Report of the Horizontal Review of Board Governance of the Federal Home Loan Banks

摘要

This report is in four sections. The first section summarizes the indicators and standards of board effectiveness that guided our analysis. Following that description of the indicators and standards, the second section presents our observations about board effectiveness throughout the System and our recommendations regarding steps the Banks could take to enhance board effectiveness with respect to each indicator. The observations and recommendations reflect our judgment with respect to prudent and effective practices, taking into consideration the fact that the Banks are cooperatives$ they are government sponsored enterprises (GSEs)$ and they are constrained by statutory and regulatory requirements with respect to appointment and election of directors. The third section of the report summarizes statutory and regulatory issues that influence board governance at the twelve Banks. The final section describes areas where we anticipate further work or study by the Finance Board.