2021 Election of Directors
The Federal Home Loan Bank of San Francisco is accepting applications for two independent director positions on the Board of Directors. California members will receive a nomination certificate by email to nominate individuals for two California member director positions on the Board.
Applications and nominations will be accepted from June 24 through July 28, 2021, with member voting opening in early October.
All four open director positions have four-year terms that begin on January 1, 2022.
Independent Directors - Nomination of Candidates
The following materials must be submitted by email to the Bank by Wednesday, July 28, 2021 to be considered for nomination:
- Federal Home Loan Bank Independent Director Application
- Detailed resume
- Summary of additional qualifications, such as expertise in the areas relevant for the independent director position, as applicable
Applications received after 11:59 pm PT on Wednesday, July 28, will not be accepted.
After the application deadline, the Bank’s Board of Directors will assess the eligibility and qualifications of each applicant and nominate one or more candidates for each position to be filled in the election.
The Bank is committed to diversity in all aspects of its business and activities and at all levels of the Bank, including its Board of Directors. In selecting nominees, the Board will consider, among other factors, whether the individual’s skills, expertise, and background would complement the qualifications and attributes of other members of the Board, taking into consideration the overall composition of the Board; the diverse communities of the Bank’s district; the Bank’s commitment to diversity in gender, race, and ethnicity; and other factors it believes would contribute to a diverse, balanced, and effective board. As part of the independent director nomination process, the Board will also consult with the Bank’s Affordable Housing Advisory Council.
Independent Director Qualifications
Candidates for the independent director position must meet certain minimum statutory and regulatory requirements:
- To serve as an independent director, an individual must be a United States citizen and must maintain a principal residence in a state in the Bank’s district (Arizona, California, or Nevada) (or own or lease a residence in the district and be employed in the district). In addition, the individual may not be an officer of any Federal Home Loan Bank or a director, officer, or employee of any member of the Bank or of any recipient of advances from the Bank. These requirements apply to all independent directors, including public interest directors.
- To serve as an independent director other than a public interest director, an individual must have knowledge of, or experience in, financial management, auditing or accounting, risk management practices, derivatives, project development, organizational management, or the law.
- To serve as an independent director that is designated as a public interest director, an individual must have more than four years of personal experience in representing consumer or community interests on banking services, credit needs, housing, or financial consumer protections. For clarification, the efforts of a public interest director applicant in the areas listed above must be undertaken on behalf of and for the direct benefit of consumers or community interests. (This requirement does not apply to applicants seeking nominations for the independent director positions in this year’s election).
More specific information about these statutory and regulatory eligibility requirements is contained in the application form. The application also requires candidates to provide information about their leadership experience, business knowledge, commitment to service, personal integrity, independence, and other experience and education.
Member Directors - Nomination of Candidates
Eligible Bank members located in California will receive information and a nomination form by email for the nomination of individuals for two member director positions (both with terms beginning on January 1, 2022) on the Bank’s Board.
A nominee must be a citizen of the United States and an officer or director of a member institution located in California that (i) was a member of the Bank as of December 31, 2020, and (ii) meets all of its applicable regulatory capital requirements.
We strongly encourage members to consider diversity when nominating individuals for member director positions. Our Board highly values diversity and supports the election and appointment of diverse candidates to the Board. We believe that having highly qualified directors of diverse gender, race, and ethnicity, along with varied skills and experiences, contributes to a balanced and effective Board. For that reason, we encourage members to consider diversity when nominating individuals for member director positions. For more information, see the Board of Directors Statement on Diversity.
After the nomination processes have been completed and the Bank has verified the eligibility of the nominated candidates, the Bank will email members of the Bank about online voting. This year, the Bank expects to send voting instructions in early October and announce election results in November.
For additional information about the Bank and its Board of Directors, please see the Bank’s 2020 Form 10-K.
If you have any questions about serving on the Bank’s Board or the independent director election process, please contact the Bank.