The president of each public institution shall prepare a performance accountability plan. The president shall submit the plan to the institution’s governing board. The president shall update the accountability plan as appropriate and upon the direction of the governing board. The governing board: Shall review the accountability plan; May amend and shall adopt or disapprove the plan; and Shall submit the plan to the Commission. In the case of the constituent institutions of the University System of Maryland, the Chancellor of the University System of Maryland shall review the plan prior to its consideration by the Board of Regents and make recommendations. The governing board shall submit the performance accountability plan of the institution to the Commission for review and comment. The Commission may disapprove the accountability plan and require the governing board to reconsider the plan if the Commission finds: The plan does not conform to the format or guideline established by the Commission; The measurement techniques embodied in the plan are invalid or unreliable; or The plan is not reasonably related to the institution’s mission statement.