The announcement that the Board of Governor’s of Coast Capital Savings has elected a new Chair is good news for the credit union and it’s members. Bill Wellburn’s compensation became the focal point of our campaign to reform Coast Capital. Now that he is no longer in the driver’s seat perhaps we will see some movement towards a more democratic, member oriented credit union.
The recent election was a wakeup call for the Board. An institution can ‘t survive when leadership is able to convince only 50% of voters to support the policies it advocates. The future of Coast Capital was endangered and that is obviously what the Board concluded. By electing a new Chair, it has bought itself some time to convince the dissatisfied membership that there are better days ahead.
For the many members that have told us that they are leaving Coast Capital, we urge patience, let’s give the Board a chance to show the members that they recognize that with policy changes our credit union can be more successful than ever.
How the Board decides to proceed with a process that returns control of Director Remuneration to members will be watched very closely. We want to work with the Board so it is imperative that they recognize that it is unreasonable for the Directors to press for the right to set their own compensation. Paying lip service to a solution and then rigging the outcome (such as a show of hands vote at AGM’s) won’t work.
We have received several suggestions from members on the subject of the Director’s Remuneration that might be worth putting to the new Board. Even if they are not accepted, they demonstrate good faith.
Our campaign was well worth it and may have set the stage for a turn in direction.
We can all hope that will be the result.