The Board of Directors, according to Article 4 of the Statute of the University of Magallanes, D.F.L. No. 154 – December 11, 1981, has the following responsibilities:
- (a) To propose to the President of the Republic the shortlist for the appointment of the Rector.
- (b) To appoint the senior officials of the University in accordance with the University Statute.
- (c) To approve the degrees, diplomas, and certificates that the University will award, as well as the plans and study programs leading to those degrees, diplomas, and certificates, including the corresponding professional titles.
- (d) To approve honorary degrees and other distinctions.
- (e) To approve the University’s annual budget.
- (f) To authorize the construction of new buildings and major renovations to existing ones.
- (g) To authorize the sale and acquisition of land, buildings, or major equipment.
- (h) To establish and promote various plans to increase the University’s funds.
- (i) To remove the Comptroller and propose to the President of the Republic the removal of the Rector, by agreement adopted by two-thirds of the members in office.
- (j) To approve the annual report of the Rector.
- (k) To set the overall development policy of the University and the medium and long-term plans to realize it.
- (l) To approve the organizational structure of the University and its modifications.
- (m) To approve loan agreements charged to University funds.
- (n) To require from the Rector and the individual or collegial authorities all the information deemed necessary for the exercise of its responsibilities.
- (ñ) To propose to the President of the Republic the modifications and reforms to the University Statute.
- (o) To establish the regulations according to which the salaries of the academic staff and senior and administrative officials will be determined, and to approve the staff structure of the University and its modifications.
- (p) To issue the ordinances that correspond to it. The responsibilities referred to in letters (b), (c), (e), (f), (n), (l), (m), and (o) of the previous paragraph will be exercised at the proposal of the Rector.
In the case of letters (c) and (e) of the same paragraph, the proposal must be preceded by a report from the Academic Council.
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