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:
- The Board adopts a policy of favouring a member vote (almost certain)
- The Board digs in and provides rationale for their compensation continuing as is (unlikely)
- 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.
and get ready to raise your voice in protest if things don’t proceed democratically.