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.

A Sad day for democracy at Coast Capital Savings Credit Union

The results of the vote were announced today at the AGM.

The Board’s sleight of hand tricks worked as planned. It is a sad day for democracy at Coast Capital Savings Credit Union.
Sleight of Hand Tricks Pays Off for Directors

As feared, the Board’s three recommended Candidates were all elected. There will be no change in the board this year. The real small Special Interest Group within Coast Capital won this year.

As for the Special Resolutions, the Board’s strategy of creating four shadow resolutions confused members as planned, splitting the vote and ensuring that none of the eight Special Resolutions passed. That means that there will be no change to the rules. Exactly the outcome that could be expected by such a confusing and biased Special Resolutions booklet.

The board was questioned about their tactics in this election and claimed that they created the shadow resolutions simply to give members clarity about the board’s position. Many members asked why the Board felt that their position should be different than members, and why the Director’s position should override the interests of the members. Their answers fell short and many left dissatisfied.

The Board was reminded that the Special Resolutions booklet was undemocratic, biased, and an embarrassment to members. Speakers told directors that members should be listened to and congratulated for raising Special Resolutions, not insulted and definitely not be called a Special Interest group by the Board.
Magician Holding a Magic Wand

So where do we go from here? What is next?
That is something that we will have to decide now that the AGM is over and the results are in.

Credit Unions are about Members helping Members, not Directors helping themselves.

What do you think? Was the election fair? Do you trust that the ballots were counted correctly?

We want to thank the members who supported us and took the time to vote, and we thank our many volunteer members who worked very long hours to try and make Coast Capital better. Uncle Louis might not be proud of how today’s AGM went, but he would be proud of all of you. Thanks!
Delivering Petitions to Coast Capital

Coast Capital AGM today at 5pm to 8pm at the Sheraton Guildford Hotel in North Surrey

On Monday, Coast Capital told the candidates their “Election” results. We know of no Candidate that was elected, that was not also recommended by the Board itself. That is not right. And as part of today’s agenda, the Board may ask members to vote on destroying the ballots before an independent auditor can verify the results.

Chairman Bill Wellburn received $148,000 last year, That is still about double what the VanCity chairman receives. And VanCity is larger and more profitable, and VanCity pays members dividends each year while Coast Capital keeps raises fees. We need to fix this.

The AGM is today at 5pm in Surrey at the Sheraton Guildford Hotel. It is your money. It is your credit union. Be there and be heard. Member’s matter. Click here for details.

There will be over 100 Coast Capital Managers and Executives paid to be there at the AGM to ensure that there is quorum and that all Director Motions pass, including the one to destroy the ballots. That’s not right.
Magician Holding a Magic Wand

Is this what you expect from your credit union?

Want to help fix Coast Capital?
We need members like you to attend tomorrow’s AGM so members can have their say. That is a Coast Capital Slogan. Let’s make it more than a slogan! Let’s make it the reality.

But members will only be able to have their say if you and hundreds of members like you attend the AGM tomorrow.

Live on the Island and think it is too far to travel to the AGM?
That is what the Board is Banking on! Member apathy!
Coast Capital used to hold AGMs on the Island. They used to provide transportation for members to the AGM. They used to listen to members and want them there. Now, they hold their AGM’s in Surrey away from those members on the Island who are most concerned about how their Credit Union is being run. The Board relies on Apathy so that the Board can “Have Their Say”, not members. If you are on the Island, you need to come. Talk to other members, organize a bus, car-pool. The Board needs to hear from member from the Island. Members like you!

Do not think that attending the AGM on-line is enough!
Votes at the AGM are done by “Show-of-Hands” and the Board relies on Member apathy to ensure that they win every vote. Members who are on-line will not get a chance to raise their hand. Last year, the Board closed the AGM early while dozens still had more to say. We expect the same this year. That’s not right.
Directors - Be a Buddy, not a Bully

Come to the AGM, meet Phil Embley and have your say.

Bring your Smartphones. Record the action. Last year, the AGM recording posted only contained the Directors and their PowerPoint presentations, but none of the questions from members. We can fix that too if enough members show up.

We do not know the results of the Director Election yet, nor do we know the results of the vote on the Special Resolutions, all will be revealed tomorrow at the AGM. What we do know is that members have told us that they were disappointed with how Coast Capital placed their own bias within the election material. Democracy and Credit Unions only work when members take the time to participate. Be there.
Let's Take Back Our Credit Union

The AGM is today at 5pm in Surrey at the Sheraton Guildford Hotel. Be there and be heard. Member’s matter.

Click here for more information on the AGM time and location.

The Coast Capital AGM is tomorrow, and the Board is expected to make a motion to have the Ballots destroyed.

Yesterday, Coast Capital told the candidates their “Election” results. We know of no Candidate that was elected, that was not also recommended by the Board itself. That is not right. And as part of tomorrow’s agenda, the Board will ask members to vote on destroying the ballots before an independent auditor can verify the results.

