Your Board of Directors Plays a Vital Role in Our Success

Since Farm Credit of Maine made our first loan in 1916, customer-elected directors have played a vital role in guiding our mission. While director functions have evolved over the years, their importance remains constant: They help guide our success and differentiate us from Maine's other commercial lenders.

"While director functions have evolved over the years, their importance remains constant. . .”

Newly elected northern region director Bryan Bell, of Mars Hill, begins his board tenure this month. Dan Corey, of Monticello, our other northern region director, was elected in 1999. Both Dan and Bryan are potato producers.

Current southern region directors include Hank McPherson, of Bangor, and Jenness Robbins, of Searsmont. Hank owns a timberland and logging business and was reelected this year. He is the board's legislative liaison, taking a lead role on public policy issues, from the board's perspective. Jenness owns a lumber business and was reelected in 1999.

The third southern region director is Allaire Palmer, of Cornish. Active in her family's dairy business, Allaire was first elected in 1992 and then reelected in 1997 and 2000. She serves on the northeast region nominating committee that will select candidates for a CoBank director position. Board Chairman Bob Tetrault serves on the CoBank Board and has expressed a strong interest in serving another term. Allaire is also a member of the board's audit committee, working alongside outside director Sam Davidson, of Portland, who was selected by the board in 1993

Chairman and fisherman Bob Tetrault, of Portland, has been a board member since 1988 and holds the at-large position. Bob's contributions to Farm Credit go well beyond the State of Maine. He is active on the CoBank Board, the national Farm Credit Council Board and its regional affiliate, the Northeast Regional Council. Bob helps to incorporate our local views in national Farm Credit strategies and keep us current on national agricultural credit policy debates.

As I write this letter, I can't help but reflect on the valuable contributions made by past director John Lagerstrom, of Presque Isle, who passed away in April of this year. During John's nine years as a director, his keen sense for the numbers from a farmer's perspective helped guide the long-term financial and patronage plans of the cooperative. As vice chairman, John represented the association at many national and regional Farm Credit meetings, where he did a great job on behalf of our stockholders' interests.

"Look for additional information about your board of directors in upcoming issues.”

In the course of a year, I participate in training with other chief executives outside the Farm Credit "family." During these times, our discussions invariably touch on governance and director issues. Time and again, I come away from those discussions with a great sense of pride in how we conduct our board business at Farm Credit.

I continue to believe that one of the primary reasons for the long-term success of Farm Credit in Maine is the role that our customer-elected directors play in challenging and guiding management on policy and strategic issues.

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