FBL’s Commitment to Corporate Governance
FBL is committed to strong corporate governance as demonstrated by the following
corporate governance practices and structure:
- The Audit Committee is comprised of independent directors only
- Lead independent director designated
- Full board of directors elected annually
- Corporate Governance Guidelines
- Director and Executive Stock Ownership
- Limitation of the number of public company boards on which directors may
- Periodic director education programs
- Board member evaluations
- Board Membership Criteria
- Directors are required to offer their resignation upon a significant change
in their primary occupational responsibilities
FBL Financial Group's Board of Directors presently has five committees: Audit, Class
A Nominating and Governance, Class B Nominating, Executive, and Management
Development and Compensation.
- The Audit Committee · The Audit
Committee directly oversees FBL's independent auditors and reviews FBL's annual
and quarterly financial statements, system of internal accounting controls and
other matters involving accounting, auditing and financial reporting practices
- The Class A Nominating and Corporate
Governance Committee assists with identifying qualified individuals to become
Class A board members, consistent with criteria approved by the Board. The committee
also determines the composition of the Board of Directors and its committees,
monitors a process to assess board effectiveness and developing and implements
the corporate governance guidelines.
- The Class B Nominating Committee reviews nominations for election to the
Board as Class B directors and nominates candidates to fill vacancies among
the Class B directors.
- The Executive Committee may exercise all powers of the Board of Directors
during intervals between meetings of the Board, except for matters reserved
to the Board by the Iowa Business Corporation Act, and except for removal or
replacement of the Chairman or Chief Executive Officer.
- The Management Development and
Compensation Committee has oversight responsibility with respect to compensation
matters involving directors and all employees, including executive officers.