There will be over 100 Coast Capital Managers and Executives paid to be there at the AGM to ensure that there is quorum and that all Director Motions pass, including the one to destroy the ballots. That’s not right.
Magician Holding a Magic Wand

Is this what you expect from your credit union?

Want to help fix Coast Capital?
We need members like you to attend tomorrow’s AGM so members can have their say. That is a Coast Capital Slogan. Let’s make it more than a slogan! Let’s make it the reality.

But members will only be able to have their say if you and hundreds of members like you attend the AGM tomorrow.

Live on the Island and think it is too far to travel to the AGM?
That is what the Board is Banking on! Member apathy!
Coast Capital used to hold AGMs on the Island. They used to provide transportation for members to the AGM. They used to listen to members and want them there. Now, they hold their AGM’s in Surrey away from those members on the Island who are most concerned about how their Credit Union is being run. The Board relies on Apathy so that the Board can “Have Their Say”, not members. If you are on the Island, you need to come. Talk to other members, organize a bus, car-pool. The Board needs to hear from member from the Island. Members like you!

Do not think that attending the AGM on-line is enough!
Votes at the AGM are done by “Show-of-Hands” and the Board relies on Member apathy to ensure that they win every vote. Members who are on-line will not get a chance to raise their hand. Last year, the Board closed the AGM early while dozens still had more to say. We expect the same this year. That’s not right.
Directors - Be a Buddy, not a Bully

Come to the AGM, meet Phil Embley and have your say.

Bring your Smartphones. Record the action. Last year, the AGM recording posted only contained the Directors and their PowerPoint presentations, but none of the questions from members. We can fix that too if enough members show up.

We do not know the results of the Director Election yet, nor do we know the results of the vote on the Special Resolutions, all will be revealed tomorrow at the AGM. What we do know is that members have told us that they were disappointed with how Coast Capital placed their own bias within the election material. Democracy and Credit Unions only work when members take the time to participate. Be there.
Let's Take Back Our Credit Union

The AGM is tomorrow at 5pm in Surrey at the Sheraton Guildford Hotel. Be there and be heard. Member’s matter.

Click here for more information on the AGM time and location.

Thank you!

Thank you to all members of Coast Capital who took the time to vote!

Whether you supported the member resolutions that we believed were best for members and Coast Capital, or instead you voted for the Coast Capital shadow resolutions, either way, we thank you. A credit union only works when members take the time to provide oversight and ensure that it is run in the best interests of members, and not just its Directors.

To the employees of Coast Capital, we thank you for all your hard work. You have told us that 59% of employees feel disconnected from management. We hope that through our efforts, management may listen to you a little bit more. We are all on the same team. A credit union is only as good as its employees, and you are the best! Good luck!

Dont Break-the-piggy-bank v2
Credit Unions – It’s about members helping members, not Directors helping themselves to your money.

Results of the vote on the eight Special Resolutions and the Director Elections will be announced at the AGM on April 30th in Surrey.
Wednesday, April 30, 2014
Sheraton Vancouver Guildford Hotel
15269 – 104 Avenue
Registration and light refreshments from 4:30pm to 5pm
Meeting begins at 5pm

Details available on the Coast Capital website here:

If you’re in the Surrey area, you can join us in person and meet the Board of Directors and senior executives. Or, you can attend online from the comfort of your home or office. You’ll find a link to the webcast at the above link on April 30 after 4:30pm.

Note that the Question Period at the end of the meeting is the most exciting part of the evening! For some unknown reason, it is NOT broadcast nor recorded. This is the point in the meeting where members get to ask the Directors tough questions. Please plan to attend if you want to be part of the action and ask the board for real answers – and not just spin.

Thanks again for your support. Together, we can make Coast Capital better!

Please sign these 4 resolutions for 2014!

With 300 signatures, Coast Capital must let all members vote on these resolutions in March 2014. Help restore Coast Capital to its pre-2007 days when it acted more like a true credit union. Sign our Special Resolutions today!

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

View and print all four resolutions together by clicking here.
(Or you can use this version which can be filled in before printing)

Note: the original forms had an incorrect fax number. This has now been corrected.

Please print these resolutions, sign, and send back to us. Instructions for sending CompensationWatch the completed forms are at the bottom of each Special Resolution petition form. You can send them to us through regular mail to our P.O. Box, send it to us via fax, or email us an image of your signed form. Do it today! We can fix this.

A letter by Phil on why Coast Capital Members need to sign these petitions so we can all vote on these new Special Resolutions …

Dear Fellow Member,

Thank you! Last year you supported our campaign by signing a petition which forced a vote on the excessive compensation the Directors of Coast Capital Savings Credit Union paid to themselves.  As you probably know, in the largest vote in the history of Coast Capital, 79.7% of voters were in favour of members establishing the amount we would pay the Directors.

Rather than comply, the Directors hired a lawyer and found a loophole.  Then they cut their pay by a small amount and announced the formation of a Task Force to study the matter.  But the Task Force, which has yet to meet, is prohibited from setting specific director pay!  Basically, the Task Force has no real power – that remains with the Directors.

