Fannie Mae maintains an ongoing commitment to high standards of corporate conduct and compliance. Our board of directors annually reviews and approves our strategic plan and oversees management’s execution against the company’s strategic objectives. Fannie Mae’s vision is to be America’s most valued housing partner and to provide liquidity, access to credit and affordability in all U.S. housing markets at all times, while effectively managing risk.
On September 6, 2008, the Federal Housing Finance Agency (FHFA) became Fannie Mae’s conservator. It reconstituted our board of directors, which owes its fiduciary obligations solely to FHFA. FHFA set the size of the board at no less than nine directors and no more than 13. FHFA also directed the functions and authorities of the board.
The board of directors oversees corporate performance. It approves the annual operating budget. It oversees risk policies, including market, credit, and operational risks. From time to time, the board adopts policies and procedures to assist its oversight responsibilities and to promote the safety and soundness of Fannie Mae.
The board of directors oversees the integrity of our financial accounting and financial reporting systems and processes. It also provides advice to management regarding significant issues facing Fannie Mae.
The board of directors meets at least eight times per year and at least once per quarter. They receive information and materials to fulfill their oversight functions on a regular basis.
This governance structure enables us to continue to create housing opportunities for homebuyers and renters in all communities across the country. It provides safety and soundness as we move forward with our business partners to build a stronger, safer, and more efficient housing system.
Our Corporate Governance Guidelines identify, among other governance matters, roles and responsibilities of our board of directors and management team, the board’s size and composition, and the criteria for its members. Our bylaws provide more information about the corporation’s governance framework. Also, the Fannie Mae board committees support the board of directors’ oversight of Fannie Mae’s business supporting the housing industry.