; and (ii) ensuring that the Chief Operating Officer acquires senior managers with demonstrated management ability and expertise in consumer lending (as described in subsection (b)(1)(C)(iii)). (B) Approving the appointment or reappointment of a Chief Operating Officer, except that the board shall have no authority to approve or disapprove the reappointment of the Chief Operating Officer who holds such position on the date of enactment of the PROSPER Act . (C) Making recommendations with respect to the suitability of any bonuses proposed to be provided to the Chief Operating Officer or senior managers described under subsections (d) and (e), to ensure that a bonus is not awarded to the Officer or a senior manager in a case in which such Officer or manager has failed to meet goals set for them under the relevant performance plan under subsections (d)(4) and (e)(2), respectively. (D) Approving any performance plan established for the PBO. (4) Board operations (A) Meetings The Board shall meet at least twice per year and at such other times as the chairperson determines appropriate. (B) Powers of chairperson Except as otherwise provided by a majority vote of the Board, the powers of the chairperson shall include— (i) establishing committees; (ii) setting meeting places and times; (iii) establishing meeting agendas; and (iv) developing rules for the conduct of business. (C) Quorum Four members of the Board shall constitute a quorum. A majority of members present and voting shall be required for the Board to take action. (D) Administration The Federal Advisory Committee Act shall not apply with respect to the Board, other than sections 10, 11 and 12 of such Act. (5) Annual report (A) In general Not less frequently than once annually, the Board shall submit to the authorizing committees a report on the results of the work conducted by the PBO. (B) Contents Each report under clause (i) shall include— (i) a description of the oversight work of the Board and the results of such work