Article Eleven A board of managing directors shall hereby be formed under the chairmanship of the President of the Board of Trustees. The membership of the respective board shall be composed of the managing directors of the ERTU main sectors. The Board of Managing Directors shall include a number of departmental heads from different sectors, in their official capacity, as well as other employees from the ERTU, who shall be designated by the Board of Trustees. Article Twelve Each managing director shall hereby undertake to manage and oversee a specific sector, in conformity with the overall policies, systems, and regulations, as determined by the Board of Trustees. The managing directors shall hold specific financial and administrative powers, as deemed appropriate, to enable them to fulfil their roles and responsibilities. The managing directors shall be required to develop and present monthly status reports on the overall performance of their respective sectors to the Board of Trustees. The managing directors may delegate or transfer some of their entrusted powers or functions to other employees, as necessary. Article Thirteen The Board of Managing Directors shall be mandated to: (1) Ensure that the decisions and policies devised by the Board of Trustees shall be dully executed; (2) Pursue an effective approach to mobilize concerted and coordinated efforts of the ERTU sectors; (3) Draft annual plans and propose the overall policy regarding the development of broadcast materials and products; as well as the basic standards and criteria for the identification and utilization of international broadcast resources materials, for review by the Board of Trustees; (4) Review the annual reports on the financials status of the ERTU; provide input on the respective reports to the Board of Trustees; develop norms and guidelines for ERTU budgeting process; and, identify the budget line items of the investment plans, in line with the budgeting guidelines and norms of economic enterprising; (5) Examine the new investment proposals for review by the Board of Trustees; and open bank accounts in commercial banks, both in Egypt and overseas; (6) Pursue an effective approach to coordinate the draft budgets of the ERTU operational sectors; (7) Plan and delineate the organizational structures within the different sectors, formulate the roles and responsibilities thereof; develop manpower placement and deployment plans; identify staffing requirements; develop job structures and description, and selection and