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.

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.

Directors have given themselves up to 500% pay raises over a three year period! – “Have Your Say” about that!

Coast Capital members and employees should not be bullied. 79.7% of members who voted to put a stop to 500% pay raises for directors are NOT a small special interest group. But those directors are, and all they have to lose is their $1000/meeting fees and a monopoly on who sits on the board.

In a recent internal survey, 59% of Coast Capital employees felt disengaged from management. That’s not right.

The board of directors sets the tone for the credit union. When that board forgets their fiduciary duty to listen to members and when the majority of employees feel that they have no say at the workplace, then it is time for a change of direction, and that starts by changing the Board of Directors through your vote. Voting Matters.

Do not be bullied, be informed! Then vote smart, you are a member of a credit union. Your vote matters and that is no April fools joke! Perhaps the special resolution booklet is, but nobody is laughing. Get more information here.
Happy Magician Pulling a Rabbit out of a Hat