[Code of Federal Regulations]

[Title 12, Volume 6]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR651.2]



[Page 308-309]

 

                       TITLE 12--BANKS AND BANKING

 

                 CHAPTER VI--FARM CREDIT ADMINISTRATION

 

PART 651_FEDERAL AGRICULTURAL MORTGAGE CORPORATION GOVERNANCE

--Table of Contents

 

Sec. 651.2  Conflict-of-interest policy.



    The Corporation shall establish and administer a conflict-of-

interest policy that will provide reasonable assurance that the 

directors, officers, employees, and agents of the Corporation discharge 

their official responsibilities in an objective and impartial manner in 

furtherance of the interests and statutory purposes of the Corporation. 

The policy shall, at a minimum:

    (a) Define the types of transactions, relationships, or activities 

that could reasonably be expected to give rise to potential conflicts of 

interest.

    (b) Require each director, officer, and employee to report in 

writing, annually, and at such other times as conflicts may arise, 

sufficient information about financial interests, transactions, 

relationships, and activities to inform the Corporation of potential 

conflicts of interest;

    (c) Require each director, officer, and employee who had no 

transaction, relationship, or activity required to be reported under 

paragraph (b) of this section at any time during the year to file a 

signed statement to that effect;

    (d) Establish guidelines for determining when a potential conflict 

is material in accordance with this subpart;

    (e) Establish procedures for resolving or disclosing material 

conflicts of interest.

    (f) Provide internal controls to ensure that reports are filed as 

required and that conflicts are resolved or disclosed in accordance with 

this subpart.



[[Page 309]]



    (g) Notify directors, officers, and employees of the conflict-of-

interest policy and any subsequent changes thereto and allow them a 

reasonable period of time to conform to the policy.