Upon the recommendation of the Chancellor who shall consult with the presidents, and in accordance with the requirements of Title 3 of the State Personnel and Pensions Article, the Board of Regents shall establish general standards and guidelines governing the appointment, compensation, advancement, tenure, and termination of all faculty and unrepresented employees in the University System of Maryland and shall apply the standards and guidelines in a negotiated memorandum of understanding to all represented employees covered by the memorandum of understanding. These standards and guidelines shall recognize the diverse missions of the constituent institutions. The Board of Regents may establish for unrepresented employees, and the Chancellor may negotiate for represented employees, different standards of compensation based on the size and missions of the constituent institutions. Subject to such standards and guidelines, and in accordance with the requirements of Title 3 of the State Personnel and Pensions Article, a president may: Prescribe additional personnel policies; and Approve individual personnel actions affecting the terms and conditions of academic and administrative appointments.