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November 6 , 2006
Contact: Mike O’Brien
Vice President
Corporate Communications
703-709-6709
mike.obrien@nrucfc.coop
R. Wayne Stratton, Chairman of the Board of East Kentucky Power Cooperative, the Winchester, Kentucky-based generation and transmission cooperative, and a director of Shelby Energy Cooperative in Shelbyville, Kentucky, was elected by voting delegates at each of the 2006 CFC District Meetings to fill the position of At-Large Director on the CFC board of directors. The At-Large Director position was created to provide the CFC Board with a board member who qualifies as an Audit Committee Financial Expert as defined by the Securities and Exchange Commission.
Stratton, a certified public accountant, has more than 30 years experience as an accounting professional and has been an electric cooperative director for 20 years. In addition to his position as a member/owner of Jones, Nale & Mattingly PLC, a full-service accounting and auditing practice, Stratton is the Audit Committee Chairman and Audit Committee Financial Expert for Republic Bancorp, a $2.6 billion publicly traded bank (RBCAA). He is also accredited in business valuation (AICPA), a certified forensic accountant (ACFE), a certified fraud examiner (ACFE) and a credentialed cooperative director (NRECA).
“CFC’s financial statements are complex,” said CFC Board President Cletus Carter. “The At-Large Director position will supplement the Board’s considerable electric utility industry and general business expertise with an additional resource targeting financial reporting requirements.”
Stratton will take his seat on the CFC board following the CFC Annual Meeting in March 2007. The Bylaws establish that the At-Large Director position will have term limits consistent with all other elected CFC Directors. Directors are elected to three-year terms and may serve no more than two consecutive terms.
CFC is a not-for-profit finance cooperative that serves the nation’s rural utility systems, the majority of which are electric cooperatives and their subsidiaries. With approximately $18 billion in assets, CFC provides its member-owners with an assured source of low-cost capital and state-of-the-art financial products and services.
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