Total compensation for the four top executives of Farmer Mac fell 7.7% on average last year as the corporation posted its seventh consecutive annual loss.
Henry D. Edleman, president and chief executive of the Washington-based corporation, which has run into problems in its efforts to build a secondary market for farm loans, earned $335,000 in total compensation for 1994, down 8.27% from the prior year, according to Farmer Mac's proxy statement filed with the Securities and Exchange Commission.
Mr. Edleman's base salary increased 8.7% to $250,000, but his bonus of $85,000 was 37% less than the prior year's bonus, the proxy stated.
Mr. Edleman said his salary was basically flat if calculated on the corporation's June to May business plan.
He said the year-to-year reduction is "purely accounting" and not connected to company performance.
Mr. Edleman has been criticized by bankers for receiving bonuses when Farmer Mac, formally the Federal Agriculture Mortgage Corp., has lost nearly half of its $21 million in initial capital.
"I am not in this for money," said Mr. Edleman, who declined to be considered for any cash incentive compensation from June 1, 1994 to May 31, 1995. "I am not here to collect a bonus. I believe it is very important to make this market work."
Total compensation for other top executives of Farmer Mac, declined as well. Total compensation for Nancy Corsiglia, vice president of business development and treasurer, and Thomas R. Clark, vice president of corporate relations, fell nearly 10% to $185,000. Total compensation for Michael T. Bennett, the corporation's general counsel, declined 2.8% to $175,000.