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.
Let's Take Back Our Credit Union

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.

5 thoughts on “Had enough with Director Shenanigans at Coast Capital?

  1. what makes you think 500,000 + members can make a decision on remuneration for directors. ,the fact that only a very small fraction of members attended the AGM (less than 200)tells me that for the most part most members are satisfied with the management and direction of coast.
    these tirades do nothing to help coast be successful going forward

    • Prior to 2007, Coast Capital members successfully controlled Director Pay and successfully did so since 1947. A successful track record of 60 years speaks for itself. That is no tirade.

      Member set remuneration is also done by Vancity and other credit unions which are all very successful. There is no correlation between higher pay and performance. Vancity directors get half the pay that Coast Capital directors do, yet they have much better financial numbers, contribute more to the community, AND they pay their members dividends which allow them to share in the success of the credit union. We do not know where the profits from Coast Capital go.

  2. Just to be clear, the vote that did pass last year was indeed 79.7%, but it was not that percentage of all members. It was the percentage of those who voted, which was (sadly) only a small percentage of the entire membership.

    • But to restore member control over director pay in 2013 was 4x the number that voted in 2007 to allow Directors to set their own pay. And it is easily argued that those members in 2007 had no idea that this would mean 500% pay raises.

      What you are saying is correct, but it should be put into the same context as the vote that got us here in the first place. If you notice, when the directors talk about the 2007 vote, the never mention that it was only about 1% of members who voted for it.

      Apples and apples comparisons work best.

  3. “these tirades do nothing to help coast be successful going forward” – B. Taylor

    One has to wonder, is B.T. a shill, a friend of B.W., or a manager with the credit union?

    A denunciation of the board leadership absolutely was needed. The total compensation amount of directors is on a trajectory to reach one million dollars per year soon. That is outrageous. Unlimited length of time each can remain on the board is also outrageous. Lack of full transparency raises suspicion.

    Not a gravy train, not a retirement fund (yeah, B.W. – not a retirement fund), and not a person, private corporation.

    This is a *credit union*. The mandate is simple.

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