Lowell Junkins
About Lowell L. Junkins
Lowell L. Junkins, 81, has served on Farmer Mac’s Board since June 13, 1996 and is the current Board Chair (since March 2022; previously Chair 2010–2020, Acting Chair 2008–2010, Vice Chair 2002–2010 and 2020–2022). He also served as Acting President & CEO (Dec 2017–Oct 2018). Junkins is a political affairs consultant (Lowell Junkins & Associates, since 1987), previously owned/operated Hillcrest Farms (through 2024), and served as Iowa State Senator (1974–1985; minority and majority leader 1981–1985) and Mayor of Montrose (1971–1972). He is a Presidential appointee, initially appointed in April 1996 and confirmed/reconfirmed by the U.S. Senate in 1997, 2003, and 2010 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Federal Agricultural Mortgage Corp. (Farmer Mac) | Acting President & CEO | Dec 2017 – Oct 2018 | Stabilized executive leadership during transition |
| State of Iowa | State Senator; Minority and Majority Leader | 1974 – 1985 (leadership 1981–1985) | Legislative leadership; public policy expertise |
| City of Montrose, IA | Mayor | 1971 – 1972 | Local governance experience |
| Hillcrest Farms (Montrose, IA) | Owner/Operator | Through 2024 | Agricultural operating experience |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lowell Junkins & Associates | Political Affairs Consultant | 1987 – Present | Public policy, government relations |
Board Governance
- Status: Independent director under Board’s independence criteria (NYSE/SEC-aligned) .
- Board meetings and attendance: Board held 9 meetings in 2024; every director attended ≥75% of aggregate Board and committee meetings; all directors attended the 2024 annual meeting. The Chair presides over executive sessions without management .
- Committee memberships and roles (2024–2025):
- Corporate Governance Committee – Chair
- Enterprise Risk Committee – Member
- Public Policy & Corporate Social Responsibility Committee – Member
- Committee workloads and attendance (2024 aggregate): Corporate Governance (11 meetings; 99% attendance), Enterprise Risk (5; 97%), Public Policy & CSR (4; 96%). Full matrix: Audit (11; 97%), Business Development & Strategy (4; 100%), Credit (5; 100%), Finance (5; 100%), Human Capital & Compensation (5; 93%) .
| Committee | Role | Meetings (2024) | % Attendance (aggregate) |
|---|---|---|---|
| Corporate Governance | Chair | 11 | 99% |
| Enterprise Risk | Member | 5 | 97% |
| Public Policy & CSR | Member | 4 | 96% |
Fixed Compensation
| Component | Detail | Amount/Units | Date/Period | Notes |
|---|---|---|---|---|
| Annual cash retainer | Base retainer | $69,000 | 2024 | Board increased base retainer to $69,000 in Nov 2023 |
| Annual equity grant | Time-based RSUs | 373 RSUs; grant-date FV $74,055 | Mar 5, 2024; vested Mar 31, 2025 | Directors receive only time-based RSUs; vest 1 year for 2024 director grant |
| Incremental retainer | Board Chair | $50,000 | 2024 | Chair fee; no duplicate committee chair retainer when also Board Chair |
| Fees earned (cash) | Total cash paid | $119,000 | 2024 | Includes chair fee and any elected stock in lieu of cash |
| All other compensation | Dividend equivalents in cash | $2,796 | 2024 | Cash paid in lieu of dividends on RSUs vested in 2024 |
| Total compensation | Sum | $195,851 | 2024 | Fees + stock awards + other |
| Equity election | Cash used to buy Class C stock | $5,515 | 2024 | Elected to receive stock in lieu of cash; alignment signal |
| Annual cash retainer | Base retainer | $69,000 | 2025 | Maintained for 2025 |
| Incremental retainer | Board Chair | $50,000 | 2025 | Maintained for 2025 |
| Annual equity grant | Time-based RSUs | 376 RSUs; grant-date FV $75,956 | Mar 6, 2025; vest Mar 31, 2026 | Annual grant; vest in one year for directors |
Performance Compensation
- Directors do not receive performance-based RSUs or options; only time-based RSUs are awarded to directors (performance-based RSUs and SARs are for executive officers). No meeting fees; compensation is retainer-based plus annual equity .
Other Directorships & Interlocks
- Public company directorships: Not disclosed for Junkins (the proxy lists other directors’ external boards but none for Junkins) .
- Presidential appointment history to Farmer Mac: Appointed April 1996; U.S. Senate confirmations in May 1997, June 2003, Sept 2010 (current Appointed Member and Board Chair) .
- Related party interlocks: Board reviewed ordinary-course transactions with entities affiliated with Riel, Sexton, and Ware and determined none were material; no such disclosure for Junkins .
Expertise & Qualifications
- Agricultural production and policy: Brings agricultural production experience and significant governmental/public policy expertise (among directors appointed by the President) .
- Financial literacy and oversight: Identified among directors with financial literacy, accounting/financial reporting experience, and knowledge of agricultural finance/capital markets .
- Strategic planning and risk: Experience in strategic planning and risk assessment/management/control; relevant cybersecurity/information technology oversight noted for select directors; Junkins contributes to strategic planning and human capital experience areas cited for the Board .
Equity Ownership
| Holder | Class C Shares (#) | % of Class | Notes |
|---|---|---|---|
| Lowell L. Junkins | 10,041 | <1% | As of Mar 24, 2025; Voting stock classes cannot be held by individuals |
| Directors + current execs (24 persons) | 205,703 | 2.20% | Includes SARs exercisable within 60 days where applicable |
- Ownership policy: Non-employee directors must hold ≥2x annual cash retainer; as of Jan 1, 2025, 13 of 15 directors exceeded requirements; the two below were elected in May 2024 and have until May 2029. Junkins exceeds policy .
- Hedging/pledging: Insider trading policy prohibits pledging and specified hedging in Farmer Mac securities .
Governance Assessment
- Independence and engagement: Affirmatively determined independent; long-tenured Appointed Member and current Board Chair; consistent committee service and leadership in Corporate Governance (chair) and active roles on Enterprise Risk and Public Policy & CSR .
- Alignment and pay structure: Director pay is balanced cash/equity with modest increases aligned to market; Board Chair incremental retainer is transparent and consistent; directors receive only time-based RSUs—no performance options—reducing risky incentives. Junkins’ 2024 total pay was $195,851 and he elected stock in lieu of some cash, supporting alignment .
- Attendance and board effectiveness: High aggregate committee attendance; Board met nine times; all directors met minimum attendance thresholds; Chair presides over executive sessions, supporting independent oversight .
- Conflicts and related-party exposure: No related-party transactions disclosed for Junkins; Corporate Governance Committee (chaired by Junkins) administers a formal Related Person Transactions policy and reviews/approves any such transactions, adding rigor to conflict management .
- Risk safeguards: Strong insider trading prohibitions (no pledging/hedging) and stock ownership requirements; clawback policy strengthened in Aug 2023 consistent with NYSE rules (primarily applies to executives), signaling disciplined compensation governance. 2024 say-on-pay approval was 99%, reflecting investor support for compensation practices .
RED FLAGS: None disclosed specific to Junkins. No pledging, no related-party transactions, and independence affirmed. Monitor evolving responsibilities as Board Chair and Corporate Governance Chair for concentration of influence, though the vice-chair and committee structures mitigate this .
Investor confidence signals: Separate CEO and Chair roles; high attendance; transparent director compensation; robust ownership policy compliance; strong say-on-pay support .