(a) The board of directors shall appoint and shall provide for the compensation of a chief executive officer who shall be an employee of the corporation and who shall direct the day-to-day operations and management of the corporation. The chief executive officer shall be vested with such powers and duties as specified by the board and by law. The chief executive officer shall serve at the pleasure of the board.
(b) The board of directors shall provide the chief executive officer with private sector perspectives of a large marketing enterprise.
(c) The board of directors shall:
(1) Approve, disapprove, amend, or modify the budget recommended by the chief executive officer for the operation of the corporation;
(2) Approve, disapprove, amend, or modify the terms of major lottery procurements recommended by the chief executive officer;
(3) Hear appeals required by this chapter;
(4) Not approve a bonus for, and no bonus shall be paid to, the chief executive officer or any other of the executive employees of the corporation for any fiscal year in which lottery revenues are flat or declining as measured against the previous fiscal year's revenues;
(5) Adopt regulations, policies, and procedures relating to the conduct of lottery games and as specified in § 4-51-108; and
(6) Perform such other functions as specified by this chapter.
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