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

It’s the last day to have your say!

Have your say and cut director Pay! Voting ends today!

Vote AGAINST the 4 Coast Capital Special Resolutions and FOR the 4 Member Special Resolutions to restore Coast back to the Credit Union that you once loved! Voting ends at close of business today at 5pm.


Voting Matters. Politicians and Directors depend on voter apathy to take our power and money. Pay attention, not service fees! Increased Service fees happen when we don’t vote.

Together, we can make Coast Capital great once again.
Click here if you want to know how we voted and why. Be informed, not bullied.

You are not just a member, you are an owner. Remind Directors of that!
Vote Smart.

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

Director Pay, up by 500% in three years, may get even Higher after Task Force Update to the Pay Philosophy!

You read that right. The Member Task Force on Director Pay which was creating in response to member’s vote last year to reduce Director excessive pay, has published their recommendations. While those on the Task Force thought they were recommending something reasonable, the new philosophy can be used by directors to raise their pay rather than lower it. That is not right!

Want to help fix this? Click here for more info on voting. Voting ends Apr 8th
Want more info on how the Task Force was used to trick members? Read on…

Instead of reducing their pay and allowing members to control what Directors got paid, the directors lawyered up, found a loophole, and kept control of their own pay. In their 2014 Special Resolution Booklet, they called 79.7% of members who voted to control excessive director pay a “small special interest group”. Who is the real small special interest group here? Members who volunteer their time to vote and make Coast Capital better, or the 10 Directors who have received up to 500% pay increases over a three year period?

To make members feel good, they provided more corporate spin by creating a Member Task Force on Director Remuneration. But instead of giving the Task Force a real mandate to set Director pay, the task force was not permitted to set Director pay. The Task Force was only permitted to create a powerless Remuneration Philosophy with no power to set specific and reasonable pay levels.

Directors still retain full control to set their own pay. And by using the recommendations of the Task Force, they can now compare their pay with those of the Banks, and rake in even higher pay! Members felt good that the Task Force was created to fix things, but the Task Force recommendations were used to permit even higher pay. Clever sleight of hand by the Directors, but certainly not in keeping with the values of a credit union!
Happy Magician Pulling a Rabbit out of a Hat

Clare told by Coast That Director Compensation may actually go up due to the Task Force Recommendations

Want to help put an end to 500% pay raises for Coast Capital Directors?

The Special Resolution Booklet says “Don’t mess with Success”. But whose “Success” is at risk here? Not Coast Capital’s success. The only “Success” at risk here is the successful way that the Directors have managed to fill their wallets with member’s money.

Want to help? Vote

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

Credit Unions are about members helping members, not Directors helping themselves! Have your say, and together we can cut Director Pay!

The Special Resolution Booklet is misleading and the Voting Booklet blatantly biased. The Coast Capital Resolutions are designed to confused and split the vote. A split vote means no changes. Read the fine print and you will find that the Coast Capital Resolutions do exactly the opposite of what the Booklet intiailly claims that they do. That’s not right!

Directors, like politicians, depend on apathy to let them get away with excessive pay and perks. They play tricks like creating Tasks Forces to avoid making any real changes to their remumeration.
That’s not right.
Magician Holding a Magic Wand

When members find out that Directors changed Coast Capital’s rules in 2007 to allow themselves to set their own pay, and that within a three year period they had given themselves up to 500% in pay raises, then members demand change. Who do these directors think they are? Senators?!

Want to help? Write a letter to the Editor of your local paper!
And perhaps the Victoria Times-Colonist, as well as the Surrey Now which is where Coast Capital’s headquarters are.

Not sure who to write to?
Here is a list of local papers and email address of the editor.
If your local paper is not in there, please let us know in a comment, along with the contact info if you have it, and we will add it!

Write your local paper today! We need to get the word out this week!

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

Reaching Out to Coast Capital Members in our Communities

Phil Embley, founder of Coast Capital Compensation Watch, and Mark Latham, founder of VoterMedia.org, will be on the radio today, April 1st from 5pm to 6pm on AM1470/FM96.1 to talk about the current Coast Capital director election and Special Resolutions vote. This is Chinese Radio serving Vancouver’s Multicultural communities, but the interview will be in English. You can listen live here.

We have created a Chinese translation (中文) of our voting advice to help spread the word. Voting continues until April 8th.
Coast-Capital-Voting-Advice

We need to reach 67% mark to save Coast Capital from rot-from-the-top! You can help!

Want to help? Write a letter to the Editor of your local paper!
And perhaps the Victoria Times-Colonist, as well as the Surrey Now which is where Coast Capital’s headquarters are.

Public pressure has made the Boards reverse bad decisions in the past. Keep up the pressure by writing to your local papers. Every little bit counts. And be sure to Vote!

Not sure who to write to? Here is a list of local papers and email address of the editor.
If your local paper is not in there, please let us know in a comment, along with the contact info if you have it, and we will add it!

Write your local paper today!
Be a Buddy, not a Bully v2