(1)
In general
The Board shall—
(A)
establish the broad goals, objectives, and policies of the Corporation that are appropriate to carry out this chapter;
(B)
develop long-range plans to guide the Corporation in achieving the goals, objectives, and policies of the Corporation and provide assistance to the chief executive officer to achieve those goals, objectives, and policies;
(C)
ensure that those goals, objectives, and policies are achieved;
(D)
approve an annual budget for the Corporation;
(E)
adopt and submit to Congress a conflict-of-interest policy applicable to members of the Board and employees of the Corporation;
(F)
establish a compensation plan for employees of the Corporation in accordance with subsection (i);
(G)
approve all compensation (including salary or any other pay, bonuses, benefits, incentives, and any other form of remuneration) of all managers and technical personnel that report directly to the chief executive officer (including any adjustment to compensation);
(H)
ensure that all activities of the Corporation are carried out in compliance with applicable law;
(I)
create an audit committee, composed solely of Board members independent of the management of the Corporation, which shall—
(i)
in consultation with the inspector general of the Corporation, recommend to the Board an external auditor;
(ii)
receive and review reports from the external auditor of the Corporation and inspector general of the Corporation; and
(iii)
make such recommendations to the Board as the audit committee considers necessary;
(J)
create such other committees of Board members as the Board considers to be appropriate;
(K)
conduct such public hearings as it deems appropriate on issues that could have a substantial effect on—
(i)
the electric ratepayers in the service area; or
(ii)
the economic, environmental, social, or physical well-being of the people of the service area;
(L)
establish the electricity rates charged by the Corporation; and
(M)
engage the services of an external auditor for the Corporation.