Each quasi-public corporation shall establish a committee on executive compensation, comprised solely of board members, that shall:
(1) Recommend to the full board the compensation packages of the executive and senior management of the corporation. The compensation package of the executive officer shall be based on a comprehensive and objective analysis of comparable compensation of similar officers of state government, other authorities, quasi-public corporations, and private-sector employees with similar functions and responsibilities. The committee may retain a consultant to assist in the comparability study. When calculating compensation, the committee shall consider the value of the retirement plan in the overall compensation package;
(2) Prepare clear, written job descriptions and clear, written expectations of job performance for the executive officer and senior management;
(3) Conduct the job performance review of the executive officer at least annually; and
(4) Negotiate the employment contract of the executive officer which shall be approved by the full board during an open meeting.