May a Farm Credit bank give all bank directors additional compensation under the “exceptional circumstances” waiver for the same reason?
Our rules do not specifically prohibit across-the-board waivers if given for a justifiable exceptional circumstance, but use of the waiver must be properly documented on an individual basis. In general, use of the waiver should be for activities of individual directors that are above and beyond the responsibilities held by all directors. However, unusual or one-time bank activities do occur that require additional efforts by the entire board, such as development and implementation of mergers, consolidations, or joint management proposals, as well as efforts in connection with joint strategic planning projects between banks or the hiring of a new chief executive officer.
Related Questions
- Whether additional interest admissible to banks staff can be paid on the compensation awarded by the court to minor child and deposited in the joint name of minor child and parent?
- How are Farm Credit banks to report their use of the "exceptional circumstances" waiver (contained in FCA regulation ยง 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?
