(1) A board shall appoint an executive director to serve as the chief executive officer of the fund. The executive director shall serve at the pleasure of the board. The executive director may employ staff and hire consultants as necessary with the approval of the board. The board shall determine compensation for the executive director and staff employed under this subsection and shall approve contracts under this subsection.

  (2) The executive director shall display on the fund internet website information relevant to the public, as defined by the board, concerning the fund’s operations and efficiencies, as well as the board’s assessments of those activities.