Law, rules and regulations;

g. Evaluate the financial reports of the Corporation and the comments of the Auditor thereon and, after approval such financial reports, consider each item thereof in respect of which the Auditor has expressed a reservation, or made an observation, or has refrained from expressing an opinion; and

h. Submit to the President of the Philippines, the Congress of the Philippines, the Department of Finance, the Department of Budget and Management, the Department of Agriculture, and the Government Corporate Monitoring and Coordinating Committee, an annual report of the Corporation's operations which shall include the following audited financial statements: balance sheet or statement of assets and liabilities; income statement or statement of income and expenditures; and statement of sources and application of funds.

Such report shall also include an analysis of any surplus or deficit of the Corporation and other additional statements and information necessary to make known the financial conditions and operations of the Corporation such as the outstanding domestic and foreign borrowings, the amount of government capital and/or dividend that will be credited to the Bureau of Treasury during the fiscal year, and appropriations needed to restore capital impairments, if any, subject to pertinent laws, rules and regulations; and such other reports and statements that the Government Corporate Monitoring and Coordinating Committee may prescribe.