STRUCTURE & GOVERNANCE
Land O'Lakes, Inc., one of America's premier agribusiness and food companies, is a member-owned cooperative with industry-leading operations that span the spectrum from agricultural production to consumer foods. With 2019 annual sales of $14 billion, Land O'Lakes is one of the nation's largest cooperatives, ranking 212 on the Fortune 500. Building on a legacy of more than 99 years of operation, Land O'Lakes today operates some of the most respected brands in agribusiness and food production including LAND O LAKES® Dairy Foods, Purina Animal Nutrition,WinField Solutions and Truterra. The company does business in all 50 states and more than 60 countries. Land O'Lakes, Inc. corporate headquarters is located in Arden Hills, Minn.
Members of Land O’Lakes include both individual farmers and other cooperatives. The member-owners of Land O’Lakes elect directors to represent them on the corporate board. The board determines policies and business objectives, controls financial policy and hires the chief executive officer to conduct day-to-day business affairs.
Land O'Lakes' board is made up of 24 directors. The dairy members nominate 12 directors from among the dairy members and the ag members nominate 12 directors from among the ag members. The nomination of directors is conducted within each group by region. The number of directors nominated from each region is based on the total amount of business conducted with the cooperative by that region's members.
Directors are elected to four-year terms at the company’s annual meeting by voting members in a manner similar to a typical corporation. Land O'Lakes by-laws require that, at least every five years, the company evaluate both the boundaries of the regions and the number of directors from each region, so that the number of directors reflects the proportion of patronage income from each region.
The board may also choose to elect up to three non-voting advisory members. Currently, Land O'Lakes has three such members. The board governs the company’s affairs in the same manner as the boards of typical corporations that are not organized as cooperatives.