Governance


A well-defined governance structure with employer-selected representatives provides direction and oversight to the corporation and its products and services.  Farm Credit Foundations governing bodies include:    

  • Board of Directors

  • Plan Sponsor Committee

  • Coordinating Committees, a subset of the Plan Sponsor Committee

  • Trust Committee

  • Client Advisory Council 

Board of Directors

The Board of Director provides the governance and oversight of Farm Credit Foundations. The Board is made up of six managers and six elected/appointed directors from among the owners of Foundations, and provides strategic oversight and direction for Farm Credit Foundations. When the Board was established, it was determined that the same owner representatives who were elected to serve on the Plan Sponsor Committee will also serve on the Board. These are distinct roles, held separate and apart from one another. Utilizing the same incumbents creates efficiencies and cost effectiveness from a time and administration, travel and meeting expenses, etc.

 

Plan Sponsor Committee

The Plan Sponsor Committee (PSC) governs the employee benefits. The PSC wears the employer hat and determines what benefits are to be offered, who is eligible, under what conditions, etc. The PSC membership has six managers and six elected/appointed directors from among the owners of Foundations. PSC members also serve on the Board of Directors.

 

Coordinating Committees

There are two Coordinating Committees which are subsets of the PSC membership, each corresponding with a group of employers: 

  • AgriBank and Affiliated Employers Coordinating Committee

  • Former Ninth and Former Eleventh District Employers Coordinating Committee

The Coordinating Committees have accountability for their respective retirement and pension restoration plans, and take action on those plans based on the direction set by their employer groups. This governance structure ensures that only employers who are participants in these plans have decision-making authority over them.

 

Trust Committee

The eight-member Trust Committee wears the employee hat and serves as the fiduciary for the benefits plans and trust assets, hires and monitors the performance of the fund managers, and oversees the administration of the plans. The Trust Committee is made up of eight manager Trustees chosen by employer groups across Foundations.

 

Client Advisory Council

The Client Advisory Council is made up of eight HR leaders elected to represent participating employers on day-to-day operational issues and to ensure effective two-way communication between the employers’ HR staffs and the Foundations team. The Council helps align operations with client expectations, and provides valuable perspective on key issues that shape the delivery of products and services.

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