Daniel Shaw
About Daniel L. Shaw
Daniel L. Shaw (age 69) is an independent director of Federal Agricultural Mortgage Corporation (“Farmer Mac”) appointed March 26, 2025; he previously served on Farmer Mac’s Board from December 2019 through May 2021. Shaw is a Nebraska-based agricultural operator owning and managing Shaw Farms, LLC since 1975 (corn, soybeans, wheat, and a cow-calf herd), a local grain elevator since 2006, and a commercial poultry breeder barn since 2017; he chairs the Edgar Township Board and studied business and economics at Nebraska Wesleyan University . The Board affirmed his independence in March 2025 under Farmer Mac’s criteria that meet or exceed SEC and NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Farmer Mac (AGM) | Director | Dec 2019–May 2021; Mar 26, 2025–present | Current committee service: Business Development & Business Strategy; Credit; Enterprise Risk |
| AgriBank, FCB | Director | 2014–2021 | Chair, Risk Management Committee (2016–2018) |
| Farm Credit Services of America | Director | 2007–2014 | Chair, Compensation Committee and Risk Work Group; member, Business Risk Committee; 2-year terms as both chair and vice-chair |
External Roles
| Organization/Entity | Role | Tenure | Notes |
|---|---|---|---|
| Shaw Farms, LLC (Edgar, NE) | Owner/Operator | 1975–present | Corn, soybeans, wheat, cow-calf herd |
| Local Grain Elevator | Owner/Manager | 2006–present | Grain handling/marketing |
| Poultry Breeder Barn | Operator | 2017–present | Commercial breeder operations |
| Edgar Township Board | Chair | Ongoing | Local government leadership |
Board Governance
- Committee assignments: Business Development & Business Strategy (member), Credit (member), Enterprise Risk (member) .
- Independence: Board affirmatively determined Shaw is independent under Farmer Mac’s Corporate Governance Guidelines (meet/exceed SEC and NYSE standards) .
- Attendance norms: The Board held 9 meetings in 2024; each director attended at least 75% of Board and committee meetings on which they served. Committee meetings in 2024: Audit (11), Business Development & Business Strategy (4), Corporate Governance (11), Credit (5), Enterprise Risk (5), Finance (5), Human Capital & Compensation (5), Public Policy & CSR (4). Percent attendance by committee ranged from 93%–100% .
Note: Shaw rejoined the Board in March 2025; 2024 attendance figures are Board-level context, not specific to Shaw .
Fixed Compensation
| Component | Amount | 2025 Policy Details | Notes |
|---|---|---|---|
| Annual cash retainer (director) | $69,000 | Base annual cash retainer maintained for 2025 | Applies to all non-employee directors |
| Committee chair retainers | N/A | Chair fees increased for 2025: Audit $17,500; Corporate Governance $15,000; Enterprise Risk $15,000; Finance $15,000; Human Capital & Compensation $15,000; Business Development & Business Strategy $10,000; Credit $10,000; Public Policy & CSR $10,000 | Shaw is not a committee chair |
| Board Chair/Vice Chair retainers | N/A | Chair $50,000; Vice Chair $25,000 (unchanged for 2025) | Not applicable to Shaw |
| Expense reimbursement | As incurred | Reimbursement for director duties and continuing education | Standard practice |
Performance Compensation
| Grant Type | Grant Date | RSUs (#) | Grant Date Fair Value | Vesting | Conditions |
|---|---|---|---|---|---|
| Annual RSU (pro-rata, director) | Mar 26, 2025 | 358 | $69,080 | Mar 31, 2026 | Service-based vesting if director is serving on vest date |
| Annual RSU (standard, other sitting directors) | Mar 6, 2025 | 376 | $75,956 | Mar 31, 2026 | Service-based vesting |
| Program policy (target) | 2025 | — | Target $75,000 | Annual | Directors may elect stock in lieu of cash retainers; equity awards are time-based RSUs (no performance metrics) |
Other Directorships & Interlocks
| Company/Institution | Type | Relationship to Farmer Mac | Shaw Involvement |
|---|---|---|---|
| AgriBank, FCB | Farm Credit System bank | Principal holder of 40.3% of Class B Voting Common Stock; Shaw and Davidson were board members until 2021; they do not beneficially own AgriBank shares | Prior director (ended 2021) |
| CoBank, ACB | Farm Credit System bank | Principal holder affiliate; no Shaw board role; context for other directors | None for Shaw |
| Farm Credit Services of America | Farm Credit association | Industry counterparty; prior governance roles | Prior director |
- Conflict assessment: The Board reviewed ordinary-course transactions with certain directors’ affiliated entities and found them non-material under independence criteria; the evaluation named Messrs. Riel, Sexton, and Ware specifically, not Shaw . Shaw’s prior AgriBank board role ended in 2021; independence affirmed in March 2025 .
Expertise & Qualifications
- Agricultural operations and rural finance domain expertise from decades operating diversified farm and grain businesses .
- Risk oversight credentials: chaired AgriBank’s Risk Management Committee (2016–2018) and prior leadership of risk committees/work groups at Farm Credit Services of America .
- Governance experience: multiple board roles including prior Farmer Mac tenure; compensation committee leadership experience .
- Business and economics education (Nebraska Wesleyan University) .
Equity Ownership
| Security | Shares Beneficially Owned | % of Class | Notes |
|---|---|---|---|
| Class C Non-Voting Common Stock | 1,029 | <1% | As of Mar 24, 2025; individuals cannot hold Voting Common Stock |
| Unvested RSUs (2025 grant) | 358 | — | Vest Mar 31, 2026, service-based |
- Ownership policy: Non-employee directors must hold a minimum of 2x annual cash retainer; insider trading policy prohibits pledging and specified hedging transactions in Farmer Mac securities .
- Compliance status: Not explicitly disclosed for Shaw; policy in force .
Governance Assessment
- Independence and alignment: Independence affirmed; director equity grants and stock ownership policy align incentives; hedging/pledging prohibited—positive for investor alignment .
- Committee impact: Placement on Business Development & Business Strategy, Credit, and Enterprise Risk committees leverages his prior risk leadership and ag finance background—supportive of board effectiveness in core risk areas .
- Compensation signals: 2025 director pay structure balanced between fixed retainer ($69,000) and time-based RSUs (target $75,000; Shaw pro-rata $69,080), with no meeting fees or performance-linked director equity—standard for GSE governance and low risk of pay-for-performance misalignment at the director level .
- Potential conflicts: Prior AgriBank board role is notable given AgriBank’s 40.3% Class B holdings, but Shaw’s role ended in 2021; Board independence review did not flag him, and he does not beneficially own AgriBank shares—monitor, but no current red flag disclosed .
- Board engagement: Board/committee meeting cadence and high attendance context (93–100% by committee in 2024) indicate strong engagement culture; Shaw’s 2025 appointment positions him within that framework .
- Say-on-pay context: 99% 2024 support for NEO compensation suggests shareholder confidence in compensation governance broadly .
RED FLAGS to monitor
- Interlock proximity: Historical AgriBank directorship given its principal holder status—no current interlock, but maintain vigilance for related-party exposures should any transactions arise .
- Ownership guideline compliance: Not disclosed whether Shaw meets the 2x retainer guideline; verify over time as RSUs vest and personal holdings evolve .