Have you received your Coast Capital Board of Governor’s election ballot yet?

Your vote matters! Thanks to your efforts in the last election, we have made quite a difference to the governance of Coast Capital. With your help, we forced the removal of Bill Wellburn from the Board, as well as helped the CEO move on. While we have much more work to do, FICOM tells us that we should be proud of the changes that we have helped make happen at Coast Capital.

The voting package contains recommendations on how to vote.
We think Members are smarter than that. Read the descriptions of the candidates and make up your own mind. It is your credit union. Vote your way!

Want to know how we will vote?
We prefer to vote for the non-recommended candidates which we feel will help bring more diverse views and more member focus to Coast Capital’s Board. For your vote to count, remember that you MUST vote for the exact number of candidates as there are positions to fill: Three! Our first pick is Mark Latham. He is an excellent candidate and has been working with us for years to help restore member control to Coast Capital Savings Credit Union. He is a strong believer in democratic reforms and was instrumental in helping us write up our Special Resolutions last year. But please do not take our word for it, read the election material and make up your own minds. Members are smart. You do not need us to make a recommendation.

Mark Latham has worked with us to help Restore Member Control to Coast Capital. Here he is helping us deliver our Special Resolution Signed Petitions to Coast Capital Headquarters last year.

We know Mark Latham very well and he has worked with us for several years in our fight for restoring Member control in BC Credit Unions. He donated his time and money to help restore member control at Coast Capital. You can see Mark in the picture above when he helped us deliver our signed petitions to Coast Capital Head Quarters last year. He’s a nice guy.

If you feel that Coast Capital’s slogan “Have Your Say” should be more than just a slogan, then please Vote for Mark. He has been working to restore democracy in cooperative organizations for over 20 years.

If you have not received your ballot yet, please go pick one up at any branch. Read the material and make up our own minds. It is your Credit Union. Your vote matters!

Coast Capital Board elects a new Chair

The announcement that the Board of Governor’s of Coast Capital Savings has elected a new Chair is good news for the credit union and it’s members. Bill Wellburn’s compensation became the focal point of our campaign to reform Coast Capital. Now that he is no longer in the driver’s seat perhaps we will see some movement towards a more democratic, member oriented credit union.

The recent election was a wakeup call for the Board. An institution can ‘t survive when leadership is able to convince only 50% of voters to support the policies it advocates. The future of Coast Capital was endangered and that is obviously what the Board concluded. By electing a new Chair, it has bought itself some time to convince the dissatisfied membership that there are better days ahead.

For the many members that have told us that they are leaving Coast Capital, we urge patience, let’s give the Board a chance to show the members that they recognize that with policy changes our credit union can be more successful than ever.

How the Board decides to proceed with a process that returns control of Director Remuneration to members will be watched very closely. We want to work with the Board so it is imperative that they recognize that it is unreasonable for the Directors to press for the right to set their own compensation. Paying lip service to a solution and then rigging the outcome (such as a show of hands vote at AGM’s) won’t work.

We have received several suggestions from members on the subject of the Director’s Remuneration that might be worth putting to the new Board. Even if they are not accepted, they demonstrate good faith.

Our campaign was well worth it and may have set the stage for a turn in direction.

We can all hope that will be the result.

Members have the right to voice their concerns to FICOM

Members upset with the Board should raise concerns with FICOM.

It is the Board’s Fiduciary Duty under the Credit Union act to work in the best interests of members, not themselves. The Board of Directors is required to act in the best interest of members, and this must take priority over the interest of the Directors themselves according to the Credit Union Act.

FICOM is the Financial Institutions Commission that oversees Credit Unions in BC.  Members have the right to voice their concerns to FICOM who must respond.

If members feel that Directors are neglecting their Fiduciary Duty to members by putting their own interests in front of the interests of members, and feel that the Board is putting the good reputation of Coast Capital Credit Union at risk by the shameful way in which they acted to obstruct member Special Resolutions, then members have the right to issue a complaint to FICOM.

We encourage members to “Have their Say” and contact FICOM directly with their concerns. We will provide more information on how to do that in a future post. If you have any questions, please ask.

It is your money, it is your credit union.
Together, we can make it better.

For more information, you can refer to the FICOM website.
The FICOM complaint form is available online here.

Had enough with Director Shenanigans at Coast Capital?

Many members tell us that they are leaving Coast Capital following the shameful behaviour of the Board at the AGM and during the election. While we understand that you need to ensure your money is placed in an institution that aligns with your values, we hope that you will remain a member and help us fix this.

While we may have lost this round, there is much positive that comes out of this election.

By having all 8 resolutions fail, the Board’s own resolution to ratify the Remuneration Task Force recommendations has also failed. This means that members have rejected their claim that they should be able to pay themselves by comparing to the big banks. This is good news.

The only Special Resolution that has ever passed is our Special Resolution from 2013 where 79.7% of members who vote said that they wanted MEMBERS to set director pay, not directors themselves. We will hold the Directors to that, but we will need your help too.

