Kevin Riel
About Kevin G. Riel
Kevin G. Riel, 59, is an independent director of Farmer Mac (AGM) who joined the Board on May 16, 2024. He is a 39-year hop farmer and President of Double ‘R’ Hop Ranches, Inc. since January 1995 (manager 1986–1994). He earned a B.S. in Computer Information Systems (summa cum laude) from Central Washington University and holds NACD.DC director certification, as well as Farm Credit System Premier Governance Series and Washington Agriculture & Forestry Leadership certifications .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Double ‘R’ Hop Ranches, Inc. | President | Jan 1995–present | Operational leadership of agricultural enterprise |
| Double ‘R’ Hop Ranches, Inc. | Manager | Jun 1986–Dec 1994 | Operations management |
| Northwest Farm Credit Services | Director; Chair | Director 2007–2017; Chair 2011–2013 | Audit, Compensation, Finance, Governance committees |
| CoBank, ACB | Director; Chair | Director 2014–2021; Chair 2018–2021 | Chair of Executive Committee; member, Compensation & Succession committees |
| Nationwide Insurance Company | Board Council | 2018–2021 | Advisory role to board |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Yakima Chief Hops | Director (Vice Chair since Apr 2024) | 2021–present | Chair, Governance Committee |
Board Governance
- Committee assignments and roles: Vice Chair, Business Development & Business Strategy; Member, Human Capital & Compensation; Member, Public Policy & Corporate Social Responsibility .
- Attendance: The Board held nine meetings in 2024; each director attended ≥75% of Board and committee meetings on which they served. All then-serving directors attended the 2024 Annual Meeting; the Board Chair presides over regularly scheduled executive sessions of the Board without management .
- Independence: In March 2025, the Board affirmed Riel’s independence under Farmer Mac, SEC, and NYSE standards after reviewing all direct/indirect relationships; transactions involving entities where he serves or recently served as a director were ordinary-course, on comparable terms, and deemed not material .
Fixed Compensation
| Component | 2024 (Actual) | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | $43,220 | Partial year following May 16, 2024 appointment |
| All Other Compensation | $0 | No cash-in-lieu of dividends paid for 2024 RSUs (joined after March 2024) |
| Board-Set Director Compensation Structure | 2024 | 2025 | Notes |
|---|---|---|---|
| Base annual cash retainer | $69,000 | $69,000 | Increased from $66,500 in 2023 for 2024; maintained for 2025 |
| Targeted annual equity award (value) | $69,000 | $75,000 | Raised for 2025; overall targeted total comp $138,000 (2024) → $144,000 (2025) |
| Incremental retainer – Committee Chairs | $6,000–$15,000 (by committee) | $10,000–$17,500 (by committee) | No vice chair stipend; chair retainers table updated for 2025 |
Performance Compensation
| Equity Award | Grant Date | Shares/Units | Grant-Date Fair Value | Vesting | Notes |
|---|---|---|---|---|---|
| RSUs (pro rata for new director) | May 16, 2024 | 305 | $55,327 | Vest Mar 31, 2025 | Granted upon Board election |
| RSUs (annual) | Mar 6, 2025 | 376 | $75,956 | Vest Mar 31, 2026 | Based on $75,000 target value; actual value on grant date shown |
Performance metric framework for director equity: Time-based RSUs only; no performance conditions disclosed for director awards (settle on service-based vesting) .
Other Directorships & Interlocks
| Entity | Nature of Relationship | Interlock/Ownership Context | Status |
|---|---|---|---|
| Yakima Chief Hops | Director; Vice Chair; Gov. Chair | Private enterprise; no AGM ownership disclosed | Current |
| Northwest Farm Credit Services | Director; Chair | Farm Credit System lender interacting with Farmer Mac programs; Board reviewed transactions as ordinary-course and not material | Former (2007–2017) |
| CoBank, ACB | Director; Chair | Principal holder of AGM Class B Voting stock (10.66% incl. affiliate); Riel not a beneficial owner of CoBank shares; Board reviewed transactions as ordinary-course and not material | Former (2014–2021) |
| Nationwide Insurance Company | Board Council | Advisory role; no AGM ownership context disclosed | Former (2018–2021) |
Expertise & Qualifications
- 39 years operating experience in commercial agriculture; President of Double ‘R’ Hop Ranches since 1995 .
