Company: FMCCN
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001026214-25-000040
Chunk: 331

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-02-13
Form: 10-K
Item: Item 15
Chunk 331
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n    Independent directors meet regularly without management.

n    The Board of Directors and each of the Audit, CHC, Nominating and Governance, Mission and Housing Sustainability, Operations and Technology, and Risk Committees conduct an annual self-evaluation.

n    New directors receive a full orientation regarding the company and issues specific to the committees to which they have been appointed.

n    All directors are provided with access to, and are encouraged to utilize, third-party continuing education.

n    Management provides the Board of Directors and its committees with in-depth technical briefings on substantive issues affecting the company.

n    The CHC Committee reviews management talent and succession planning quarterly.

Director Independence and Relevant Considerations 

The Nominating and Governance Committee has evaluated the independence of each of our non-employee Board members and has made recommendations to the Board of Directors for determination and approval with respect thereto. For purposes of these determinations, we use the definition of independence set forth in Sections 4 and 5 of the Guidelines and in Section 303A.02 of the NYSE Listed Company Manual. Although our stock is no longer listed on the NYSE, certain of the corporate governance requirements of the NYSE Listed Company Manual, including those relating to independence, continue to apply to us because they are incorporated by reference in the Corporate Governance Rule. Based on the Nominating and Governance Committee’s evaluation and recommendation, the Board of Directors determined that all current non-employee Board members are independent. Ms. Reid is not considered to be independent due to her service as our CEO. 

Our Board of Directors determined that all members of our Audit, CHC, and Nominating and Governance Committees, and the Chairs of the Mission and Housing Sustainability, Operations and Technology, and Risk Committees are independent within the meaning of Sections 4 and 5 of the Guidelines and Section 303A.02 of the NYSE Listed Company Manual. Our Board of Directors also determined that: (1) all members of our Audit Committee are independent within the meaning of Exchange Act Rule 10A-3 and Section 303A.06 of the NYSE Listed Company Manual; and (2) all members of our CHC Committee are independent within the meaning of Exchange Act Rule 10C-1 and Section 303A.02(a)(ii) of the NYSE Listed Company Manual.

In determining the independence of each director, the Board of Directors reviewed the following categories or types of relationships, in addition to those specifically addressed by the standards contained