Nominating Committee & Director Candidate Nominations
Stockholder elections are held annually for the Farm Credit East Board of Directors and for the Association’s Nominating Committee. If you are interested in exploring a Board position or submitting your name for a position on the Nominating Committee, please review the information below and submit your nomination.
Director Election Cycle
The Nominating Committee starts sourcing director candidates as early as June of each year with interested candidates invited to an in-person meeting held the following January. At the January meeting, after the interviews are completed, the Nominating Committee finalizes its selection of director candidates for each board seat up for election that year. The annual meeting in March kicks off the balloting process, with ballots mailed within ten days of the annual meeting. By mid-April, the election is completed and the newly elected directors attend their first Board meeting at the end of April.
Farm Credit East's Board of Directors is the voice of the stockholders and is responsible for overseeing the strategy and direction of the Association. All Directors are expected to conduct themselves with the highest level of integrity, ethics, and professional conduct, and to avoid all actual, potential, or perceived conflicts of interest.
Role of the Director
Directors are expected to have high ethical standards, a strong work ethic, and be dedicated to the interests of the Association and its members. Strength of character is the most essential qualification for a Director and is the foundation for an effective Board. Directors should be willing to contribute and engage in the course of deliberations, have respect for fellow directors, effectively communicate, and be committed to fulfilling their fiduciary duties. Directors should have and/or develop knowledge and experience in one or more of the following areas:
- agricultural economics, businesses, management and/or operations;
- an understanding of financial and credit matters including accounting, audit and internal controls;
- strategic planning and direction;
- risk management;
- legislative activity;
- corporate governance;
- cybersecurity;
- human capital and compensation; and
- business technology.
Directors are generally elected to a four-year term starting in April. The annual time commitment includes at least six (6) board meetings, travel, educational and training programs, attendance at customer events, and preparation time for board meeting. Board meetings are generally held in Enfield, CT but may also be held in other locations as approved by the Board. The Board meetings are generally 2 - 3 days in length which does not include travel time. In addition, each director is assigned to at least one Board Committee that meets virtually one week prior to Board meetings and more frequently, if needed.
Board members are compensated annually, paid two times per year. The annual retainer is designed to compensate Directors for preparation, travel time, and attendance at Board mandated meetings, events, or training sessions. Business-related travel expenses are also reimbursed.
- Must be a holder of voting stockholder of Farm Credit East, with a current loan of acceptable quality
- Must be a bona fide farmer, rancher, or producer or harvester of aquatic products
- Must have working knowledge and understanding of financial and credit matters, including disclosure and compliance
Director Candidate Nominations
Nominating Committee
Farm Credit East's Nominating Committee plays a vital role in the annual Director elections process, as the committee must surface, interview and select qualified candidates to be presented to voting members for election. At each year's Annual Meeting, the Nominating Committee members and alternates for the following year's election cycle are presented for election by the Association’s voting members.
How the Nominating Committee Operates
The Committee operates independently of the Board of Directors and Association management, electing its own Chair and Secretary. As provided for in the Association Bylaws, the Nominating Committee consists of twenty-six (26) regular members from three nominating regions – twelve (12) from the eastern region, six (6) from the central region and eight (8) from the western region. Additionally, there are alternate members who can serve as voting members in the event a regular member is absent. Each of Farm Credit East’s twenty-three (23) office locations has at least one member. This composition ensures geographic diversity and representation of various industry and business backgrounds.
Nominating Committee Responsibilities
The Nominating Committee is charged with surfacing candidates for each open seat on the Board, taking into account representation of all loan types, Association territory and customer mix. The Nominating Committee’s work begins in June with an orientation session, and members/alternates are encouraged to attend customer appreciation meetings and meetings of the Regional Advisory Committees (“RACs”) to network with members. The Nominating Committee may use the RACs to help identify individuals interested in seeking a Board position. The Nominating Committee meets virtually in December to discuss the status of efforts to identify candidates and to begin to prepare for the interviews. The full Committee then meets in-person in January to interview and select the slate of nominees that will be presented to all stockholders. The Committee works to advance two candidates per open seat. The Committee Chair presents the slate of candidates at the Annual Meeting.
Role of Nominating Committee Members
When selecting the Director candidates who will be put forth to all stockholders, the Nominating Committee takes into account many criteria, including:
- A record of demonstrated success in managing the candidate’s own business.
- Skills, real-life experiences and training necessary to be an effective Director.
- Ability to change hats from leading and managing their own business, to being part of a Board of Directors that holds the CEO accountable for the successful operation of your cooperative.
- Willingness to make the significant time commitment to prepare in advance for meetings, to fully participate in all Board meetings and to attend ongoing Director training programs.
Nominating Committee members are elected to a one-year term. In addition to candidate sourcing efforts, the members are expected to attend:
- A virtual orientation session in June
- A virtual session in December to confirm candidates and discuss the interview meeting
- An in-person meeting in January to interview identified director candidates and finalize the slate of candidates.
Nominating Committee members receive a per diem based on attendance at meetings and candidate sourcing.
Nominating Committee candidates must meet the following eligibility criteria:
- Must be a holder of voting stockholder of Farm Credit East, with an outstanding loan commitment
- Must not be a director, employee, or agent of Farm Credit East