The NCG Committee of the Board seeks to achieve a balance of knowledge, experience and capability on the Board. Newer Directors offer fresh ideas and perspectives, while deeply experienced Directors bring extensive knowledge of Annaly’s complex operations. Since 2018, the Board of Directors has added five new Independent Directors.
On an annual basis, the NCG Committee evaluates the Board’s overall composition, including Director tenure, and rigorously evaluates all Directors to ensure a continued match of their skill sets against the needs of Annaly. In addition, our Board refreshment policy provides that an Independent Director may not stand for re-election at the next annual meeting of stockholders taking place at the end of his or her term following the earlier of his or her: (i) 15th anniversary of service on the Board or (ii) 73rd birthday.