FCA changes director election rules

The Farm Credit Administration (FCA) Board has approved a final rule on director elections for Farm Credit System institutions. The purpose of this rule is to strengthen stockholder involvement in the management, ownership, and control of System institutions by increasing stockholder participation in the director election process.

The final rule would revise Farm Credit bank and association director election and voting rules, the requirements associated with holding stockholder meetings, clarifying the duties of nominating committees, and making and accepting floor nominations. The rule also enhances annual meeting and election notices to stockholders.

The final rule will be effective 30 days after publication in the Federal Register.

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