The 64- member Cornell University Board of Trustees is vested with "supreme control" over the university, including all of its colleges and other units. Trustees have a fiduciary responsibility to the university as a whole. Among other responsibilities, the board elects the president, adopts an annual plan of financial operation, and establishes degrees to be awarded. In addition to board-elected trustees, Cornell students, employees, faculty, and alumni elect individuals to serve on the board with full voting privileges. Alumni trustees serve a four-year term. Four ex officio members—the president of the university, the governor of the state of New York, the speaker of the state assembly, and the president of the state senate—also have voting privileges.