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.

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

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.

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

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

A Letter from a Member in Cowichan Bay

cowichanbay
For the board members:
I just have to say that the material sent by CC in the mail this week, regarding the member’s resolutions, was presented in a really derogatory, bullying way. Whoever CC has employed to write the copy in that resolution document should be fired. Whomever on the board that read the material and ok’d its being sent out to all the members made a grave mistake.

The resolutions were presented in a very democratic manner, and the response of the board is anything but democratic. The whole tone of the booklet is rude and demeaning towards the members, who are in fact, the employers of the board, not the other way around. Shame, shame, shame.

The terms of the board members should be 8 years maximum, the 12 years is over the top. As for a chairman who has been there for 22 years, that is ridiculous! In politics, if someone has been president of a country for 22 years, that usually indicates a dictatorship. In this case, the directions of the board as to whom to vote for, and which resolutions to back, is so over-the-top that it’s time for a big back-fire. I’m just one little voice, but I hope you hear from lots of people over this issue. The booklet could be used as a case study in how to be disrespectful, how to use bullying tactics, how to discourage participation in a democracy.

To the person who has to read the emails sent by members, please make sure this is copied to the board members. I for one am deeply disappointed in Coast Capital. I have been a member for over 30 years and got my first mortgage from CC or its predecessor way back then.

Sincerely,
Connie Harris, Cowichan Bay