Eric McKissack
About Eric T. McKissack
Eric T. McKissack, 71, has served on Farmer Mac’s Board since February 23, 2021. He is vice chair of the Finance Committee and a member of the Audit Committee and Corporate Governance Committee. McKissack is founder and former CEO of Channing Capital Management (retired in December 2019 after 16 years). He previously was Vice Chair and Co‑Chief Investment Officer at Ariel Capital Management (Ariel Investments) and spent five years as a research analyst at First Chicago/First Chicago Investment Advisors. He holds an SB in Management from MIT, an MBA from UC Berkeley, and is a CFA charterholder .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Channing Capital Management, LLC | Founder & CEO | Retired Dec 2019 after 16 years | Led institutional investment advisory firm |
| Ariel Capital Management (Ariel Investments) | Vice Chair & Co‑Chief Investment Officer | Before founding Channing (pre‑2019) | Senior investment leadership |
| First Chicago & First Chicago Investment Advisors | Research Analyst | 5 years prior to 1986 | Equity research and analysis |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| FlexShares ETF funds (Northern Trust) | Chair of the Board | Current | Serves on audit and governance committees |
| Morgan Stanley Pathway Funds | Independent Trustee; Vice Chair | Current | Board oversight |
| McKissack & McKissack of Washington (privately held) | Director | Current | Engineering/design firm oversight |
| McKissack & McKissack Midwest (privately held) | Director | Current | Engineering/design firm oversight |
Board Governance
- Committee assignments: Finance (Vice Chair), Audit (Member), Corporate Governance (Member) .
- Independence: The Board affirmatively determined McKissack is “independent” under Farmer Mac’s guidelines and NYSE/SEC standards .
- Attendance: The Board held nine meetings in 2024; each director attended 75%+ of Board and committee meetings; all directors attended the 2024 annual meeting .
- Audit Committee composition includes McKissack; chair is Charles A. Stones; oversight of PwC independence, audit scope, and internal controls .
| Committee (2024) | Meetings Held | Overall % Attendance |
|---|---|---|
| Audit | 11 | 97% |
| Business Development & Strategy | 4 | 100% |
| Corporate Governance | 11 | 99% |
| Credit | 5 | 100% |
| Enterprise Risk | 5 | 97% |
| Finance | 5 | 100% |
| Human Capital & Compensation | 5 | 93% |
| Public Policy & CSR | 4 | 96% |
Fixed Compensation
| Year | Base Director Cash Retainer ($) | Committee Chair/Vice Chair Fees ($) | Fees Earned in Cash ($) |
|---|---|---|---|
| 2024 | 69,000 | Chairs only; no incremental vice chair fee disclosed for committees | 69,000 (McKissack) |
| 2025 (targeted) | 69,000 | Chair incremental retainers increased (Audit $17,500; Governance/Enterprise Risk/Finance/Human Cap. $15,000; BD/Strategy/Credit/Policy $10,000) | N/A (2025 actuals not yet reported) |
Notes:
- In lieu of cash, directors may elect quarterly share issuance; McKissack elected $25,646 of retainers in shares during 2024 .
Performance Compensation
Directors receive time‑based RSUs; no performance conditions are attached (service‑vesting only).
| Year | Grant Date | RSUs Granted (#) | Grant Date Value ($) | Vesting |
|---|---|---|---|---|
| 2024 | Mar 5, 2024 | 373 | 74,055 (per director) | Vested Mar 31, 2025 |
| 2025 | Mar 6, 2025 | 376 | 75,956 (per sitting director) | Scheduled to vest Mar 31, 2026 |
Additional equity program details:
- 2025 targeted annual director equity value increased to $75,000 (from $69,000 in 2024) .
- Directors also receive cash in lieu of dividends on RSUs at vest; McKissack received $2,796 in 2024 under “All Other Compensation” .
Other Directorships & Interlocks
| Company/Entity | Sector | Role | Potential Interlock/Conflict Noted |
|---|---|---|---|
| FlexShares ETF funds (Northern Trust) | Asset management/ETFs | Chair; audit and governance committees | None disclosed as related‑party; Board affirmed independence |
| Morgan Stanley Pathway Funds | Asset management/mutual funds | Independent trustee; Vice Chair | None disclosed as related‑party; Board affirmed independence |
| McKissack & McKissack (Washington & Midwest) | Engineering/design (private) | Director | None disclosed; not a Farmer Mac counterparty |
Company policy indicates “limited number of outside directorships” for Board members, mitigating overboarding risk .
Expertise & Qualifications
- Financial literacy; accounting/financial reporting experience; capital markets/investments and lending expertise .
- Senior executive experience and service on other boards, bringing strategic planning and risk management capabilities .
- Education: SB (MIT), MBA (UC Berkeley); CFA charterholder .
Equity Ownership
| As of | Class A/B Voting Shares (#) | Class A/B % | Class C Non‑Voting Shares (#) | Class C % |
|---|---|---|---|---|
| Mar 24, 2025 | — | — | 2,673 | <1% |
Notes:
- Non‑employee director stock ownership guideline: 2x annual cash retainer; directors must comply within five years .
- As of Jan 1, 2025, 13 of 15 directors exceeded ownership requirements; the two not yet compliant were elected in May 2024 (thus McKissack is among those meeting/exceeding the guideline) .
- Pledging and specified hedging of Farmer Mac securities are prohibited for directors/employees .
- The beneficial ownership table excludes RSUs scheduled to vest after May 23, 2025 .
Governance Assessment
- Strengths: Confirmed independence; multi‑committee engagement (Audit, Governance, Finance vice chair); robust Board attendance; strong governance architecture including prohibitions on pledging/hedging and director ownership guidelines; use of independent compensation consultant (Aon) for director pay recommendations .
- Alignment signals: Meaningful personal equity ownership and election to take cash retainers in stock ($25,646 in 2024), plus annual RSU grants with service‑based vesting support long‑term alignment .
- Compensation structure: Fixed cash retainer ($69,000) plus equity RSUs; no meeting fees and no performance‑conditioned director awards, reducing pay complexity and potential pay‑for‑performance misalignment risk at the director level .
- RED FLAGS: None disclosed relating to related‑party transactions for McKissack; company reported no related person transactions requiring disclosure for 2024, and Board reaffirmed independence across committees (including Audit) . Executive compensation say‑on‑pay support was high (99% in 2024), indicating positive shareholder sentiment toward compensation governance generally .