So you think Coast Capital listened to members when 79.7% of members voted to take back control of excessive Director pay? Think again. 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 spin by creating a Member Task Force on Director Remuneration. But instead of giving the Task Force a mandate to set Director pay, their only mandate was to be permitted to create a powerless Remuneration Philosophy.
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!