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 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

Friends, family remember Dan Sealey, stepson of Minister of Agriculture, in private gathering

Lana Popham confirmed Sealey died of an accidental drug overdose earlier this month at age 23

High school graduation rates on the rise in Greater Victoria

High school completion up from 71 to 86.8 per cent over 10 years

Mommy’s Inside Voice: A little piece of you

Mommy’s Inside Voice is a biweekly column by Amie Jay, a local mother of three

Pacific Centre Family Services Association a winning design in Colwood

Victoria Real Estate Board winner a welcoming sight

Victoria curling foursome looks to defend provincial title

2019 BC Junior Curling Championships held in Vernon from Dec. 27, 2018 to Jan. 1, 2019

Unique technology gives children with special needs more independent play

UVic’s CanAssist refined seven prototypes aided by $1.5M government contribution

Greater Victoria holiday craft fair roundup for Nov. 16 to 18

Check off all of the items on your shopping list at these great events

Greater Victoria Crime Stoppers wanted list for the week of Nov. 14

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

High-end B.C. house prices dropping, but no relief at lower levels

But experts say home ownership remains out of reach for many for middle- and lower-income families

Worker killed in collision at B.C. coal mine

Vehicle collision occurred at approximately 10:45 a.m. this morning

B.C. asking for tips on ‘dirty money’ in horse racing, real estate, luxury cars

Action follows a Peter German report on money laundering in B.C. casinos

Canadian dead more than a week after plane crash in Guyana: Global Affairs

Global Affairs said it couldn’t provide further details on the identity of the Canadian citizen

Children between 6 and 9 eligible for $1,200 RESP grant from province

BC Ministry of Education is reminding residents to apply before the deadline

Privacy concerns over credit card use for legal online pot purchases

Worries follow privacy breaches at some Canadian cannabis retailers

Most Read