Jeffrey Plagge
About Jeffrey L. Plagge
Jeffrey L. Plagge (age 69) has served on Farmer Mac’s Board since May 16, 2024; he is Vice Chair of the Credit Committee and a member of the Audit and Enterprise Risk Committees. He previously served as President & CEO of Northwest Financial Corporation (2009–2020) and Iowa Superintendent of Banking (2019–2023), and holds a B.S. in Agriculture Business from Iowa State University and completed the Graduate School of Banking at the University of Colorado-Boulder . The Board affirmatively determined in March 2025 that Plagge is independent under Farmer Mac’s Corporate Governance Guidelines and NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Northwest Financial Corporation | Director | Since Sep 2009 | Audit Committee; Executive Loan Committee |
| Northwest Financial Corporation | President & CEO | 2009–2020 | Led bank holding company operations |
| Iowa Division of Banking | Iowa Superintendent of Banking | Sep 2019–Dec 2023 | State banking regulator leadership |
| Barnes & Co. | Managing Director & Consultant | Since Jan 2024 | Advisory/consulting role |
| American Bankers Mutual Insurance Co. | Director; Chair | Since 2007; Chair until 2019 | Board leadership at industry insurer |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Federal Home Loan Bank of Des Moines | Director | Since Jan 2024 | Risk Committee; Member Committee |
| Northwest Bank | Director | Since Sep 2009 | Oversee bank governance (via NW Financial Corp.) |
Board Governance
- Committees: Vice Chair, Credit; Member, Audit; Member, Enterprise Risk .
- Board meetings/attendance: Board held 9 meetings in 2024; each director attended at least 75% of Board and committee meetings on which they served . Executive sessions are regularly scheduled and presided over by the Board Chair .
- Committee activity and attendance in 2024 (overall): Audit (11 meetings; 97%), Credit (5; 100%), Enterprise Risk (5; 97%) .
- Independence: Plagge determined independent in March 2025 under Farmer Mac’s independence criteria and NYSE rules .
Fixed Compensation
| Component | 2024 | 2025 | Notes |
|---|---|---|---|
| Annual Cash Retainer (Board policy) | $69,000 (policy level) | $69,000 (maintained) | Applies pro rata for partial-year service |
| Incremental Chair Retainers (Board policy) | Audit Chair $15,000; others vary | Audit Chair $17,500; others increased | Only for chairs; vice chairs not listed |
| Plagge – Fees Earned/Paid in Cash | $43,220 (partial-year) | Not disclosed | No committee chair fees disclosed for Plagge |
Performance Compensation
| Grant | Grant Date | Type | Shares/Units | Grant Date Fair Value | Vesting |
|---|---|---|---|---|---|
| Director RSU (Pro rata upon election) | May 16, 2024 | Time-based RSU | 305 RSUs | $55,327 | Vested Mar 31, 2025 |
| Annual Director RSU (all sitting directors) | Mar 6, 2025 | Time-based RSU | 376 RSUs (each director) | $75,956 (each) | Vests Mar 31, 2026 |
No performance metrics are tied to non-employee director equity awards; director grants are time-based RSUs. Company-wide executive incentive metrics (not director-specific) include Core Earnings Before Credit, Business Volume, Total Revenues, Net Charge-Offs, capital compliance, and delinquency metrics .
Other Directorships & Interlocks
| Company/Entity | Public/Private | Role | Potential Interlock/Exposure |
|---|---|---|---|
| Federal Home Loan Bank of Des Moines | GSE | Director; Risk & Member Committees | Regulatory/public policy adjacency; no material related-party transactions disclosed in 2024 |
| Northwest Financial Corporation / Northwest Bank | Private bank holding company/bank | Director; (NWFC Audit & Executive Loan Committees) | Financial institution governance; no material related-party transactions disclosed in 2024 |
| American Bankers Mutual Insurance Co. | Private | Director; former Chair | Industry insurance governance |
| Barnes & Co. | Private | Managing Director & Consultant | Advisory role |
Expertise & Qualifications
- Financial literacy and financial reporting experience; agricultural finance/capital markets knowledge .
- Strategic planning and risk assessment/management experience .
- Public policy/governmental experience and executive leadership background .
Equity Ownership
| Security | Beneficial Ownership | % of Class | Notes |
|---|---|---|---|
| Class A/B Voting Common | 0 | N/A | Individuals cannot hold Voting Common; restricted to eligible institutions |
| Class C Non-Voting Common | 305 shares | <1% | Includes equity that may be acquired within 60 days; excludes RSUs vesting after May 23, 2025 |
| Pledging/Hedging | Prohibited | — | Insider trading policy prohibits pledging, specified hedging, short sales, and derivatives |
| Director Ownership Guideline | 2× annual cash retainer (non-employee directors) | — | Compliance status for Plagge not disclosed |
Attempt to fetch Form 4 insider trades via Insider-Trades skill failed due to authorization error; ownership figures are from the proxy .
Governance Assessment
- Independence and conflicts: Board determined Plagge is independent; 2024 related-person transactions (including those involving entities linked to certain directors) were ordinary-course and not material under SEC rules, with none requiring disclosure as a “related person transaction” . This reduces conflict risk.
- Committee effectiveness: Active service on Audit, Credit (as Vice Chair), and Enterprise Risk aligns with his banking and risk background; overall committee attendance rates in these areas were high in 2024 (Audit 97%, Credit 100%, Enterprise Risk 97%), supporting effective oversight .
- Alignment and incentives: Director compensation mix balances cash with annual RSUs; 2024 pro rata award (305 RSUs; $55,327) and 2025 annual RSU grant (376; $75,956) provide equity exposure; ownership guidelines and hedging/pledging prohibitions reinforce alignment with stockholders .
- Shareholder signals: 99% of votes supported NEO compensation in 2024, indicating broad investor support for compensation governance, indirectly positive for board oversight credibility .
Red flags: None disclosed specific to Plagge. No material related-party transactions; attendance threshold met; no pledging/hedging permitted; vice chair role is not tied to incremental chair retainers (reducing compensation-related optics) .