We achieved our goal and received enough signed petitions!

Thank you everyone for your support!

On Tuesday, the 29th, we delivered 438 petitions to the Head Office of Coast Capital as required by the Rules of the Credit union and the Credit Union Incorporation Act. Now we wait for Coast Capital to validate the petitions and advise us as to whether or not we met the minimum 300 requirement (we don’t know that everyone that sent us a petition is a member). They have 21 days (February 19th) to get back to us with their decision.
Coast Capital has been very quiet since the launch of our campaign and it is difficult to determine their strategy. Perhaps they believed we could not get 300 signatures and were advised to not comment as that would only increase member awareness.

On the assumption that a vote will be required, we see these possibilities:

  1. The Board adopts a policy of favouring a member vote (almost certain)
  2. The Board digs in and provides rationale for their compensation continuing as is (unlikely)
  3. The Board promotes some third alternative that limits member approval. (possibility)

Voting on the Special Resolution will take place around the same time as the 2013 Election of Directors. Due to the concurrent possibilities it is obvious that the Special Resolution campaign will have an election impact with the likelihood that any (all) Directors standing for re-election could be facing an uphill battle. The Nominating Committee (composed of 3 Board members not standing for election this year) could get around this by determining there are no other suitable candidates. That would put everyone back on the Board but will raise cries of FIX!! FIX!!.
What we should see is the Nominating Committee recognizing that now more than ever it is critical to give the members a full choice so that the three vacancies could be filled by other candidates. If the three incumbents decide to stand for re-election, the Nominating Committee should field at least 6 candidates. We will see how independent the Nominating Committee is from the Board “think” that has prevailed and allowed this situation to develop.

Stay tuned….
and get ready to raise your voice in protest if things don’t proceed democratically.

View Letters from other Members about our Organization

We are members of Coast Capital just like you. We beleive in our Credit Union and want to make it even better. So do a lot of other members. Check out some of the letters that we have received on our Letters from Members page. It includes a Recommendation From David Bratzer who is both a Member of Coast Capital Savings and a fellow blogger.

Petition Deadline Extended Until Jan 29

There is still time for you to get your petition in so Coast Capital Members can have a say in how the Coast Capital Board of Directors are paid. Excessive pay raises with no oversight by members has got to stop. Please take 30 seconds to print our petition, sign it, and either mail it directly to us, or email a scanned image with your signature today.

The deadline has been extended until January 29th. There is still time to make a difference.

Our Petition Launch is Underway

Our petition launch is just underway and news about the campaign for a member vote on Director Remuneration is already gaining attention. By the end of next week, 11 regional newspapers will have carried ads informing Coast Capital Savings Credit Union members of the campaign and directing them to our web site for the Special Resolution petition.

How do we Fix It?

Click on this link and sign the petition telling the Board of Directors that  you want to be able to vote on their compensation increases at the AGM. If you know Coast Capital members who would be interested in signing the petition, please refer them to this web page as well. We need 300 signatures by January 24th.

Valid petitions must have: the member name printed clearly; along with signature and date; their address. One signature per petition please. Members of joint accounts should each submit a separate petition.