The Board of Directors determines the policy of the establishment. As such, it approves the university's establishment contract, votes the budget, approves the accounts, approves the agreements and conventions signed by the president of the establishment and, subject to the special conditions set by decree, loans, equity investments, the creation of subsidiaries and foundations provided for in Article L. 719-12 of the Education Code, the acceptance of gifts and legacies and the acquisition and disposal of real estate. The Board of Governors adopts the internal regulations of the university, fixes, on the proposal of the President and in accordance with national priorities, the distribution of the posts allocated to it by the competent ministers and authorises the President to take any legal action. It also adopts the rules relating to examinations, approves the annual activity report, which includes a balance sheet and a draft, presented by the President. Finally, it may delegate some of its powers to the President, with the exception of those mentioned in paragraphs 1, 2, 4 and 8. The latter shall report to the Board of Directors as soon as possible on the decisions taken pursuant to this delegation.