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.