A Guide for Prospective Board of Director Candidates
Members of the Board of Directors play an important role in ensuring the association’s operations are maintained in a safe and sound manner and its public mission to serve rural America and agriculture is being fulfilled.
Directors are accountable to stockholders and the Farm Credit System (System) investors for:
- Overseeing the strategic direction and objectives of the association
- Understanding the association’s operations
- Providing for competent association leadership and management
- Establishing systems and processes that provide safe and sound operations
- Ensuring that information and disclosures provided to customer-stockholders and System investors are accurate and reliable
- Diligently and impartially performing their duties as Directors
- Exercising independent judgment
- Remaining loyal to the association’s interests
Director candidates must meet the following eligibility requirements:
- Must be a voting stockholder of the association
- Must have an outstanding loan balance with the association
- Must maintain loan(s) in compliance with association policies and standards
- Must reside or have headquarters within the association’s chartered territory
- May not have restructured indebtedness with a System institution
- May not have been an employee of a System institution within one year of election
- May not serve as a director, officer, employee or agent of a financial institution or other entity that engages directly in the business of providing financing or related services products that are offered by the association
Upon election, Directors may not:
- Be convicted of any felony
- Be held liable for damages in fraud
- Be convicted of a criminal offense involving dishonesty or breach of trust
- File for bankruptcy
Director candidate qualifications sought by the Nominating Committee include a passion and commitment to serve the association and Farm Credit stakeholders and knowledge or experience in the following areas:
- Strategic and Visionary Thinking
- Corporate Governance
- Financial Expertise
- Risk Management
- Human Capital Management
- Understanding of Cooperative Principles
What is the time commitment?
Directors are elected to a four-year term, unless the election is to fill a vacancy. An average of 20 days per year is required to attend Board, committee and planning meetings. Additional days may be required for Director training and development courses or conferences. Related travel time for these events varies by Director.
Are Directors compensated?
Directors receive a retainer for official association business and are reimbursed for related travel. Compensation is reviewed periodically to ensure it is competitive with other associations.
For more information see Farm Credit Administrations Director’s Role guide.
Interested? Complete an online profile form by June 1 for consideration by the Nominating Committee.