Director Nominations Will Open August 8, 2016
July 7, 2016
FHLBank recently received notification from its regulator, the Federal Housing Finance Agency (Finance Agency), that it has completed the annual designation of directorships for FHLBank. Based on the recent Finance Agency director designation, the number of member directorships will remain unchanged for 2017. However, one member directorship in the state of Nebraska will terminate as of December 31, 2016, and the state of Oklahoma will receive one additional member directorship for a term beginning January 1, 2017, with a term expiring December 31, 2018. Additionally, the number of independent directorships will increase by one to a total of eight independent directorships for 2017.
Member Director Election
The total number of member director seats designated for each state as of January 1, 2017 and the number and term of member director seats that will be filled in the 2016 Director Election are as follows:
|
Reporting State
|
Total Member Directorships
|
Member Directorships to be Elected in 2016
|
Term of New Directors
|
|
Colorado
|
2
|
1
|
2017-2020
|
|
Kansas
|
3
|
1
|
2017-2020
|
|
Nebraska
|
1
|
0
|
2017-2020
|
|
Oklahoma
|
4
|
1
|
2017-2018
|
Members in the states of Colorado, Kansas and Oklahoma will participate in the member director portion of the 2016 Director Election, and each member in those states may nominate one candidate for the one directorship to be filled by the election in its respective state.
In order to be eligible to serve as a member director, an individual must be a citizen of the United States and an officer or director of a member financial institution in that particular state that meets all minimum capital requirements.
Independent Director Election
The total number of independent director seats designated for the FHLBank as of January 1, 2017, and the number and term of independent director seats that will be filled in the independent director portion of the 2016 Director Election are as follows:
|
4 State District
|
Total Independent
Directorships
|
Independent Directorships to be Elected in 2016
|
Term of New Directors
|
|
All District
|
8
|
3
|
Three Independent – 2017-2020
|
FHLBank has designated two of the eight independent directorships as public interest directorships, neither of which is up for election in 2016.
All members in FHLBank’s four-state district will participate in the independent director portion of the 2016 Director Election and may notify individuals interested in being considered for an independent directorship where they may obtain an application form as described below.
Independent Director Eligibility Criteria
An independent director shall be a United States citizen and a bona fide resident of FHLBank’s district. Independent directors are also prohibited from serving as an officer, employee or director of any member of FHLBank.
Independent Director Skills and Qualifications
Independent directors, other than public interest directors, shall have experience in, or knowledge of, one or more of the following areas: auditing and accounting, derivatives, financial management, organizational management, project development, risk management practices, and the law.