Fannie Mae 2008 Annual Report Download - page 258

Director Compensation
In 2008, our non-management directors received cash compensation and restricted stock unit awards that
vested during the year as described in more detail below. The Nominating and Corporate Governance
Committee historically reviewed non-management director compensation once a year and made
recommendations for compensation of our non-management directors to the Board. Our Board determined
cash compensation. We expect the Board and its Nominating and Corporate Governance Committee to resume
these roles in the future, subject to the requirements, per FHFA’s direction, that the Board consult with and
obtain FHFA’s consent before taking any action involving compensation or termination benefits of directors.
To be consistent with the compensation philosophy that applied to senior management, total compensation for
non-management directors in place for most of 2008 was targeted at the median of companies in the
comparator group we used at the time. This compensation for the directors was designed to be reasonable,
appropriate and commensurate with the duties and responsibilities of their Board service. In determining 2008
compensation, the Board used the executive compensation consulting firm of Semler Brossy Consulting Group
to provide director compensation information and advice.
In November 2008, in anticipation of its reconstitution of our Board, which is discussed above in “Item 10 —
Directors, Executive Officers and Corporate Governance — Corporate Governance — Conservatorship and
Delegation of Authority to Board of Directors,” FHFA approved a new program under which our non-
management directors receive all compensation in cash, as described below.
The total 2008 compensation for our non-management directors is shown in the table below. Mr. Mudd and
Mr. Allison, our only directors who also served as employees of Fannie Mae during 2008, were not entitled to
receive any of the benefits provided to our non-management directors other than those provided under the
Matching Gifts Program, which is available to all of our employees, and, in the case of Mr. Mudd, those
available under the Director’s Charitable Award Program.
2008 Non-Employee Director Compensation Table
Name
(2)
Fees Earned
or Paid
in Cash
($)
(3)
Stock
Awards
($)
(1)(4)
Option
Awards
($)
(5)
All Other
Compensation
($)
(6)
Total
($)
(1)
Current Directors
Dennis R. Beresford . . . . . . . . . . . . . . . . . . . . . . . . . . 156,129 83,344 — 29,619 269,092
William Thomas Forrester . . . . . . . . . . . . . . . . . . . . . . 5,806 — — — 5,806
Brenda J. Gaines . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,521 83,344 — 7,500 239,365
Charlynn Goins . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,022 — — — 6,022
Frederick B. “Bart” Harvey III. . . . . . . . . . . . . . . . . . . 15,806 10,010 — — 25,816
Philip A. Laskawy . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,134 — — — 10,134
Egbert L. J. Perry. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,591 — — — 5,591
David H. Sidwell . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,591 — — — 5,591
Diana L. Taylor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,591 — — — 5,591
Former Directors
Stephen B. Ashley . . . . . . . . . . . . . . . . . . . . . . . . . . . 431,250 241 7,030 153,752 592,273
Louis J. Freeh . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,861 241 — 13,202 143,304
Karen N. Horn . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127,917 241 — 29,636 157,794
Bridget A. Macaskill . . . . . . . . . . . . . . . . . . . . . . . . . 140,264 241 — 30,099 170,604
Leslie Rahl . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,667 241 7,030 81,670 227,608
John C. Sites, Jr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,861 241 — — 130,102
Greg C. Smith . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,667 241 3,243 60,842 202,993
H. Patrick Swygert . . . . . . . . . . . . . . . . . . . . . . . . . . . 141,222 241 7,030 147,147 295,640
John K. Wulff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,667 241 8,468 42,444 189,820
(1)
Because the amounts shown in the “Stock Awards” column for Mr. Beresford, Ms. Gaines and Mr. Harvey are based
on trading price of our common stock on the date of grant, the values shown are significantly higher than the value of
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