We reached our goal of 300 signatures for our petitions! Thank you!

Delivering Petitions to Coast Capital

Total signatures for our 4 Resolutions:
468 Signatures for #1 – establish specific pay level for each Board position
451 Signatures for #2 – disclosure of the compensation of 3 top executives
454 Signatures for #3 – sets a 12 year term limit for Directors
436 Signatures for #4 – reforms the director election process

With more than 300 valid member signatures each, members will have a chance to vote on these four special resolutions in March of this year with results announced at the AGM. Thank you for your support. Together, members can make Coast Capital Savings even better. It’s your credit union. It’s your money.

Click here to read more about our Special Resolutions!

Together we can put the “Credit Union” back in Coast Capital Savings!

Deadline extended to January 25th. We have over 200 signed, but we need 300!

We are getting close to our goal but still need to get more petitions signed.

Please sign our petitions and together we will put an end to excessive director pay at Coast Capital. It’s your money. It’s your credit union.

If you and your spouse are both members, you can each sign the petition. If you own an incorporated company that has a separate account with Coast, then you can sign a petition for your company too (please include your company’s member number).

Our 4 Resolutions:
#1 – establishes a specific pay level for each Board position
#2 – requires disclosure of the compensation of 3 top executives
#3 – sets a 12 year term limit for Directors
#4 – reforms the election process

Click here to learn more, then print and sign all four Special Resolutions today!

Together we can fix this and put the “Credit Union” back in Coast Capital!

Director Pay Raised by 500% since 2007. Sign our petitions. Let’s fix this!

Coast Capital Directors started setting their own pay in 2007. By 2011, Bill Wellburn’s pay increased from $33000 to $164140. Almost a 500% increase for a part time job! Coast Capital Directors work about 30 hours per month. That’s $164000 for a part time job that you could do on your lunch hour every day.
That’s not right.

We have just one more week to gather 300 signatures on our petition to fix this.
Please sign our four petitions today and we will make it right and return the Credit Union back to Coast Capital Savings. Deadline for signing our petitions has been extended to January 25th 2014.

Not sure if Bill Wellburn and the other Directors should get a pay cut?
Listen to the interview with Coast Capital chair Bill Wellburn on the CBC here then decide for yourself if change is required.


Coast Capital Chair Bill Wellburn Explains Why Director Salaries are not too High

As a follow up to Phil’s interview on the CBC, Gregor interviewed Board Chair Bill Wellburn. Good interview by Gregor however Mr. Wellburn seemed evasive.

Listen to the interview with Coast Capital chair Bill Wellburn on the CBC here

When asked about the proposed 50% cut in the Chair’s pay, Mr. Wellburn said the high pay is required to attract top talent. But when asked if he would stay on a Coast Capital if the cut happened, Mr. Wellburn avoids answering. Yet even after this 50% cut, Coast Capital Directors will still paid slightly more than Vancity directors (which is a larger and more profitable credit union than Coast Capital).

We think this proposal is very generous. We surveyed members and this is what they recommended. Why does Mr. Wellburn not also feel that this is generous?

Two interesting points about this:

    1. Since 2007 when Directors were permitted to set their own pay, there has been many Director elections at Coast Capital. However with all that added pay, the Nomination’s committee unable to find enough candidates for an election in those years when Bill Wellburn stood for re-election. In those years and only those years, 2010 and 2013, directors were acclaimed due to lack of other candidates. This contradicts Mr. Wellburn’s point that higher pay is required to attract good directors. Since raising pay by almost 500%, there have been no elections in those years when he ran for re-election. This remuneration philosophy is not working.

Director Acclamation

  1. The proposed $68k pay is more than Vancity board chair gets and is more than double what Mr. Wellburn received as Board Chair before they were allowed to set their own pay in 2007. This seems very generous to us, and is what members told us would be fair.

Listen to the interview with Coast Capital chair Bill Wellburn on the CBC here

Phil talks about our new resolutions for 2014 on CBC On the Island with Gregor Craigie

Phil talks to Gregor Craigie about Coast Capital Compensation Watch on the On The Island show.

Listen to the 8 minute interview and learn more about why we need our four new resolutions for 2014 to help fix Coast Capital for good this time. Click here to listen to the interview.

A few months ago, following our successful campaign in 2013 to restore member control over sky-rocketing director pay at Coast Capital, Gregor spoke with Board Chairman Bill Wellburn who tried to justify their excessive pay and meeting fees but Gregor sees through the smoke and mirrors. Click here for the interview with Coast Capital Chairman Bill Wellburn.

As you will learn if you listen to Phil’s interview, a number of excellent members have congratulated Phil on his success in fighting excessive director pay and plan to run as candidates in the upcoming election. Coast Capital does not have to have excessive director pay in order to attract excellent candidates. Unfortunately, Coast Capital election rules do not permit us to name any of these candidates. These rules were changed in 2007, the same year that rules were changed to allow Directors to set their own pay levels. That’s not right!

It is not right the Directors have hired a lawyer, found a loophole, and are working to avoid following the wishes of members who want to restore member control over director pay. You can help fix it for good this time, Sign our four petitions today. Click here for a list of the resolutions, then print the forms, sign them, and send them back to us via fax, email, or Canada Post. Instructions are on the forms.