CoBank Announces 2021 Board Election Results
DENVER – September 21, 2021 – CoBank, a cooperative bank serving agribusinesses, rural infrastructure providers and Farm Credit associations throughout the United States, today announced results of stockholder elections for the bank’s Board of Directors and also for the 2022-2023 Nominating Committee.
Board of Directors Election
A total of four board seats were on the ballot, each for a four-year term expiring 2025. The names of the successful candidates are listed in the following table, along with region, type of seat, occupation and residence.
|Region||Type of Seat||Name||Occupation||Residence|
|Central||Modified Equity||Robert (Mac) N. McLennan||
President and CEO, Minnkota Power Cooperative, Inc.
General Manager, Square Butte Electric Cooperative
|Grand Forks, ND|
|East||Modified Equity||Matthew W. Beaton||President and Owner, Sure-Cran Services, Inc. and Beaton’s, Inc.||East Sandwich, MA|
|Northwest||Modified Equity||Julie A. Shiflett||Partner, Northwest CFO||Coeur d’Alene, ID|
|West||One Stockholder One Vote||Jon E. Marthedal*||
Owner and President, Marthedal Enterprises, Inc.
Owner and Operator, Marthedal Farms
|* Incumbent board member|
CoBank will have 14 elected directors from six regions in 2022. The board also includes two outside, independent board members with no customer or Farm Credit System affiliation, and two additional appointed directors as provided for under the bank’s governance bylaws.
2022-2023 Nominating Committee Election
CoBank uses an independent Nominating Committee elected by its stockholders to develop a slate of qualified director candidates for each election. The Nominating Committee is composed of customer representatives and former board members that represent the bank’s customer base. No current board member may serve as a member of the Nominating Committee.
Stockholders elected all 22 candidates presented on the 2022-2023 Nominating Committee slate for a two-year term. Click for a list of the 2022-2023 Nominating Committee members.
CoBank is a $158 billion cooperative bank serving vital industries across rural America. The bank provides commercial loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving more than 75,000 farmers, ranchers and other rural borrowers in 23 states around the country. CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.