; (B) the development and submission to the Board of Directors of a long-term strategic plan; and (C) the development, revision, and submission to the Board of Directors of internal policies; and (2) responsibility for the management and oversight of the daily activities, decisions, operations, and personnel of IFA. (e) Compensation (1) In general Any compensation assessment or recommendation by the Chief Executive Officer under this section shall be without regard to the provisions of chapter 51 or subchapter III of chapter 53 of title 5, United States Code. (2) Considerations The compensation assessment or recommendation required under this subsection shall take into account merit principles, where applicable, as well as the education, experience, level of responsibility, geographic differences, and retention and recruitment needs in determining compensation of personnel. 104. Powers and duties of the Board of Directors The Board of Directors shall— (1) as soon as practicable after the date on which all members are appointed, approve or disapprove senior management appointed by the Chief Executive Officer; (2) not later than 180 days after the date on which all members are appointed— (A) develop and approve the bylaws of IFA, including bylaws for the regulation of the affairs and conduct of the business of IFA, consistent with the purpose, goals, objectives, and policies set forth in this Act; (B) establish subcommittees, including an audit committee that is composed solely of members of the Board of Directors, other than the Chief Executive Officer; (C) develop and approve, in consultation with senior management, a conflict-of-interest policy for the Board of Directors and for senior management; (D) approve or disapprove internal policies that the Chief Executive Officer shall submit to the Board of Directors, including— (i) policies regarding the loan application and approval process, including application procedures and project approval processes; and (ii) operational guidelines