Farmer Mac’s charter legislation provides that Farmer Mac’s Board of Directors consists of 15 members.
- Five of the directors are appointed by the President of the United States with the advice and consent of the United States Senate.
- Five of the directors are elected by a plurality of the votes of the holders of Class A Voting Common Stock (stock that may be held only by banks, insurance companies and other financial institutions that are not Farm Credit System institutions).
- Five of the directors are elected by a plurality of the votes of the holders of Class B Voting Common Stock (stock that may be held only by Farm Credit System institutions).