The board of regents shall meet upon the call of the chairman or a majority of its members, and a majority of its members, excluding the ex officio members, shall constitute a quorum for the transaction of business. The board of regents shall serve without compensation, but shall be entitled to receive reimbursement for mileage at the existing state rate. It may employ a director and other employees who shall perform such duties as the board may direct. Compensation paid the director and other employees shall be fixed by the board.