Powers and Duties of the Board.
Section 12
SEC. 12. Powers and Duties of the Board. — The following are the powers of the Board: To provide strategic direction for TRANSCO, and formulate medium and long-term strategies pursuant to the vision, mission, and objectives of TRANSCO; To develop and adopt policies and measures for the efficient and effective management and operation of TRANSCO; To organize, re-organize, and determine the organizational structure and staffing pattern 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; To fix the compensation of the President of TRANSCO and to appoint and fix the compensation of other corporate officers; For cause, to suspend or remove any corporate officer appointed by the Board; To adopt and set guidelines for the employment of personnel on the basis of merit, technical competence, and moral character; and Any provisions of the law to the contrary notwithstanding, to write-off bad debts.