Members vote to rein in board pay at Coast Capital

Campaigners said remuneration was too rich at credit union

Coast Capital Savings has 504

Coast Capital Savings has 504

Coast Capital Savings members have wrested back control over how much money the credit union pays its board of directors.

A nearly 80 per cent vote by members at an April 30 annual general meeting is expected to lead to a new membership vote in 2014 on changes to board pay levels.

It follows a grassroots campaign led by Surrey resident Phil Embley, who argued the remuneration levels were far higher than at other credit unions in Canada.

The board has agreed to cut chair Bill Wellburn’s retainer from $76,500 to $65,000. Last year he received $157,000 after $1,000-per-meeting fees were added.

The Surrey-headquartered credit union has also frozen a recommended increase in the base retainer of directors from $25,500 to $29,500. Some directors get more than $70,000 after meeting fees and committee chair fees are added.

“We take to heart what our members have told us,” Coast Capital governance committee chair Glenn Wong said. “They have said they want to approve the amount of compensation directors receive.”

A member panel will be struck to advise on potential changes to director compensation to take to a new vote.

Wong said the changes already agreed to reduce total board compensation by $130,000 or 18 per cent.

The $720,000 in total pay to the Coast Capital board last year was nearly twice as much as Vancity Credit Union paid its board in 2011.

Coast Capital is Canada’s largest credit union by membership, with $14.6 billion in assets and 504,000 members at 50 branches in Metro Vancouver, the Fraser Valley and Vancouver Island.

Just Posted

A Lotto 6/49 ticket purchased in Parksville for the June 19, 2021 draw is a $3M winner. (Submitted photo)
Winning Lotto 6/49 ticket worth $3M purchased in Parksville

Lottery prize winners have 52 weeks to claim jackpot

Map of the site of a proposed 60-unit building project in French Creek. (RDN map)
Legal counsel wants board to award development permit for French Creek project

Issue is on agenda for RDN board meeting on June 22

Marco Mendicino, Minister of Immigration, Refugees and Citizenship during a press conference in Ottawa on Thursday, May 13, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Canada to welcome 45,000 refugees this year, says immigration minister

Canada plans to increase persons admitted from 23,500 to 45,000 and expedite permanent residency applications

FILE – Most lanes remain closed at the Peace Arch border crossing into the U.S. from Canada, where the shared border has been closed for nonessential travel in an effort to prevent the spread of the coronavirus, Thursday, May 7, 2020, in Blaine, Wash. The restrictions at the border took effect March 21, while allowing trade and other travel deemed essential to continue. (AP Photo/Elaine Thompson)
Feds to issue update on border measures for fully vaccinated Canadians, permanent residents

Border with U.S. to remain closed to most until at least July 21

A portion of the George Road wildfire burns near Lytton, B.C. in this Friday, June 18, 2021 handout photo. THE CANADIAN PRESS/HO, BC Wildfire Service *MANDATORY CREDIT*
Blaze near Lytton spread across steep terrain, says BC Wildfire Service

Fire began Wednesday and is suspected to be human-caused, but remains under investigation

Blair Lebsack, owner of RGE RD restaurant, poses for a portrait in the dining room, in Edmonton, Friday, June 18, 2021. Canadian restaurants are having to find ways to deal with the rising cost of food. THE CANADIAN PRESS/Jason Franson
Canadian restaurateurs grapple with rising food costs, menu prices expected to rise

Restaurants are a low margin industry, so there’s not a lot of room to work in additional costs

RCMP crest. (Black Press Media files)
Fort St. John man arrested after allegedly inviting sexual touching from children

Two children reported the incident to a trusted adult right away

Barbara Violo, pharmacist and owner of The Junction Chemist Pharmacy, draws up a dose behind vials of both Pfizer-BioNTech and Oxford-AstraZeneca COVID-19 vaccines on the counter, in Toronto, Friday, June 18, 2021. An independent vaccine tracker website founded by a University of Saskatchewan student says just over 20 per cent of eligible Canadians — those 12 years old and above — are now fully vaccinated. THE CANADIAN PRESS/Nathan Denette
At least 20% of eligible Canadians fully vaccinated, 75% with one dose: data

Earlier projections for reopening at this milestone didn’t include Delta variant

This undated file photo provided by Ernie Carswell & Partners shows the home featured in the opening and closing scenes of The Brady Bunch in Los Angeles. Do you know the occupation of Mike Brady, the father in this show about a blended family? (Anthony Barcelo/Ernie Carswell & Partners via AP, File)
QUIZ: A celebration of dad on Father’s Day

How much do you know about famous fathers?

Emily Steele holds up a collage of her son, 16-year-old Elijah-Iain Beauregard who was stabbed and killed in June 2019, outside of Kelowna Law Courts on June 18. (Aaron Hemens/Capital News)
Kelowna woman who fatally stabbed teen facing up to 1.5 years of jail time

Her jail sentence would be followed by an additional one to 1.5 years of supervision

Most Read