27. The responsibilities of the board of directors include
(1) adopting the strategic plan, the action plan and the service statement;
(2) approving the service agreements developed with the pension committees;
(3) determining the Commission’s annual budget;
(4) approving the Commission’s financial statements and annual report;
(5) approving pension plan financial statements, unless that function has been assigned to a pension committee under the provisions of an Act or of a pension plan and the pension committee has exercised it within the time prescribed by those provisions;
(6) adopting a code of ethics and professional conduct applicable to the members of the board and the vice-presidents of the Commission; and
(7) approving the expertise and experience profiles to be used in appointing the independent members of the board and the president and chief executive officer.