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.
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.