14. a. The governing board of a public research university or a State college shall establish a compensation committee. The compensation committee shall have a written charter that addresses the committee’s purpose and responsibilities which shall include, but not be limited to:

(1) establishing and evaluating the compensation for the president, vice-presidents, and other senior administrators of the institution; and

(2) making recommendations to the board on issues relating to the compensation of the president, vice-presidents, and other senior administrators including the amounts, types, and components of compensation plans, and the performance measures and targets upon which institutional administrators shall be evaluated for purposes of calculating incentive awards.

b. The recommendations of the compensation committee shall be voted upon by the committee. The committee shall keep minutes of its meetings.

L.2009, c.308, s.14.