For Release: March 11, 2011
Contact: Brad Captain
HERNDON, Va.—The National Rural Utilities Cooperative Finance Corporation (CFC) (NYSE: NRU, NRC) held its annual meeting on March 7 at the Orange County Convention Center in Orlando, Fla. The CFC Board of Directors elected new officers for a term to expire at the end of the 2012 CFC Annual Meeting. Delegates representing CFC’s electric cooperative membership also voted to amend the organization’s bylaws.
J. David Wasson, Jr., was elected to serve as president of the CFC Board of Directors. Wasson has served on the CFC board since 2006, most recently as vice president. He has been the president and CEO of Laurens Electric Cooperative in Laurens, S.C., since 1973. Wasson has been a board member of the South Carolina association of electric cooperatives since 1975 and has served as chairman, and also serves as a director of The Palmetto Bank.
During the annual meeting, delegates approved changes to CFC’s bylaws that will allow members to vote in person at CFC meetings or by mail ballot. Previously, voting was only allowed in person. The CFC Board of Directors unanimously recommended the changes in response to member requests for the ability to vote when they cannot be present at meetings.
“Mail balloting, as requested by CFC members, will give them a voice regardless of their physical presence at a meeting,” said John List, CFC senior vice president and general counsel. “It is a best practice for cooperatives seeking to ensure all of its members, as owners of the cooperative, have the fullest opportunity to participate in key decisions.”
The National Rural Utilities Cooperative Finance Corporation (CFC) is a nonprofit cooperative that provides capital and industry-leading financial products to the nation’s rural utility systems. With more than $20 billion in assets, CFC is committed to providing unparalleled industry expertise, flexibility and responsiveness to serve the needs of its member-owners.