Ian Boyce
About Ian Boyce
Ian D. Boyce (age 57) is an independent director of Farmers & Merchants Bancorp, Inc. (FMAO), first elected in 2024; he serves on the Board and the Enterprise Risk Management (ERM) Committee . He is Founding Member and Managing Partner of Dickmeyer Boyce Financial Management, a fee-only wealth management firm with discretionary oversight of $360M in AUM; he is a CFP and NAPFA-Registered Financial Advisor, with a BA in Zoology (minor in Economics) from the University of Vermont and an honorary doctorate in Humane Letters (2015) . The Board has determined he meets NASDAQ independence standards (only the CEO and one former executive are non-independent) .
Past Roles
| Organization | Role | Tenure/Status | Committees/Impact |
|---|---|---|---|
| Dickmeyer Boyce Financial Management | Founding Member and Managing Partner | Current | Firm established in 2002; discretionary oversight of $360M AUM |
External Roles
| Organization | Role | Status |
|---|---|---|
| Parkview Hospital Regional Medical Center | Vice Chair | Current |
| University of St. Francis | Director/Board Member | Current |
| Questa Education Foundation | Board Chair | Current |
| University of Vermont Board of Trustees | Board Chair | Past |
| Fort Wayne Community Foundation | Board Member | Past |
Board Governance
- Committee assignments: Board Member; ERM Committee Member (not chair) .
- Independence: Independent under NASDAQ rules; exceptions are CEO Lars B. Eller and former executive Andrew J. Briggs .
- Attendance: “During 2024, each director attended 100% of the total meetings of the Board and the committees on which they served” .
- Meetings held (2024): Board 7; Audit 6; Compensation 3; Corporate Governance & Nominating 5; ERM 6 .
- Interlocks: “No member of the Board of Directors serves on the Board of any other company which has a class of securities registered with the SEC” .
Fixed Compensation
| Director | Year | Cash Retainer ($) | Equity Grant ($) | Notes |
|---|---|---|---|---|
| Ian D. Boyce | 2024 | 50,000 | 15,007 | Equity awarded immediately preceding first Thursday in June 2024; annual director fee schedule: Chairman $70k, Committee Chair $55k, Non-Chair $50k |
Performance Compensation
| Component | Metrics | Terms |
|---|---|---|
| Director equity grants | None disclosed (time-based) | Annual stock grant equivalent to ~$15,000; no performance metrics disclosed for directors |
The company’s 2025 Long-Term Stock Incentive Plan permits performance share awards with metrics such as EPS, revenue, ROA/ROE, efficiency ratio, loans/deposits, etc., but director grants are presented as fixed-value stock awards rather than performance-conditioned awards .
Other Directorships & Interlocks
| Item | Detail |
|---|---|
| Other SEC-registered public company boards | None (as stated for all FMAO directors) |
| Notable external boards | Parkview Hospital Regional Medical Center (Vice Chair); University of St. Francis; Questa Education Foundation (Chair) |
Expertise & Qualifications
- Fee-only wealth manager and CFP with specialization in tax and estate planning, business management, and corporate finance; frequent public speaker on financial topics .
- Brings small business/consumer insight and business risk management perspective; appointed to F&M’s ERM Board Committee .
- Education: BA (Zoology, minor in Economics), University of Vermont; Honorary doctorate in Humane Letters (UVM, 2015) .
Equity Ownership
| Holder | Date | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|---|
| Ian D. Boyce | 12/31/2024 | 966 | 0.007% | As disclosed in Beneficial Ownership table |
Insider Filings and Trading
- Section 16(a) compliance: Company reported all Section 16(a) filing requirements were met for 2023; delinquent reports were filed as needed (company-wide disclosure; not director-specific) .
- Proxy statements do not enumerate specific Form 4 trades for Ian Boyce; no pledging disclosures for Boyce; company states it has not adopted hedging policies for insiders (no explicit prohibition) .
Governance Assessment
- Strengths: Independent director; ERM Committee membership enhances board risk oversight; 100% meeting attendance; no public-company interlocks; relevant finance/wealth management expertise .
- Alignment: Receives standard director cash retainer and annual stock grant similar to peers; modest personal shareholding (966 shares, 0.007%) suggests limited “skin-in-the-game,” but equity grants support some alignment .
- Potential Red Flags:
- Hedging policy gap: “The Company has not adopted any practice or policies” restricting hedging by directors/employees, which can undermine alignment if hedging is used .
- Low ownership level relative to outstanding shares; no disclosed ownership guidelines for directors in proxy (no guideline disclosure found).
- Conflicts/Related Parties: Proxy indicates routine related-party banking transactions on market terms and one material related-party transaction in 2023 subject to Audit Committee review; no transaction disclosure identified for Boyce specifically .