Have you received your Coast Capital Board of Governor’s election ballot yet?

Your vote matters! Thanks to your efforts in the last election, we have made quite a difference to the governance of Coast Capital. With your help, we forced the removal of Bill Wellburn from the Board, as well as helped the CEO move on. While we have much more work to do, FICOM tells us that we should be proud of the changes that we have helped make happen at Coast Capital.

The voting package contains recommendations on how to vote.
We think Members are smarter than that. Read the descriptions of the candidates and make up your own mind. It is your credit union. Vote your way!

Want to know how we will vote?
We prefer to vote for the non-recommended candidates which we feel will help bring more diverse views and more member focus to Coast Capital’s Board. For your vote to count, remember that you MUST vote for the exact number of candidates as there are positions to fill: Three! Our first pick is Mark Latham. He is an excellent candidate and has been working with us for years to help restore member control to Coast Capital Savings Credit Union. He is a strong believer in democratic reforms and was instrumental in helping us write up our Special Resolutions last year. But please do not take our word for it, read the election material and make up your own minds. Members are smart. You do not need us to make a recommendation.

Mark Latham has worked with us to help Restore Member Control to Coast Capital. Here he is helping us deliver our Special Resolution Signed Petitions to Coast Capital Headquarters last year.

Mark Latham has worked with us to help Restore Member Control to Coast Capital. Here he is helping us deliver our Special Resolution Signed Petitions to Coast Capital Headquarters last year.

We know Mark Latham very well and he has worked with us for several years in our fight for restoring Member control in BC Credit Unions. He donated his time and money to help restore member control at Coast Capital. You can see Mark in the picture above when he helped us deliver our signed petitions to Coast Capital Head Quarters last year. He’s a nice guy.

If you feel that Coast Capital’s slogan “Have Your Say” should be more than just a slogan, then please Vote for Mark. He has been working to restore democracy in cooperative organizations for over 20 years.

If you have not received your ballot yet, please go pick one up at any branch. Read the material and make up our own minds. It is your Credit Union. Your vote matters!

Members have the right to voice their concerns to FICOM

Members upset with the Board should raise concerns with FICOM.

It is the Board’s Fiduciary Duty under the Credit Union act to work in the best interests of members, not themselves. The Board of Directors is required to act in the best interest of members, and this must take priority over the interest of the Directors themselves according to the Credit Union Act.
Magician Pulling Money Out of a Hat

FICOM is the Financial Institutions Commission that oversees Credit Unions in BC.  Members have the right to voice their concerns to FICOM who must respond.

If members feel that Directors are neglecting their Fiduciary Duty to members by putting their own interests in front of the interests of members, and feel that the Board is putting the good reputation of Coast Capital Credit Union at risk by the shameful way in which they acted to obstruct member Special Resolutions, then members have the right to issue a complaint to FICOM.

We encourage members to “Have their Say” and contact FICOM directly with their concerns. We will provide more information on how to do that in a future post. If you have any questions, please ask.

It is your money, it is your credit union.
Together, we can make it better.

For more information, you can refer to the FICOM website.
The FICOM complaint form is available online here.

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

Members Outraged by Biased Nature of Coast Capital Voting Booklets!

The Vancouver Sun published an excellent article regarding the issues over Excessive Director Compensation at Coast Capital. Click here to read the story. Coast Capital Branch at 1075 West Georgia in Vancouver
Heard enough? Want our advice on how to Vote? Click here
Want to know why members are so outraged? Keep reading…

What this article did not highlight was the highly anti-democratic nature of the information booklets and voting material.
The voting information provided to members by Coast Capital is heavily biased and has outraged members who believe a credit union should be about members helping members, not about Director’s helping themselves.

One member wrote this to the Editor of the Vancouver Sun:

Letter to the Editor
Re: Member revolt aims to pare back pay for Coast Capital directors, page C7, Vancouver Sun, Mon. Apr. 7, 2014.
The Editor,
While your article about Coast Capital did a good job of explaining the David vs. Goliath battle over compensation rates paid to Board directors, it ignored serious problems with this so-called democratic election that ends on April 8th.

Besides publishing election pamphlets that are so slanted with institutional bias they should be considered blatant propaganda, the Board basically copied members resolutions apparently to confuse the issue, even giving them the same four names.

Even worse, the Board has effectively spoiled the ballot, placing the candidates they recommend first under the bold title, “BEST OVERALL FIT.” For the copy-cat resolutions, they had the audacity to show members to vote for their four choices and against those put forward by members.

As if this isn’t enough of a disgrace to the electoral process, Coast Capital has effectively placed a gag order on candidates mostly banning campaigning. Candidates cannot advertise, create websites, speak to groups, use Facebook or Twitter or even participate in interviews with the media in connection with the election.

Coast Capital Savings members need to take back control of their Credit Union, voting for the members resolutions (5,6,7, 8) and the three candidates committed to clean up this mess; Lisa Barrett, Bruce Batchelor and John Fryer. For more information, visit the coastcapitalcompensationwatch.com website.

Naturally yours,
Don Pitcairn,
2422 – 124 St., Surrey, BC

The Special Resolution Booklet says “Don’t mess with Success”. But whose “Success” is at risk here? Not Coast Capital’s success. We support Coast Capital and respect its roots as a Credit Union. The only “Success” at risk here is the successful way that Directors have managed to fill their wallets with member’s money. That is the kind of success that members have a right to mess with!

Read more letters from members by clicking here.

Want more info on how to Vote? We can help.
Click here for more information about how we voted and why.

Directors - Be a Buddy, not a Bully