Bruce Sherrick
About Bruce J. Sherrick
Bruce J. Sherrick, age 61, joined FPI’s Board in July 2024 as an independent director. He holds the Marjorie and Jerry Fruin Professorship at the University of Illinois (since 2013) and directs the TIAA-CREF Center for Farmland Research (since 2014), with deep credentials in agricultural finance, credit risk modeling, and farmland investment analytics . His background includes leadership of Integrated Financial Analytics & Research (iFAR) since 2002 and prior public company board experience at Farmer Mac (NYSE: AGM), where he served on the audit committee (2012–2021) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Farmer Mac (NYSE: AGM) | Director; Audit Committee Member | 2012–2021 | Public company audit oversight; ag credit provider governance |
| Integrated Financial Analytics & Research (iFAR) | Managing Partner | Since 2002 | Credit risk assessment/modeling for agricultural finance institutions |
| University of Illinois | Marjorie & Jerry Fruin Professor | Since 2013 | Academic leadership in ag economics/finance |
| TIAA-CREF Center for Farmland Research | Director | Since 2014 | Farmland returns analytics; investor education |
| NCREIF Farmland Data Set | Manager (webinars/reporting) | Ongoing | Performance analytics administration for farmland properties |
| Illinois Society of Professional Farm Managers & Rural Appraisers | Oversees annual Farmland Values & Lease Trends | Ongoing | State-level market tracking/reporting |
External Roles
| Organization | Role | Start | Notes |
|---|---|---|---|
| Peoples Company (farm brokerage) | Director | 2024 | Brokerage services; potential transaction adjacency to FPI |
| Leading Harvest (ag sustainability) | Director | 2019 | ESG/sustainability standards in agriculture |
| Twin Cedars Bank (ag finance) | Director | 2021 | Agricultural banking; potential financing adjacency |
| Equilibrium Capital | Senior Advisor | Ongoing | Sustainability-driven asset manager |
| Promised Land Opportunity Zone Fund | Advisory Board | Ongoing | Farmland acquisitions in qualified opportunity zones |
Board Governance
- Independence: The Board affirmed Sherrick is independent under NYSE and SEC standards .
- Committee assignments: Member of Audit, Compensation, and Nominating & Corporate Governance; not a chair .
- Attendance and engagement: In 2024, the Board met 4 times; each director then serving attended at least 75% of applicable Board and committee meetings . Audit met 6x; Compensation 3x; Nominating & Governance 3x .
- Board structure: Lead Independent Director is Jennifer S. Grafton; responsibilities include presiding over independent sessions and agenda coordination .
- Ownership guidelines: Non-employee directors must hold at least $100,000 in FPI stock; as of Dec 31, 2024, all four non-employee directors met the requirement .
Fixed Compensation
| Item | Amount | Notes |
|---|---|---|
| Cash fees paid (2024) | $19,375 | Prorated for mid-year appointment |
| Director annual cash retainer (standard) | $37,500 | Applies to independent directors |
| Committee service fee (standard) | $2,500 | Flat per year regardless of number of committees |
| Committee chair fees (standard) | Audit $7,500; Comp $5,000; Nominating $2,500 | Sherrick is not a chair |
| Lead Independent Director (standard) | $7,500 (with reductions if also Audit Chair) | Not applicable to Sherrick |
Performance Compensation
| Component | Grant Date | Grant type | Grant-date fair value |
|---|---|---|---|
| Annual director equity grant | 7/23/2024 | Restricted shares of Common Stock | $46,040 |
| Dividends on unvested RS | 2024 | Cash dividends | $480 |
- FPI does not disclose performance-linked metrics for director compensation; director equity is time-based restricted stock (no disclosed TSR/financial target linkage for directors) .
Other Directorships & Interlocks
| Company/Entity | Public? | Role | Potential interlock/conflict commentary |
|---|---|---|---|
| Farmer Mac (NYSE: AGM) | Public | Former Director; Audit Committee | Prior affiliation; ag lending ecosystem |
| Peoples Company | Private | Director | FPI could use brokerage services; any transactions would fall under related-party review |
| Twin Cedars Bank | Private | Director | Potential adjacency in farm financing; subject to related-party policy if engaged |
| Leading Harvest | Non-profit | Director | ESG standard-setting; no direct commercial conflict indicated |
| Equilibrium Capital | Private | Senior Advisor | Asset management ESG focus; monitor for fund interactions with FPI assets |
| Promised Land OZ Fund | Private | Advisory Board | Farmland acquisitions; potential overlap in markets; review if transactions occur |
The proxy lays out a formal Related Party Transaction Policy (Audit Committee review and approval; arm’s-length terms). The DEF 14A we reviewed does not disclose any specific related-party transactions involving Dr. Sherrick .
Expertise & Qualifications
- Agricultural finance expert with Ph.D. and B.S. from The Ohio State University, focusing on finance, economics, and agriculture .
- Extensive governance experience in ag credit (Farmer Mac audit committee), risk modeling (iFAR), and industry performance analytics (NCREIF Farmland) .
- ESG/sustainability experience via Leading Harvest and Equilibrium Capital advisory roles .
Equity Ownership
| Holder | Shares beneficially owned | % of Common Stock | Notes |
|---|---|---|---|
| Bruce J. Sherrick | 17,000 | Less than 1% | Includes 4,000 shares held in a simplified employee pension plan |
- Stock ownership guideline compliance: As of Dec 31, 2024, all non-employee directors met the $100,000 guideline (measured on average closing price basis) .
Governance Assessment
- Committee coverage and independence: Serving on all three independent committees enhances oversight breadth; independence affirmed by Board increases investor confidence .
- Attendance signal: 2024 attendance ≥75% for directors then serving; committee cadence suggests active oversight (Audit 6x; Comp 3x; Nom/Gov 3x) .
- Ownership alignment: Personal beneficial ownership and adherence to director ownership guidelines support alignment with shareholders .
- Potential conflicts (monitoring): External roles at Peoples Company (brokerage), Twin Cedars Bank (ag finance), and Promised Land OZ Fund could intersect with FPI’s transaction landscape; FPI’s Related Party Transaction Policy provides structural safeguards (Audit Committee review, arm’s-length terms). No specific related-party transactions involving Sherrick are disclosed in the proxy we reviewed .
- Compensation quality: Director pay mix is modest cash plus time-based RS; no performance-relaxing features or tax gross-ups disclosed; equity plan prohibits option/SAR repricing without shareholder approval—shareholder-friendly design .
RED FLAGS
- None disclosed specific to Sherrick: no pledging/hedging noted, no low attendance disclosure, and no related-party transactions involving him identified in the DEF 14A reviewed .
- Ongoing monitoring recommended for any FPI transactions with entities where Sherrick serves (Peoples Company, Twin Cedars Bank, OZ Fund), to ensure adherence to policy and arm’s-length terms .