Stay tuned for our next steps and recommendations. We are not finished yet. We will continue to work with members and Coast employees to restore Coast Capital to its roots as a Credit Union.

A Sad day for democracy at Coast Capital Savings Credit Union

The results of the vote were announced today at the AGM.

The Board’s sleight of hand tricks worked as planned. It is a sad day for democracy at Coast Capital Savings Credit Union.

As feared, the Board’s three recommended Candidates were all elected. There will be no change in the board this year. The real small Special Interest Group within Coast Capital won this year.

As for the Special Resolutions, the Board’s strategy of creating four shadow resolutions confused members as planned, splitting the vote and ensuring that none of the eight Special Resolutions passed. That means that there will be no change to the rules. Exactly the outcome that could be expected by such a confusing and biased Special Resolutions booklet.

The board was questioned about their tactics in this election and claimed that they created the shadow resolutions simply to give members clarity about the board’s position. Many members asked why the Board felt that their position should be different than members, and why the Director’s position should override the interests of the members. Their answers fell short and many left dissatisfied.

The Board was reminded that the Special Resolutions booklet was undemocratic, biased, and an embarrassment to members. Speakers told directors that members should be listened to and congratulated for raising Special Resolutions, not insulted and definitely not be called a Special Interest group by the Board.

So where do we go from here? What is next?
That is something that we will have to decide now that the AGM is over and the results are in.

Credit Unions are about Members helping Members, not Directors helping themselves.

What do you think? Was the election fair? Do you trust that the ballots were counted correctly?

We want to thank the members who supported us and took the time to vote, and we thank our many volunteer members who worked very long hours to try and make Coast Capital better. Uncle Louis might not be proud of how today’s AGM went, but he would be proud of all of you. Thanks!

Coast Capital AGM today at 5pm to 8pm at the Sheraton Guildford Hotel in North Surrey

On Monday, Coast Capital told the candidates their “Election” results. We know of no Candidate that was elected, that was not also recommended by the Board itself. That is not right. And as part of today’s agenda, the Board may ask members to vote on destroying the ballots before an independent auditor can verify the results.

Chairman Bill Wellburn received $148,000 last year, That is still about double what the VanCity chairman receives. And VanCity is larger and more profitable, and VanCity pays members dividends each year while Coast Capital keeps raises fees. We need to fix this.

The AGM is today at 5pm in Surrey at the Sheraton Guildford Hotel. It is your money. It is your credit union. Be there and be heard. Member’s matter. Click here for details.

There will be over 100 Coast Capital Managers and Executives paid to be there at the AGM to ensure that there is quorum and that all Director Motions pass, including the one to destroy the ballots. That’s not right.

Is this what you expect from your credit union?

Want to help fix Coast Capital?
We need members like you to attend tomorrow’s AGM so members can have their say. That is a Coast Capital Slogan. Let’s make it more than a slogan! Let’s make it the reality.

But members will only be able to have their say if you and hundreds of members like you attend the AGM tomorrow.

Live on the Island and think it is too far to travel to the AGM?
That is what the Board is Banking on! Member apathy!
Coast Capital used to hold AGMs on the Island. They used to provide transportation for members to the AGM. They used to listen to members and want them there. Now, they hold their AGM’s in Surrey away from those members on the Island who are most concerned about how their Credit Union is being run. The Board relies on Apathy so that the Board can “Have Their Say”, not members. If you are on the Island, you need to come. Talk to other members, organize a bus, car-pool. The Board needs to hear from member from the Island. Members like you!

Do not think that attending the AGM on-line is enough!
Votes at the AGM are done by “Show-of-Hands” and the Board relies on Member apathy to ensure that they win every vote. Members who are on-line will not get a chance to raise their hand. Last year, the Board closed the AGM early while dozens still had more to say. We expect the same this year. That’s not right.

Come to the AGM, meet Phil Embley and have your say.

Bring your Smartphones. Record the action. Last year, the AGM recording posted only contained the Directors and their PowerPoint presentations, but none of the questions from members. We can fix that too if enough members show up.

We do not know the results of the Director Election yet, nor do we know the results of the vote on the Special Resolutions, all will be revealed tomorrow at the AGM. What we do know is that members have told us that they were disappointed with how Coast Capital placed their own bias within the election material. Democracy and Credit Unions only work when members take the time to participate. Be there.

The AGM is today at 5pm in Surrey at the Sheraton Guildford Hotel. Be there and be heard. Member’s matter.

Click here for more information on the AGM time and location.

We need 100 more members and employees to attend tomorrow’s Coast Capital AGM.

We have done all we can. The votes are in, but will they be counted correct. Will this election be fair?

Thousands of members have voted, and we thank you. But we need to ask you to do one last thing: we need members to attend the AGM tomorrow to ensure that member votes are counted and audited by an impartial third party before the ballots are destroyed. We need members to vote with a show-of-hands that we want these ballots recounted and the ballot forms should be reviewed for bias.

