Each year, a number of CoBank’s director positions are up for election. Incumbents and non-incumbents can be nominated to run, as long as they meet the requirements for election.
2019 Board Elections
Board Election Process
As a cooperative, CoBank is governed by a board of directors elected by the customers we serve. Each year, a number of CoBank’s director positions are up for election. Incumbents and non-incumbents can be nominated to run, as long as they meet the requirements for election.
An independent Nominating Committee, elected by the bank’s stockholders, reviews qualifications of all candidates whose names are submitted by stockholders and/or who submit applications on their own. This committee, which consists of customer representatives and past CoBank directors, identifies qualified candidates and reviews director nominations based on the board’s needs, helping to assure that we’ll continue to attract a highly qualified and diverse board. The Nominating Committee makes a best effort to recommend at least two candidates for each open position. Additional candidates may gather signatures for petitions to run for the board following the conclusion of the Nominating Committee’s work.
A nominee cannot be associated with a party to an adversely classified CoBank or Farm Credit System loan or lease unless he/she resigns or disaffiliates from such loan or lease party by the date the term of office is to begin. A nominee must not have reached age 70 on or prior to the date the term of office is to begin. In addition, the nominee cannot have a relative who is a current employee of CoBank. For elected positions, the nominee must be a resident of his/her region as of 30 days prior to the election. Stockholder affiliation is not a requirement for director candidates. All candidates must be willing to consent to a background check performed by an independent third party.
All CoBank customers are invited to submit candidates to the Nominating Committee. To vote in the director election, an organization must hold voting stock in the bank and must have had an active CoBank loan within the past two years.
Yearly Election Calendar
Prospective board candidates must submit required materials to the Nominating Committee by the deadline date in March. The Nominating Committee recommends candidates for each open position by late May. Additional candidates may then gather signatures for petitions to run for the board. Election ballots are accepted for a 60-day period, with results announced in the fall and terms beginning January 1 of the following year.