§2279aa–2 Board of Directors

Summary

The corporation must be run by a board of 15 directors. Five directors are chosen by common-stock holders who are insurance companies, banks, or other financial firms. Five are chosen by common-stock holders that are Farm Credit System institutions. Five are appointed by the President and confirmed by the Senate. Those five appointees must be members of the general public, must not be current or former officers or directors of financial firms, no more than three can be from the same political party, and at least two must have farming or ranching experience. If an elected director’s seat becomes empty, the board fills it from people who could have been elected to that seat. If a presidential appointee’s seat becomes empty, it is filled the same way the original appointment was made. Presidential appointees serve at the President’s pleasure. Elected directors serve one-year terms until the next annual stockholder meeting and stay on until their successors take office. A board quorum is eight members. Full-time U.S. government officers or employees on the board get no extra pay. The President picks one of his appointees to be chair. The board meets when the chair or a majority calls a meeting. The board can hire officers and workers and set their pay and benefits.