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Notice of Petition - "Compensation, Retirement Programs and Related Benefits"

April 18, 2013

To the FCA Board:

I request your consideration in withdrawing your recent "Say on Pay" regulation. The Farm Credit Associations, as cooperatives, are not regulated by "Dodd-Frank". Why do  you feel we should be  regulated by this law?

Our directors are elected by our shareholders to do a job which most do quite well, judging by the results of the entire Farm Credit System. We are also all borrowers so we have our own "skin in the game" so to speak. If there are problems in certain situations, then address them individually. Please don't use such a blanket approach.

Our Compensation Committees already have many rules and regulations in place and do an outstanding job in their role. It seems to me that you have opened them and all Directors up to further liability concerns with your rule.

More "common sense" ought to be injected into this rule. A "non-binding vote" is costly and time consuming. Our stockholders can vote us out of office or call a special meeting if and when they so desire.

John Reisch
Howard, SD
Farm Credit Services of America

Sent from my iPad

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