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

Still confused about all the Special Resolutions this year?

Still confused?
You are not the only one! But don’t be bullied, be informed!
And then vote smart. Deadline for voting is April 8th

Here is a summary of what each of the resolutions will do.

Coast Capital Resolutions (We are voting AGAINST these)

Resolution #1 – Imposes no hard term limit at all, and overrides #5
Resolution #2 – No change in exec pay disclosure, and overrides #6
Resolution #3 – Ratifies all existing election rules, and overrides #7
Resolution #4 – Director Compensation still set by Directors, and overrides #8

Member Special Resolutions (We are voting FOR these)

Resolution #5 – Sets a maximum hard cap of 12 years total service for directors
Resolution #6 – Requires disclosure of top 3 highest paid executives total pay
Resolution #7 – Removes Board stranglehold on director elections
Resolution #8 – Sets director pay comparable to VanCity and includes a COLA clause

The candidates we voted for are Lisa Barrett, Bruce Batchelor, and John Fryer

Want the details from a third party?
Read what VoterMedia says here, or read the many letters by members.

Want to see how we voted using paper ballots? Click here.
Want to see how we voted using online ballots? Click here.
Want to see a description of all the candidates in one place? Click here.

Want to know how we voted?
For more detailed information, visit our Our Voting Advice page
Dont be a Bully - Be infomed

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

Voting continues until April 8th. Vote Smart.

Coast Capital Directors are eager to get the vote out. So are we! Do Directors believe that members will not see past their spin? We believe members are smart and will see through that.

CompensationWatch is a non-profit group of volunteers who want to keep Coast Capital strong by restoring its founding principles as a credit union. Our only pay is the satisfaction of helping our community, members, and employees of Coast Capital. Members helping members. That’s what we do.

“Dont Mess with Success”? The only “Success” at risk here is the Director’s risk of losing their excessive pay and $1000/meeting fees. All we are asking is that Coast Capital directors align with the pay of similar credit unions like VanCity, which is a larger and more profitable credit union.

Coast Capital is a credit union. It is supposed to be better.
With your vote, it can be. Vote smart.

Want more information about these resolutions and the candidates?
Do not take our word for it, check out what VoterMedia.org has to say about it here.

Bullying by Coast Capital?

Here is a letter we received from one member this week…

I’m personally offended by the one sided bullying propaganda that showed up in my mail box this week. I hope every member takes the time to actually read all of it and cast a truly informed vote. To have the first 3 names on a ballot bolded with stars next to them is such a slap in the face to democracy – we are in BC for crying out loud!

We agree. Please take the time to write the editor of your local paper and say exactly that. We need to send these bullies a message that listening to what members want is NEVER a waste of time and money. Writing a letter to the editor will help to get the message out to other members, and that will send these Directors a big message that what members want matters!

Don’t be Bullied, Be Informed!
It’s your money. It’s your credit union.
Coast is stronger when it listens to its members and its employees!
Vote today!
Dont be a Bully - Be infomed