The commission shall appoint five physicians to serve on a Medical Advisory Board for a term of four years. The Governor shall designate a member with experience in sports medicine as chairman of the board. Each member shall be paid a per diem rate to be established by the secretary, but not in excess of $150 a day. The board shall issue an annual report to the commission, which shall include a review of the health status of each boxer who competed during the prior fiscal year to identify those who may be at risk of serious physical impairment. The board may recommend changes or additions to the health and safety rules and regulations of the commission and, upon request of the commission, shall review proposed rules and regulations and advise the commission of recommendations with respect to the proposed rules and regulations.