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Governance & board of directors elections

Governance

What are the main roles of the board?
The board is responsible for the following:
  • Approving a corporate mission statement.
  • Selecting, evaluating and compensating the CEO and other senior executives.
  • Selecting appointive directors.
  • Ensuring management succession.
  • Reviewing and approving management's strategic and business plans and monitoring performance against the plans.
  • Reviewing and approving material transactions not in the ordinary course of business.
  • Establishing policies.
What role does the board play in establishing the long- and short-term strategic direction of the organization?
The role of the board is to evaluate the long-term strategic intent and short-term strategies proposed by management, challenge the assumptions and substance of the proposed strategies, approve the strategies, monitor execution and encourage changes as events require.
How does Thrivent benchmark its performance?
Thrivent has a broad range of competitors, including: other financial services companies (both stock companies and mutual organizations), fraternal benefit societies, non-profit entities and others.
How many members are on the board and what are the term limits?
The board currently consists of 14 directors (12 elective, 1 appointive and 1 principal officer). Per the articles and bylaws, the board can consist of 10 to 12 elective directors, up to four appointive directors and not more than two principal officer directors. No less than two-thirds of the directors must be elected directly by Thrivent clients with benefit membership.
  • Elective directors
    Ten to 12 elective directors, elected from among Thrivent's clients with benefit membership, serve four-year terms. During each election year, benefit members elect three or four new elective directors.
  • Appointive directors
    The board may appoint up to four clients with benefit membership to serve as appointive directors as distinguished from directors elected by Thrivent clients with benefit membership for a one-year term. Any appointment or reappointment requires the affirmative vote of a majority of the elective directors.
  • Principal officer directors
    The board may appoint not more than two principal officers to serve as directors.
How is the board elected?
Thrivent has a representative form of government with each benefit member's vote carrying equal weight. Each year, Thrivent Member Networks and the board of directors can nominate candidates for election to the board. Three to four board positions are up for election each year, and directors serve four-year terms.
Are the roles of board chair and chief executive officer split or combined at Thrivent?
At Thrivent, the roles of board chair and chief executive officer are split. Bonnie E. Raquet serves as board chair (she has served on the board since 2010 and has served as chair since 2018). Teresa J. Rasmussen has served as president and CEO since November 2018.
What policies govern the board?
We're committed to acting with integrity in all of our business dealings. Key governing policies include our Code of Conduct, Conflict of Interest Policy and Governance Guidelines and Principles.
How does the board operate?
Under the bylaws of the organization, the board may form a governance committee and one or more additional committees of directors. Thrivent's board conducts much of its work through its established committee structure. Committees are staffed by board members with experience and expertise needed to provide oversight of the committees' responsibilities.

National board of directors election process

Who can vote in the board of directors election?
Thrivent clients with benefit membership are eligible to vote in the Thrivent Board of Directors election. This year’s election will be held from Oct. 6 to Nov. 20.
Who qualifies as an adult with benefit membership?
A client with benefit membership is an individual age 16 or older who is (in the vast majority of cases) the insured or annuitant on an insurance or annuity contract issued by Thrivent, or the premerger Aid Association of Lutherans (AAL) or Lutheran Brotherhood (LB). In some cases, third-party owners of premerger AAL or Thrivent contracts or beneficiaries of settlement agreements may hold a benefit membership. Voting eligibility for the national board of directors election only includes clients with benefit membership.
Why can only clients with benefit membership vote for the national board of directors?
This stipulation is included in our Articles of Incorporation and is true for virtually all fraternal benefit societies. Clients with benefit membership vote because they have a financial stake in our fraternal benefit society. (Note: Clients with benefit membership holding Thrivent Mutual Funds vote for the directors of the mutual funds' boards.)
Why does the board of directors endorse certain candidates?
The board endorses certain candidates to assist you in completing your ballot. The Governance Committee of the board reviews the qualifications of all nominated candidates and conducts peer evaluations of the incumbent candidates. They also look for the skillsets and experience needed to provide the necessary oversight to our diversified financial services organization. Based on their review, and in consideration of the board's recommended qualifications, the board decides which candidates to endorse for the upcoming election. Of course, this is only a recommendation. The final choice is yours.
Who can nominate candidates?
Thrivent Member Networks—through the regional boards—and the board of directors can nominate candidates.
How do I determine which candidate I should vote for?
The board of directors provides a list of recommended qualifications, which is included in the election materials for your review. These recommended qualifications can be used to determine which candidates are qualified to serve as directors for Thrivent, a membership-owned fraternal organization, as well as a Fortune 500 diversified financial services organization. The final decision is up to you.
How many candidates can I vote for?
Each year, three positions are up for election. Clients with benefit membership can vote once for up to three candidates on his or her ballot and can submit only one completed ballot.
Why is it important to vote?
Thrivent's board is committed to advancing our promise of helping people achieve financial clarity, enabling lives full of meaning and gratitude. To do this important work, we need to continue to have an active and engaged board to help lead our organization.

By participating in the board of directors election, eligible clients have an opportunity to help shape Thrivent’s board by choosing the candidates they believe will help guide our organization forward and advance our purpose.

Regional board of directors election process

Who can vote in the regional board elections?
Thrivent clients with benefit and associate membership are eligible to vote in the Thrivent Member Network Regional Board of Directors elections. In the 2021 election (Oct. 6 to Nov. 20), 22 of Thrivent’s Member Networks are holding regional board elections. Please note the Northland Region will not be holding an election this year. However, members with associate membership still will be able to participate in the election process by responding to two client questions.
Which regional election can I vote in?
Every Thrivent client with membership is eligible to vote in the Thrivent Member Network Regional Board elections in the region in which they live. Your election materials include the regional information for which you are eligible to vote. Find your Region.
When do regional elections take place?
Regional board elections run concurrently with the national board election. Clients with benefit membership who are eligible to vote in both elections (national and regional) will be presented with a ballot that shows candidates nominated for each election. Clients with associate membership who live in a region with a regional board election will be presented with a ballot that shows candidates nominated for their regional board.
Who can nominate the candidates?
Thrivent Member Network Regional Boards nominate the candidates for their regions. Eligible clients may make suggestions for possible candidates for future elections.
What qualifications are important for candidates?
For effective leadership, board members need to:
  • Be active and engaged with Thrivent, with a passion for advancing Thrivent’s purpose.
  • Be able to understand, guide and provide strategic insight to our membership-owned fraternal benefit society.
What do the regional boards do?
A regional board of directors leads each Thrivent Member Network. They provide governance, accountability and strategic insight to help Thrivent achieve its purpose in the region.
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