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

Nancy Baerwald
PO Box 549
Cando, ND 58324-0549

April 19, 2013

Barry F Mardock
Deputy Director
Office of Regulatory Policy, Farm Credit Administration
1501 Farm Credit Drive
McLean, VA 22102-5090

Dear Mr. Mardock:

I'm writing this letter in opposition to the Farm Credit System (FCS)
petition against giving a voice to their member owners (say on pay) and in
support of the Farm Credit Administration's (FCA) final rule adopted last

The FCS is a government sponsored enterprise or GSE and they need to have
a high standard of accountability and transparency in their dealings.  The
FCS is also structured as a cooperative and their members need to be
allowed to have a vote on the large pay packages of FCS CEOs, executives,
and senior officers.

The vote allowed if there is five percent or more of members petitioning
for a vote on compensation and related issues are nonbinding.  Therefore
it is advisory in nature for their boards.  Allowing members such a vote
does not cause a hardship on FCS institutions.  For the same reasons,
members should be allowed to vote on large pay increases of fifteen
percent or more.  These issues go to the heart of what cooperative
governance and what the one-member, one-vote principals are all about.

I would recommend that the FCA make the final rule even more serious by
requiring the vote to be binding upon the FCS institution if a final vote
against such pay increases is agreed to by 60 percent of the voting

Therefore, I request that the FCA either keep the final rule as is or
strengthen it as I have suggested in this letter.  Thank you for
considering my comments.


Nancy Baerwald