Section 162. There shall be an advisory board on compensation of officials, consisting of 5 members appointed by the governor. The board shall study the adequacy of compensation of officials and shall submit a report, including recommendations, to the general court the results of its study and its recommendations, if any, by filing the same with the clerk of the house of representatives on or before the first Wednesday in December of each odd-numbered year. Members of the board shall serve without compensation, but shall be reimbursed for expenses incurred in the performance of their duties.