- Governance leadership in Farm Credit institutions (chair roles at CoBank, Northwest FCS) and governance committee leadership at Yakima Chief Hops .
- NACD.DC director certification; Farm Credit System Premier Governance Series; Washington Ag & Forestry Leadership Program; B.S. in CIS (summa cum laude), Central Washington University .
Equity Ownership
| Item | Detail |
|---|---|
| Total beneficial ownership (Class C Non-Voting) | 305 shares; <1% of class (as of Mar 24, 2025) |
| Ownership guideline (Non-Employee Director) | 2x annual cash retainer (2 × $69,000) |
| Compliance status | As of Jan 1, 2025, 13 of 15 directors exceeded guidelines; the two not yet met were elected in May 2024 and have until May 2029 to comply (Riel elected May 2024) |
| Hedging/pledging | Prohibited for directors and employees under insider trading policy |
Governance Assessment
- Independence and conflicts: The Board affirmatively determined Riel is independent under Farmer Mac, SEC, and NYSE standards; ordinary-course transactions involving entities where he serves/served as a director (e.g., Farm Credit institutions) were reviewed and deemed not material, mitigating related-party risk .
- Committee effectiveness: Riel’s assignments (Vice Chair of Business Development & Strategy; member of Compensation and Public Policy & CSR) align with his sector expertise and governance background, potentially enhancing board oversight of strategic growth, human capital, and stakeholder policy .
- Alignment and incentives: Director pay is balanced between cash and time-based RSUs; Riel received a pro-rata 2024 grant (305 RSUs) and a full 2025 grant (376 RSUs) with one-year vesting, reinforcing ownership alignment without performance risk-taking; anti-pledging/hedging policies strengthen alignment .
- Board/process signals: 2024 attendance thresholds were met; the Board executes regular executive sessions without management; Say-on-Pay support was 99% in 2024, indicating strong investor confidence in compensation governance .
- Compensation Committee governance: Riel joined the Compensation Committee in May 2024 after 2024 pay decisions; committee members are independent and use Aon (McLagan) as an independent consultant—both positive governance practices .
RED FLAGS: None identified specific to Riel. Board reviewed potential related-party exposures tied to his external directorships and found them not material; pledging is prohibited; attendance meets expectations .
Director Compensation (Detail)
| Year | Cash Fees | Stock Awards | All Other | Total |
|---|---|---|---|---|
| 2024 | $43,220 | $55,327 | $0 | $98,547 |
Notes: 2024 stock awards reflect pro-rata RSUs granted upon election (305 RSUs at $181.40 grant-date price). 2025 annual grant equals 376 RSUs (grant-date value $75,956), vesting Mar 31, 2026 .
Compensation Committee Analysis
- Membership and independence: Riel added May 2024; committee comprised entirely of independent directors per Farmer Mac/SEC/NYSE standards .
- Consultant: Aon (McLagan) engaged as independent compensation consultant, reporting directly to the committee .
- Scope: Committee oversees executive and director compensation, pay-for-performance design, and charter updated November 2024 .
Say-on-Pay & Shareholder Feedback
- Say-on-Pay 2024: 99% support for NEO compensation program, signaling strong investor endorsement of compensation governance .
Related-Party Transactions
- Board specifically evaluated transactions over the past three years with entities tied to Riel (and certain other directors), including loan purchases, standby commitments, USDA-guaranteed purchases, AgVantage transactions, and related fees; all were on comparable terms to unaffiliated entities and not material under independence criteria .
- CoBank is a 10.66% holder of Class B Voting shares (including affiliate), but Riel does not beneficially own any of these shares; his service at CoBank ended in 2021 .
Director Stock Ownership Guidelines
- Requirement: 2x annual cash retainer; five years to comply from initial election (for Riel: by May 2029). As of Jan 1, 2025, two May 2024 appointees (including Riel) had not yet met the threshold; 13 of 15 directors exceeded guidelines .
Board Structure & Committees (Context)
- Board maintained eight standing committees and may establish ad hoc subcommittees (e.g., cybersecurity) .
- No vice chair stipend; chair stipends increased in 2025 in line with committee workload and market practice .