Legacy Ag Credit, ACA (“Association”), holds an annual election for members of its Board of Directors (“Board”) and its Nominating Committee as part of its Annual Meeting of Stockholders. The Board is responsible for establishing policies, providing strategic direction, hiring the CEO, providing a management succession plan, and overseeing all major Association management functions. The Nominating Committee is responsible for identifying, evaluating and selecting qualified willing candidates for expiring Board positions and for the Nominating Committee for the following year.
Board of Director Elections
The Association’s geographical territory consists of ten (10) counties in Northeast Texas. Legacy has six (6) stockholder elected Director positions and one (1) Board-appointed Director position. Two (2) stockholder-elected directors are elected each year, to a three (3) year term.
The Nominating Committee is a committee of the stockholders, comprised of nine members and alternates, who are elected by the voting stockholders to serve a one-year term. The Nominating Committee is not a committee of the Board but is formed and controlled by the voting stockholders of the Association. The Nominating Committee’s independence is critical to the success of the cooperative structure of the Association because it ensures that representatives of the voting stockholders, not the current Board members or the Association’s management, choose the slate of candidates for the director positions and for the Nominating Committee.
Contact the Corporate Secretary by telephone at 903-885-9566 with questions about eligibility and the election process.