Company: AGM-PH
Filing Date: 2025-04-16
Form Type: DEF 14A
Source: 0000845877-25-000143
Chunk: 15

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-04-16
Form: DEF 14A
Chunk 15
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, and the Enterprise Risk Committee provides a report on any identified risks to the full Board at each Board meeting. Farmer Mac's Chief Risk Officer regularly reports to the Board and the Enterprise Risk Committee regarding the enterprise-wide risk management program and conducts Board training sessions and facilitates discussions on risk-related topics and best practices. Farmer Mac's Chief Risk Officer is also responsible for assisting Farmer Mac's executive officers to develop and monitor a risk management program, policies, procedures, and controls in the context of Farmer Mac's strategic objectives and to identify, monitor, and report any current and emerging risks. Farmer Mac's Chief Risk Officer also has a reporting line to the Enterprise Risk Committee and regularly updates that committee on discussions with management and the other Board committees about Farmer Mac's risk management program and any current and emerging risks, risk management issues, or compliance concerns. The Board has also established a dedicated cybersecurity subcommittee of the Enterprise Risk Committee that helps oversee Farmer Mac's cybersecurity programs and practices, including the identification and mitigation of security and privacy risks. This subcommittee currently consists of two members of the Enterprise Risk Committee – Mr. Culver (chair of the subcommittee) and Mr. Ware (vice chair of the subcommittee), with a third member expected to be added to that subcommittee in May 2025 after the Meeting.

Farmer Mac's compliance function manages Farmer Mac's policies and procedures framework, operates the compliance program, and conducts compliance risk assessments to identify key compliance risks. Farmer Mac's internal audit function annually compiles a risk assessment and, under the oversight of the Audit Committee, conducts periodic audits of each of the various risk areas within Farmer Mac at least once every three years. The internal credit review function provides an independent assessment of credit risk and reports directly to the Credit Committee.

| 8 |

| CORPORATE GOVERNANCE MATTERS |

The following table summarizes the key risk areas overseen by each Board committee:

| Name of Board Committee                           |     | Risks Overseen by Board Committee                                                                                                                                                                                                                                                      |
| Audit                                             |     | Financial reporting and accounting practices of Farmer Mac, as well as primary oversight of whistleblower complaints related to accounting and auditing matters, allegations of fraud, and regulatory compliance                                                                       |
| Business Development and Business Strategy        |     | Farmer Mac's exposure to customer reputational risks, risks related to the development and maintenance of Farmer Mac's customer relationships, and strategic execution risk                                                                                                            |
| Corporate Governance                              |     | Governance policies of Farmer Mac and compliance with Farmer Mac's code of business conduct and ethics and related corporate policies