Nominating and Governance Committee Charter

Federal Reserve Bank of Minneapolis
Approved October 2023

Purpose

The Nominating and Governance Committee is a permanent committee of the Federal Reserve Bank of Minneapolis (Bank) as specified in the Bank’s bylaws. The purpose of the Nominating and Governance Committee is to consider and make recommendations concerning the Board of Directors (Board) membership and to provide oversight of corporate governance.

Membership

The Nominating and Governance Committee is composed of the Board chair and two or more other members of the Board (typically Class C directors) who serve during the calendar year or until their successors are appointed. The chair of the Board typically serves as the chair of the Nominating and Governance Committee.

Two members of the Nominating and Governance Committee shall constitute a quorum for the transaction of business, and action of the Committee shall be upon vote of a majority of those present at any meeting of the Committee.

Meetings

The Nominating and Governance Committee meets as needed. The Bank president and/or first vice president and/or other Bank staff may attend meetings of the Nominating and Governance Committee.

Responsibilities

The specific responsibilities of the Nominating and Governance Committee are:

1. Consider and recommend candidates for the Board of Governors-appointed directorships at Minneapolis (the three Class C seats)¹ and Helena (two of the five seats).
2. Provide oversight and evaluation of governance matters including, but not limited to, the bylaws, Board committee structure, and Board committee charters. Recommend any proposed revisions to governance documents to the full Board for action.
3. Oversee compliance with director-related policies concerning conflicts, eligibility, rotation, investment restrictions, conduct, and political activity.