Virginia Clean Energy Innovation Bank; created, report, membership.

Replaced the independent Board of Directors with a 10-member Bank Advisory Board (5 citizen members, 5 ex officio members) that advises the Department rather than governing the Bank directly.

Removed the Bank's ability to appoint its own President and the Board's authority to set member compensation and reimbursement rates.

Added a requirement that the annual audit results be reported to the Bank Advisory Board and specific legislative committee chairs.

Expanded the annual report requirement to include a specific breakdown of how funds were used in the prior year.

Modified the strategic plan submission deadline to require a draft to be sent to the Bank Advisory Board by August 1 before being sent to the General Assembly.

Removed the requirement that the Bank President must be hired from or share interests with the communities the Bank serves, keeping only the requirement for general staff.

The entity was renamed from 'Virginia Clean Energy Innovation Bank' to 'Virginia Clean Energy Innovation Bank Advisory Board' and changed from an independent public corporation to an advisory board within the Department of Energy.

The Board membership was reduced from 12 members to 10 members, and the appointment structure was simplified to five-year staggered terms instead of the previous three-year terms.

The Board was stripped of all powers to accept funds, make loans, provide credit enhancements, or employ staff; it now only advises the department.

The requirement for Board members to receive compensation and expense reimbursement was removed; members now serve without pay.

The strategic planning and investment strategy requirements were removed entirely, as the Board no longer has independent operational authority to execute these plans.