Each Bank and Association has a separate board of directors that oversees the management of the Bank or Association. The board of directors of a Bank or an Association is comprised of directors elected by the stockholders and at least one non-affiliated director appointed by the stockholder-elected directors. The boards of directors represent the interests of the stockholders of their particular institution. In addition, the Federal Farm Credit Banks Funding Corporation has a board of directors. Each board of directors performs the following functions, among others:
- selects, compensates and evaluates the chief executive officer,
- establishes the strategic plan and annual operating plans and budget,
- advises management on significant issues facing the institution, and
- oversees the financial reporting process, communications with stockholders and the institution's legal and regulatory compliance.
Each Bank has an audit committee and various other board level committees, and the board of directors of the Funding Corporation has established a System Audit Committee. In addition to institution-specific boards and committees, the System has established Standing Committees to address System related matters.
In order to provide for mutual protection between the Banks with respect to their debt obligations, the Banks have voluntarily entered into agreements that contain certain financial covenants. For further information, select the Agreements Among Certain System Institutions link below.
Select a link below to review specific information on boards of directors, committees or other System governance matters.
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