; (ii) grant proposals for Foundation activities in eligible countries will be developed, evaluated, and selected; and (iii) grant implementation will be monitored and evaluated; (C) the projected staffing and budgetary requirements of the Foundation during the proceeding 3-year period. (D) a plan to maximize commitments from private sector entities to fund the Foundation. (2) Submission The Executive Director shall submit the initial Plan of Action to the appropriate congressional committees not later than 5 days after the Plan of Action is approved by the Board. (3) Updates The Executive Director shall annually update the Plan of Action and submit each such updated plan to the appropriate congressional committees not later that 5 days after the update plan is approved by the Board. 4. Governance of the Foundation (a) Executive Director There shall be in the Foundation an Executive Director, who— (1) shall manage the Foundation; and (2) shall report to, and be under the direct authority, of the Board. (b) Board of directors (1) Governance The Foundation shall be governed by a Board of Directors, which— (A) shall perform the functions specified to be carried out by the Board under this Act; and (B) may prescribe, amend, and repeal bylaws, rules, regulations, and procedures governing the manner in which the business of the Foundation may be conducted and in which the powers granted to it by law may be exercised. (2) Membership The Board shall be composed of— (A) the Secretary of State, the Administrator of the United States Agency for International Development, the Secretary of the Interior, the Chief of the United States Forest Service, and the Administrator of the National Oceanic and Atmospheric Administration, or the Senate-confirmed designees of such officials