Annual Election Process for Board of Directors
The 2024 Federal Home Loan Bank of Des Moines Board of Directors election is underway. Applications will be accepted June 20 - July 25, 2024 5:00 PM CDT
About the FHLB Des Moines Board of Directors
The FHLB Des Moines Board of Directors is comprised of 22 directors: 13 member directors and nine independent directors (two of which are designated as public interest independent directors) representing our 13-state district.
FHLB Des Moines is committed to promoting diversity, equity and inclusion in all activities across our district, including membership on our Board of Directors. Broadening Board composition through diversity allows us to gain new insights about markets and business practices. As a result, we strongly encourage members to consider minorities, women and individuals with disabilities when nominating or soliciting nominees for positions on our Board.
The Bank will hold an election to fill two independent director seats in 2024. All members district-wide may participate in the independent director election.
Independent Director Requirements and Qualifications
Independent Director Candidate Eligibility Requirements
- Candidate must be a U.S. citizen and maintain a principal residence within the Bank’s district, or own or lease a residence in the district and be employed in the district.
- Candidate may not be an officer of any Federal Home Loan Bank or a director, officer or employee of any Bank member institution or of any recipient of Bank advances.
- Candidate must have knowledge of, or experience in, financial management, auditing or accounting, risk management practices, derivatives, project development, organizational management or the law.
Desired Director Attributes
The Board of Directors has identified certain skills and experience that one or more of its members ideally possess to help ensure the Board as a whole is able to effectively carry out its oversight responsibilities. These skills are set forth in the Bank’s Board-approved Corporate Governance Principles.
In 2024, the Board conducted an assessment of the skills and experience possessed by its members to determine whether the capabilities of the Board as a whole could be enhanced through the addition of individuals with particular areas of expertise. The Executive and Governance Committee of the Board (Committee) conducted the assessment and generally concluded that the skills and expertise of Board members aligned with the desired skills. However, the Committee also determined that director candidates with expertise in the following areas could further strengthen the Board’s capabilities:
- SEC Disclosure
- Management of Diversity, Equity, and Inclusion Programs
- Capital Markets
- Information Technology and Information Security
Nomination and Election Process
The FHLB Des Moines General Information Statement provides a timeline of events related to the 2024 election and general information about FHLB Des Moines and our Board of Directors.
To apply, complete and return the Independent Director Application Form using any of the options below by 5:00 P.M. CDT July 25, 2024. Interested individuals who miss the deadline may provide their contact information to mfs-membership@fhlbdm.com to be added to our candidate pool for future election cycles.
Once an application is received, FHLB Des Moines will verify the applicant meets the eligibility requirements for the directorship based on regulatory guidelines.
The Board will consult with its Affordable Housing Advisory Council before nominating an individual for any independent directorship. The Board will only nominate one individual for each independent director seat to be filled in the election. All independent director candidates will be notified of whether or not they were nominated.
The Bank will proceed with placing the name of the nominated individual on the ballot for election to the independent director position. All newly elected directors will take office on January 1, 2025.