How are Farm Credit banks to report their use of the “exceptional circumstances” waiver (contained in FCA regulation § 611.400) for director compensation?
The annual report must identify each director receiving the compensation waiver, the amount of additional compensation received by that director under the waiver, and the justification for why that specific director merited receiving additional compensation. The justification must explain the extraordinary time and effort provided by the director and how that effort was given in the service of the bank and its shareholders. Activities outside of service to the bank and its shareholders should not be used to justify use of the waiver.
Related Questions
- I work for a Farm Credit System institution and am preparing a report to submit to FCA. Do you have guidelines for document preparation and submission?
- How are Farm Credit banks to report their use of the "exceptional circumstances" waiver (contained in FCA regulation § 611.400) for director compensation?
- May a Farm Credit bank give all bank directors additional compensation under the "exceptional circumstances" waiver for the same reason?
