Our corporate governance documents spell out how we govern ourselves. How we work with our conservator and Congress to get the job done. How the Fannie Mae Board of Directors and the company’s employees conduct themselves. And how you can communicate with us.
On Sept. 6, 2008, the Federal Housing Finance Agency (FHFA) became Fannie Mae’s conservator.
Soon after, FHFA reconstituted our board of directors, which owes its fiduciary obligations solely to FHFA as our conservator. 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.
Today’s board and management team have many roles and responsibilities. You can find additional information regarding the Board’s corporate governance in the Corporate Governance Guidelines.
The board 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 it in its oversight responsibilities and to promote the safety and soundness of Fannie Mae. It oversees the integrity of our accounting and financial reporting systems and processes. And it provides advice to management on significant issues facing Fannie Mae.
Directors attend regularly scheduled meetings throughout the year. They regularly receive information and materials they need to fulfill their oversight functions.
This governance structure enables us to continue to create housing opportunities for homebuyers and renters in all communities across the country, and to provide safety and soundness as we move forward with our partners to build a stronger, safer, more efficient housing system.