Board of Directors
- Regional Office Team
- Senior Management
- Regional Vice Presidents
- Board of Directors
- Commercial Lending
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What is the makeup of the Board?
Member-owners elect 12 peers from the cooperative’s three regions to the Board. Additionally, two non-stockholder outside directors are appointed by the 12 elected directors.
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What are the primary responsibilities of the Board?
- Provide strategic direction
- Set internal controls and oversee all major functions of the Association
- Oversee activities performed by management
- Establish policies, systems, and processes in support of safe and sound operations
- Hire the CEO and establish a succession plan
- Ensure information and disclosures to member-owners are accurate, understandable, and reliable
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What is the Board's committee structure?
The Board has five committees: executive, compensation, governance, audit, and risk. Each board member serves on one or more committees.
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How do Director elections work?
Elections are held annually to elect a director in each of the three regions, plus five members and three alternates for each region’s nominating committee. The nominating committee reviews candidate interest forms and possible candidates, interviews candidates, and submits a slate of candidates for the director elections starting in July. After the Association’s annual meeting, held in November, ballots are mailed to all voter-stockholders. In mid-December, a teller’s committee meets to tally ballot votes. The term for all newly elected directors begins in January.
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Does FCI's Board have age requirements or term limits?
- Each director serves a four-year term, with no limit on years of service. At the end of each term, Board members must be re-elected or re-appointed.
- There is no minimum age requirement, but once a candidate turns 65 years old (as of the date of that year’s teller’s committee meeting), they are no longer eligible to serve another term on the Board.
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What is the time commitment to be on the Board?
- There usually are seven Board meetings and 9-11 committee meetings per year. The committee and Board meetings are typically held on back-to-back days on the third or fourth Wednesday and Thursday of the month. Meetings are held at the cooperative’s central office in Mahomet. Directors also must prepare for each meeting by reviewing materials provided before the meeting.
- On average, a director attends three to six events outside of Board meetings and other Association meetings per year.
- A new director attends three to five Association-sponsored meetings per year on average, including a new director orientation.
- Board members may also attend optional AgriBank District meetings, national conferences, or director learning opportunities throughout the year.
- Registration fees and expenses are paid by Farm Credit Illinois. The majority of these are held out-of-state and scheduled over a two to three day timeframe.
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Are FCI directors compensated?
Directors receive quarterly retainers and meeting per diems for services related to Farm Credit Illinois Board duties.
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How can a member submit to be a candidate?
FCI member-owners can submit director or nominating committee member candidate interest forms HERE by July 1. Submissions are sent to the respective region’s nominating committee for review following the deadline.
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Want more information on director elections?
For additional information, contact your FCI loan officer, a current or past FCI director, or Darcy Allen at the cooperative’s central office (217-590-2158 or darcy.allen@farmcreditIL.com).