(1) (a) The board, with the consent of the governor, shall select the director on the basis of outstanding professional qualifications pertinent to the purposes and activities of the trust. (b) If the governor withholds consent from a candidate agreed upon by the board, the governor shall give reasons in writing to the board. (2) The director shall serve a term of four years, or until a successor is selected and qualified. (3) When a vacancy occurs in the office of the director, the vacancy shall be filled in accordance with Subsection (1) for the remainder of the term. (4) (a) The board: (i) shall establish the compensation of the director; and (ii) annually report the director's compensation to the Legislature. (b) The compensation and performance of the director shall be examined each year as part of the board's budget review process which may include responses from interested parties, the director of the advocacy office, and the director of the School and Institutional Trust Fund Office. (5) (a) The board may remove the director from office for cause by a majority vote of the board. (b) (i) The governor may petition the board for removal of the director for cause. (ii) The board shall hold a hearing on the governor's petition within 60 days after the petition's receipt. (iii) If after the hearing the board finds by a preponderance of the evidence cause for removal, it shall remove the director from office by a majority vote.
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