Funding Corporation committees.

CFR · 2024-01-01 · US · Title 12

(a) (1) (i) At least one-third of the SAC members must be representatives from the Farm Credit System. (ii) The SAC may not consist of less than three members and at least one member must be a financial expert. A financial expert is one who either has experience with internal controls and procedures for financial reporting or experience in preparing or auditing financial statements. (iii) The chair of the SAC must be a financial expert. (2) (3) (4) (i) (ii) (A) Determine, with the agreement of the Funding Corporation board of directors, the appointment, compensation, and retention of the external auditors issuing System-wide audit reports; (B) Review the external auditor's work; (C) Give prior approval for any non-audit services performed by the external auditor, except the audit committee may not approve those non-audit services specifically prohibited by FCA regulation; and (D) Comply with the auditor independence provisions of part 621 of this chapter. (iii) (b) (1) (2) (i) Funding Corporation's projected long-term compensation and retirement benefit obligations are appropriate to the services performed and not excessive; (ii) Incentive-based compensation programs and payments are reasonable and proportionate to the services performed and structured so the payout schedule considers the potential for future losses or undue risks to the Funding Corporation; and (iii) Senior officer compensation, incentive, and benefit programs support the Funding Corporation's long-term busi

official document · source cfr-2024 · id 12:§ 630.6