Section 12Sec./Art. 12

Powers and Duties of the Board. The following are the powers of the Board:

(a) To provide strategic direction for TRANSCO, and formulate medium and long-term strategies pursuant to the vision, mission, and objectives of TRANSCO;

(b) To develop and adopt policies and measures for the efficient and effective management and operation of TRANSCO;

(c) To organize, re-organize, and determine the organizational structure and staffing patterns of TRANSCO; abolish and create offices and positions; fix the number of its officers and employees; transfer and re-align such officers and personnel; fix their compensation, allowance, and benefits;

(d) To fix the compensation of the President of TRANSCO and to appoint and fix the compensation of other corporate officers;

(e) For cause, to suspend or remove any corporate officer appointed by the Board;

(f) To adopt and set guidelines for the employment of personnel on the basis of merit, technical competence, and moral character; and

(g) Any provisions of the law to the contrary notwithstanding, to write-off bad debts.