A joint standing committee of the Legislature that considers proposed legislation establishing a quasi-independent state entity after January 1, 2013 shall:
1. Additions to reporting entities. Evaluate whether the proposed quasi-independent state entity should be added to the list of reporting entities in section 12021, subsection 6. The joint standing committee shall consider:
A. Whether the governmental purpose for which the proposed quasi-independent state entity is being established is funded with revenues that are derived, in whole or part, from federal or state taxes or fees;
B. Whether the powers and duties of the proposed quasi-independent state entity are more than advisory as described in section 12004‑I;
C. Whether the proposed quasi-independent state entity's organizational and accountability structure allows the quasi-independent state entity to make significant policy and financial decisions independent of the Legislature and executive branch;
D. Whether the proposed quasi-independent state entity is considered a component unit of State Government for financial reporting purposes under the standards and pronouncements issued by a governmental accounting standards board or for any purposes under Part 4; and
E. Whether the proposed quasi-independent state entity will be subject to review under the State Government Evaluation Act.
If the committee determines that the proposed quasi-independent state entity should be added to the list of reporting entities under section 12021, subsection 6, the committee shall include that determination in any report on the legislation; and
2. Legislative standards. Ensure that proposed legislation that establishes a new quasi-independent state entity:
A. Provides, if applicable, for staggered terms of office for members of the governing body, with terms not to exceed 5 years;
B. Requires that the governing body must be responsible for:
(1) Appointment, performance review and termination of the managing director;
(2) Establishing and ensuring compliance with organizational policies and procedures, including those required by section 12022; and
(3) Ensuring adherence to all requirements of this chapter;
C. Specifies qualifications required or desired of the managing director;
D. Provides conditions under which members of the governing body and the managing director may be removed from office and establishes the process for removal;
E. Identifies the joint standing committee of the Legislature with oversight over the entity and any matters that must be reviewed by that committee; and
F. Contains audit and reporting requirements.