Employees and Members who believe that credit unions should be run by members for members, are needed tomorrow to restore member control over our credit union. Please commit to coming. It starts at 5pm, but the important voting will start after 6pm.

Want more details about where the AGM is and when? Click here.

Answer our poll to confirm your attendance. We will let you know if we reach our goal of 100 committed members.

The Coast Capital AGM is tomorrow, and the Board is expected to make a motion to have the Ballots destroyed.

Yesterday, Coast Capital told the candidates their “Election” results. We know of no Candidate that was elected, that was not also recommended by the Board itself. That is not right. And as part of tomorrow’s agenda, the Board will ask members to vote on destroying the ballots before an independent auditor can verify the results.

There will be over 100 Coast Capital Managers and Executives paid to be there at the AGM to ensure that there is quorum and that all Director Motions pass, including the one to destroy the ballots. That’s not right.

Is this what you expect from your credit union?

Want to help fix Coast Capital?
We need members like you to attend tomorrow’s AGM so members can have their say. That is a Coast Capital Slogan. Let’s make it more than a slogan! Let’s make it the reality.

But members will only be able to have their say if you and hundreds of members like you attend the AGM tomorrow.

Live on the Island and think it is too far to travel to the AGM?
That is what the Board is Banking on! Member apathy!
Coast Capital used to hold AGMs on the Island. They used to provide transportation for members to the AGM. They used to listen to members and want them there. Now, they hold their AGM’s in Surrey away from those members on the Island who are most concerned about how their Credit Union is being run. The Board relies on Apathy so that the Board can “Have Their Say”, not members. If you are on the Island, you need to come. Talk to other members, organize a bus, car-pool. The Board needs to hear from member from the Island. Members like you!

Do not think that attending the AGM on-line is enough!
Votes at the AGM are done by “Show-of-Hands” and the Board relies on Member apathy to ensure that they win every vote. Members who are on-line will not get a chance to raise their hand. Last year, the Board closed the AGM early while dozens still had more to say. We expect the same this year. That’s not right.

Come to the AGM, meet Phil Embley and have your say.

Bring your Smartphones. Record the action. Last year, the AGM recording posted only contained the Directors and their PowerPoint presentations, but none of the questions from members. We can fix that too if enough members show up.

We do not know the results of the Director Election yet, nor do we know the results of the vote on the Special Resolutions, all will be revealed tomorrow at the AGM. What we do know is that members have told us that they were disappointed with how Coast Capital placed their own bias within the election material. Democracy and Credit Unions only work when members take the time to participate. Be there.

The AGM is tomorrow at 5pm in Surrey at the Sheraton Guildford Hotel. Be there and be heard. Member’s matter.

Click here for more information on the AGM time and location.

Thank you!

Thank you to all members of Coast Capital who took the time to vote!

Whether you supported the member resolutions that we believed were best for members and Coast Capital, or instead you voted for the Coast Capital shadow resolutions, either way, we thank you. A credit union only works when members take the time to provide oversight and ensure that it is run in the best interests of members, and not just its Directors.

To the employees of Coast Capital, we thank you for all your hard work. You have told us that 59% of employees feel disconnected from management. We hope that through our efforts, management may listen to you a little bit more. We are all on the same team. A credit union is only as good as its employees, and you are the best! Good luck!

Credit Unions – It’s about members helping members, not Directors helping themselves to your money.

Results of the vote on the eight Special Resolutions and the Director Elections will be announced at the AGM on April 30th in Surrey.
Wednesday, April 30, 2014
Sheraton Vancouver Guildford Hotel
15269 – 104 Avenue
Registration and light refreshments from 4:30pm to 5pm
Meeting begins at 5pm

Details available on the Coast Capital website here:

If you’re in the Surrey area, you can join us in person and meet the Board of Directors and senior executives. Or, you can attend online from the comfort of your home or office. You’ll find a link to the webcast at the above link on April 30 after 4:30pm.

Note that the Question Period at the end of the meeting is the most exciting part of the evening! For some unknown reason, it is NOT broadcast nor recorded. This is the point in the meeting where members get to ask the Directors tough questions. Please plan to attend if you want to be part of the action and ask the board for real answers – and not just spin.

Thanks again for your support. Together, we can make Coast Capital better!

It’s the last day to have your say!

Have your say and cut director Pay! Voting ends today!

Vote AGAINST the 4 Coast Capital Special Resolutions and FOR the 4 Member Special Resolutions to restore Coast back to the Credit Union that you once loved! Voting ends at close of business today at 5pm.

Voting Matters. Politicians and Directors depend on voter apathy to take our power and money. Pay attention, not service fees! Increased Service fees happen when we don’t vote.

Together, we can make Coast Capital great once again.
Click here if you want to know how we voted and why. Be informed, not bullied.

You are not just a member, you are an owner. Remind Directors of that!
Vote Smart.