Section 8
SEC. 8. President of the Foundation. The Board of Trustees shall appoint a President of the Foundation who shall be its chief executive officer and shall receive such compensation and remuneration to be fixed by the Board. He shall have the following powers and duties: Execute and administer the policies, plans, and programs, and the rules and regulations, approved or promulgated by the Board of Trustees; Create such committees/ or offices as may be necessary to assist in the financial, planning and operational requirements of the Foundation; Submit for the consideration of the Board of Trustees the policies, plans and programs which he deems necessary to carry out the purposes of the Foundation; Recommend, coordinate and administer the programs and projects of the Foundation; Direct and supervise the operation and internal administration of the Foundation, and to delegate some or any of its administrative responsibilities in accordance with the rules and regulations of the Foundation; Appoint other officers and employees of the Foundation, fix, their remuneration, allowances and other emoluments, the conditions and terms of employment as may deemed necessary, discipline and remove them for cause and establish and maintain a recruitment and merit systems, subject to the approval of the Board; Submit the annual report of the Board of Trustees setting forth the work of the Foundation during the year, its financial operations and status, and a program and budget for the ensuing year; and Exercise such other powers and to discharge such other functions as may be vested in him by the Board of Trustees.