Selection Process for Board of Directors
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 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.
Types of FHLB Des Moines Board Members
- Member directors must be officers or directors of FHLB Des Moines member institutions. The member director election process takes place through our member-only service, Survey and Ballot Systems.
- Independent directors are required to have knowledge or experience in one or more of the following areas: auditing and accounting, derivatives, financial management, organizational management, product development, risk management practices or the law. Full requirements and application details can be found here.
- Public interest directors are required to have at least four years experience representing consumer or community interests on banking services, credit needs, housing or financial services protections.
While directors generally serve a four-year term on the Bank’s board, some may serve shorter terms to ensure that approximately one-fourth of the terms expire each year.
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 (as noted above), 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 2020 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:
- Information technology, including technology-based software and hardware and project development and management of large information technology initiatives;
- Information security architecture, protocols and standards, including cyber security and data loss prevention;
- Project planning, development and management;
- Enterprise and operational risk management, including risk governance, audit and compliance; and
- Capital markets, capital markets transactions, debt instruments, mortgages and other related investments and derivatives transactions.
Application Process
Application details can be found below.
Nomination and Election Process
The FHLB Des Moines General Information Statement provides a timeline of events related to the 2020 election and general information about FHLB Des Moines and our Board of Directors.
To apply to be an Independent Director, complete and return the Independent Director Application Form using any of the options below by July 30, 2020. 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, 2021.