A group of outraged members have concluded that enough is enough and we are attempting to force another vote but this time there will be no loophole.  In addition, taking into account the lack of democracy and transparency at Coast Capital’s Board, we have decided to use this opportunity to ask for a vote on other governance matters that the Directors won’t address as it is not in their personal interest to do so.

We need your signature(s) to bring about these much needed changes. These changes aren’t radical – they will basically bring Coast Capital in line with the rules and best practices in effect at most other credit unions and co-operatives. For example, the proposed rule on term limits for Directors is cited by BC’s Financial Institutions Commission as a recommended good governance measure.

The new Director Remuneration Resolution is very specific; it sets a very fair level of pay for every position on the Board and incorporates a cost of living adjustment for future years. The pay is comparable to what Vancity (a larger credit union) pays their Directors.

IF 300 PLUS MEMBERS SIGN OUR PETITIONS, WE WILL ALL HAVE AN OPPORTUNITY TO EXPRESS OUR OPINION. Signing the petition does not in itself change anything but it will allow all members to vote.

The resolutions are listed below…

Click on the individual special resolutions for 2014 for details:
#1 – establishes a specific pay level for each Board position
#2 – requires disclosure of the compensation paid to the 3 top executives
#3 – sets a 12 year term limit for Directors
#4 – reforms the election process

View and print all four resolutions together by clicking here.

Visit our Resolutions for 2014 page to view the forms or share the link with your friends.

We appreciated your support last year, and need your signature again this year.  If family or friends are Coast Capital members, please tell them about our campaign.  You can make copies of the resolutions for them to sign.  We need at least 300 member signatures!  Please sign and return the forms right away.  Thanks…

Sincerely,

Phil Embley
compensationwatch@gmail.com

Let’s Restore Coast Capital Savings to its Credit Union Roots

We are trying to restore Coast Capital to its pre-2007 days when it acted more like a true credit union. Other Credit Unions look to Coast Capital as the model. Help us restore the principles of a Credit Union to Coast Capital, and together we will fix it, and all the others too.

Coast Capital has lost its roots as a Credit Union, but we can fit it. With help from members like you. Stay tuned and get ready to vote at the AGM.

After the AGM – May 1st Press Release

COAST CAPITAL MEMBERS OBTAIN CONTROL OF BOARD REMUNERATION WITH 79.7% VOTE

MEETING DETERIORATES AS CHAIRMAN WELLBURN ATTEMPTS TO PREVENT MEMBERS FROM SPEAKING

Coast Capital Savings Annual General Meeting highlighted member frustration as Chairman Bill Wellburn attempted to bring the Richmond, BC event to a close over the objections of members.  The meeting was expected to be dramatic, and it lived up to its billing as the results of an earlier vote regarding who should decide Director Remuneration were finally announced.

The announcement that 79.7% of voting members supported the Special Resolution brought loud applause from the membership.  The vote followed a campaign led by Coast Capital member Phil Embley, who placed newspaper ads and established a web site, coastcapitalcompensationwatch.com, to focus member awareness on the large increases in remuneration the Board of Directors had enjoyed since obtaining approval to set their own remuneration in 2007.

Members complained that the 2 ½ hours meeting time was inadequate, pointing out that over 2 hours was taken for routine matters and self-congratulatory observations on performance.  Consequently, two time slots, one to allow members to question Directors on Board Reports and a second billed as a Member’s Open Forum, were combined at the suggestion of the Chairman who followed up by attempting to close the meeting as scheduled.

The Chairman stated he would allow 15 more minutes for speakers, but attempted to prevent several speakers from asking follow up questions.

The single-issue election drew more than 23,000 votes, almost double the voter turnout in the 2012 Election of Directors vote.

For a PDF version of this press release, click here

The Results on the Vote on our Special Resolution are In! We WON!

Our Special Resolution on Coast Capital Director Remuneration has been PASSED by an overwhelming majority of 79.7% of the members who voted!!!

Members now are back in control of Director Remuneration thanks to all Coast Capital members who voted on our special resolution! While the Board of Directors still plan to use the remuneration framework created in 2007, they must receive member approval before they can give themselves a raise.

Here is how the vote went:
23098 Valid Ballots Received
18402 FOR the Special Resolution to Restore Member Control over Director Pay
4696 AGAINST

The number of Valid Ballots excludes those that were spoiled or rejected.
23370 Ballots Received
200 Ballots Spoiled
72 Ballots Rejected
==================
23098 Ballots were Valid

The AGM is Today – Be There and Ask Tough Questions About YOUR Credit Union

Today, April 30th, is the day of the AGM where the results of the Vote our Director Pay will be announced. Please be there and be ready to ask questions however the vote goes. It is your Credit Union, it is your money that pays the Directors.

This year’s AGM at the Executive Airport Plaza Hotel & Conference Centre, 7311 Westminster Highway, Richmond, BC starting at 5pm, but registration begins at 4:30pm. You can view details at the Coast Capital Savings website here.

Here is a map to the Hotel where the AGM will be held:

You can book a stay at the hotel by clicking on the picture below:
Hotel Picture