Corporate Governance

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 Guidelines
  • Limitation of the number of public company boards on which directors may serve
  • 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 and procedures.
  • 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.