The Maryland Higher Education Commission shall: Advise the Governor and General Assembly on statewide higher education policy; Conduct statewide planning for higher education; Coordinate and arbitrate among different segments of higher education in the State; Review, negotiate as necessary, and grant final approval of mission statements for each public institution of higher education and each regional higher education center that requests or receives State funding; Assess the adequacy of operating and capital funding for public higher education and establish operating funding guidelines based on comparison with peer institutions and on other relevant criteria; Establish and maintain a higher education information system for planning, coordination, and evaluation purposes; Coordinate the State’s program of performance accountability reporting for public institutions of higher education; and Administer statewide programs of student financial assistance for higher education.