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Corporate Governance

The FHLBank of Pittsburgh believes that a wholly independent Board of Directors, supported by a seasoned and results-driven executive team and staff of integrity, offers the greatest value to the Bank's member-shareholders and community partners. We invite you to review our Governance Principles, Code of Ethics and biographies of our organization's leaders as set forth below.

Election of Member Director Nomination Process

The Federal Home Loan Bank of Pittsburgh’s (Bank) Member Director Election process begins each year in June.  The Bank is notified of the number of directorships available for the following year on or before June 1.  At the June Board meeting, the election calendar is then presented to the Governance and Public Policy Committee with the timeline of election events.

Member Directors must be an officer or director of a Bank member institution located in the state in which there is an open Bank Director position.  Also, candidates must represent institutions that meet their applicable minimum regulatory capital requirements, as set forth by the member institution’s appropriate regulatory agency.  Any candidate whose institution failed to meet the applicable minimum regulatory capital requirements will not be eligible for election during the calendar year in which the failure occurred.  This is true even if an exemption or exception to such capital requirements has been granted by the appropriate regulatory agency. These criteria are also conditions for continued service as a Member Director.  If any Member Director ceases to meet the eligibility requirements during his or her period of service, this directorship immediately becomes vacant and the individual may not continue to serve on the Board of Directors of the Bank.

After the June Board meeting, the Bank provides a written notice of election that is sent to members, which includes instructions on the electronic nomination process, individual Director qualifications, and core competencies of the entire Board.  The nomination phase then lasts for a minimum of thirty days, and the Bank then notifies the nominees in writing and requests the nominees to submit Director Eligibility Certification forms.  Nominees must accept, by returning an eligibility form, or decline nomination shortly thereafter.

In the fall, the election website opens for members to cast a ballot for the Member Director candidate running in their respective district.  After a minimum of thirty days after the election website opens, ballots are due.  The Governance and Public Policy Committee then declares the winners shortly thereafter, and a report of election results is sent to members, nominees, and the Federal Housing Finance Agency.  Newly elected Directors take office as of January 1 the following year.

The Federal Home Loan Bank of Pittsburgh’s (Bank) Independent Director Election process begins each year in June.  The Bank is notified of the number of directorships available for the following year on or before June 1.  Thereafter, at the June Board meeting, the election calendar is presented to the Governance and Public Policy Committee with the timeline of election events.

The Board then evaluates the core competencies of the entire Board of Directors to determine what skills and experience of potential nominees would best benefit the Board.  Last year, the Bank actively pursued qualified individuals meeting the regulatory requirements in addition to individuals who were diverse with insurance company or information technology experience.

After the June Board meeting, the Bank provides a written notice of election that is sent to our members, which includes instructions on the electronic nomination process, individual Director qualifications, and core competencies of the entire Board.  In order to be nominated as an Independent Director candidate, you must complete the attached Independent Director application and return it to the Bank’s office at 601 Grant Street, Pittsburgh PA 15219, Attention: Corporate Secretary.  Applications may also be faxed to (412) 288-7315. The nomination phase then lasts for a minimum of thirty days, when candidates’ completed applications are due.  Then an Independent Director summary is prepared for inclusion in the Affordable Housing Advisory Council package.

During the Board meeting following the close of nominations, the Governance and Public Policy Committee determines what candidates will run in the election.  Independent Director candidates must (1) demonstrate experience in, or knowledge of, one or more of the following areas: auditing and accounting; derivatives; financial management; organizational management; project development; risk management practices; and the law; or (2) demonstrate more than four years’ experience representing consumer or community interests in banking services, credit needs, housing or consumer financial protections. The Board determines that such knowledge or experience of the nominee is commensurate with that needed to oversee a financial institution with a size and complexity that is comparable to that of the Bank.  Once the Governance and Public Policy Committee selects the Independent Director nominees, the Corporate Secretary shall transmit the names and forms to the Federal Housing Finance Agency (FHFA) for non-objection, which must be given within two weeks of receiving this information.  If the FHFA does not object to the nominees, they then may be placed on the ballot.

In the fall, the election website opens for members to cast a ballot for the Independent Director candidates.  All members district-wide vote on Independent candidates. After a minimum of thirty days after the election website opens, ballots are due.  The Governance and Public Policy Committee then declares the winners shortly thereafter, and a report of election results is sent to members, nominees, and the FHFA.  Newly elected Directors take office as of January 1 the following year.