Comparisons

Coast Capital Saving’s Board of Director Compensation in 2011 was:
$750,517 – the total paid to all Coast Capital Directors
$164,140 – the total paid to Coast Capitals’ Chairman of the Board

Compare this to the compensation paid by these other BC companies:

BC Ferries

BC Ferries Compensation
Board Chair Retainer $100,000 (for all services, no other retainers or per diems)
Board Members $25,000
Vice Chair $8,000
Audit Committee Chair $5,000
Audit Committee Member $3,000

Source: http://www.mec.ca/AST/ContentPrimary/Sustainability/AccountabilityReport/Governance.jsp?CONTENT%3C%3Ecnt_id=10134198674184207

Mountain Equipment Co-Op

Mountain Equipment Co-Op 2010-2011* 2011-2012
Board Chair $31,150 $40,000
Committee Chair $18,875 $18,875
Director $16,312 $23,500
Board Chair $31,150 $40,000
Meeting Fees Fee
Full Day (more than 4 hours) $600
Half Day (4 hours or less) $300

*no increase since 2005
Travel Honorarium of $25.00 per hour per director in excess of two hours.
Capped at $6,000 per Director per board year.

Source: http://www.mec.ca/AST/ContentPrimary/Sustainability/AccountabilityReport/Governance.jsp?CONTENT%3C%3Ecnt_id=10134198674184207

Greater Victoria Harbour Authority

Greater Victoria Harbour Authority Consultant Recommendation* Compensation Adopted
Board Chair $15,000 $10,000
Vice Chair $9,000 nil
Director $5,000 $4,000
Committee Chair $5,000 $2,500

*Note: the amounts the consultant recommended and the lower amounts adopted.
Source: http://gvha.v3.ca/uploaded/annual%20report%202012%20-%20web.pdf

British Columbia Lottery Corporation

Position Retainer Meetings # of Meetings Total Remuneration
Chairman $15,000 $6,500 20 $21,500
Directors $7,500 $13,000 on average

Source: http://corporate.bclc.com/resources/documents/corporate/who-we-are/ScheduleofBoardMemberPayments.pdf

Canada Pension Plan Investment Board – Assets ($170,000,000,000)

We asked Coast Capital savings why some of their directors were paid so much in comparison to other companies which control so much more in assets. Chairman Wellburn wrote back regarding our enquiries and included this reference in his letter.
[I recognize your concerns about director compensation and agree that this topic continues to be contentious. In a recent article by Bob Astey, Chair of the Board of Canada Pension Plan Investment Board, he poses the question, how much director compensation is enough? His response is “there is no general theory supporting director compensation. Most often, compensation levels are set by comparison to a relevant group of similar organizations. The acid test is whether the company’s compensation levels make it difficult to attract candidates who meet the criteria for director skill, experience and expertise.”]

We note that Mr. Astey is an accomplished businessman and the duties of the Chairman of Canada Pension Plan Investment Board are almost certainly more demanding than Chairman of a credit union. Mr. Astey manages assets amounting to over 10 times of that managed by Coast Capital Savings, yet his remuneration as Board Chairman is significantly less than the amount paid by Coast Capital Savings to its Chairman.

Mr. Astey’s remuneration:
Chairman (Bob Astey) $140,000 – no other fees are allowed except for public meetings

Source: http://www.cppib.ca/About_Us/about_our_board.html

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