(a)

(1) The board of trustees of the University of Tennessee shall appoint an executive committee of five (5) of its members as a standing committee of the board.

(2) In appointing members to the executive committee, the board of trustees shall strive to ensure that the committee includes alumni from different University of Tennessee institutions.

(3) The executive committee:

(A) May meet as often as necessary to conduct its business;

(B) Must have a majority of voting members present at meetings to constitute a quorum for the transaction of committee business;

(C) Has the authority to:

(i) Oversee and monitor the work of other standing committees, the university's planning process, the president's performance and welfare, and the university's commitment to and compliance with the state's plans and objectives for higher education;

(ii) Recommend to the board of trustees the initial and subsequent compensation of the president and the initial compensation of the chancellors and other university officers defined in the bylaws approved by the board;

(iii) Act for the board of trustees on any matter when necessary between meetings of the board; and

(iv) Perform other responsibilities as the board of trustees deems necessary or advisable, subject to the approval of the board; and

(D) Has only the specific authority granted pursuant to subdivision (a)(3)(C) and shall not operate or conduct any business outside the scope of such authority.

(b)

(1) The board of trustees shall appoint the following standing committees, with at least three (3) of its members serving on each committee:

(A) An audit committee in compliance with the State of Tennessee Audit Committee Act of 2005, compiled in title 4, chapter 35;

(B) A finance and administration committee with responsibility for oversight of finance and administration related matters; and

(C) An academic affairs and student success committee with responsibility for oversight of matters related to academic affairs and student success.

(2) The standing committees created under subdivision (b)(1) must have a majority of voting members present at meetings to constitute a quorum for the transaction of committee business.

(c)

(1) The board of trustees may establish:

(A) Other standing committees as it deems necessary or advisable from time to time; and

(B) Its own subcommittees and ad hoc committees as it deems necessary or advisable from time to time.

(2) Any standing committee established under subdivision (c)(1)(A):

(A) Must be comprised of at least three (3) members of the board of trustees;

(B) May meet as often as necessary to conduct their business;

(C) Must have a majority of voting members present at meetings to constitute a quorum for the transaction of committee or subcommittee business; and

(D) Has only the specific authority granted to it by the board of trustees and shall not operate or conduct any business outside the scope of such authority.

(3) In appointing members to a standing committee created under subdivision (c)(1)(A), the board of trustees shall strive to ensure that the committee includes alumni from different University of Tennessee institutions.

(4) Any standing committee of the board of trustees established under subdivision (c)(1)(A) may establish and appoint the members and chairs of any subcommittee or ad hoc committee it deems necessary or advisable from time to time.

(d)

(1) The standing committee with responsibility for oversight of academic affairs and student success shall include one (1) voting full-time faculty member of a University of Tennessee institution. The faculty member shall be selected and appointed in a manner determined by the board of trustees as soon as practicable for the initial appointment and, for all subsequent appointments, no later than May 31 of each year.

(2) The faculty member position shall rotate among the institutions of the University of Tennessee in a manner determined by the board of trustees. Each faculty member shall serve a one-year term, beginning on July 1 of the year of appointment and ending the following June 30.

(3) Each faculty member must maintain employment with the University of Tennessee institution and full-time faculty status throughout the faculty member's term.

(4) The student member of the board of trustees shall be appointed to, and be a voting member of, the standing committee with responsibility for oversight of academic affairs and student success.

(e) Nothing in this part authorizes the restructure or reorganization of the University of Tennessee system in a manner that removes a campus or institute from the system, unless such restructure or reorganization is authorized specifically by statute.