Members vote to rein in board pay at Coast Capital

Campaigners said remuneration was too rich at credit union

Coast Capital Savings has 504,000 members at 50 branches in southwestern B.C.

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

TWU-as-Team-Canada wins three in Brazil

Spartans are representing Canada in the inaugural FISU America Games

Langley City considering funding fence to keep homeless away from condominium

Report to council cites issues of “defecation, drug consumption, discarded needles, littering”

2018 Aldergrove Fair photo gallery

Good times from pony rides and petting zoo to free MainStage concerts

VIDEO: Granfondo gets underway in Langley

Organizers issue hot weather warning to participants in cycling event

54-40 thrills Aldergrove Fair crowd: VIDEO

54-40 were joined on stage by the band members’ dancing children, the “Aldergrove Rockettes”

BC Wildfire merges two Okanagan wildfires

Large plume of smoke seen over the fire was a controlled event

Two accidents close Coquihalla north and south of Merritt

DriveBC says a crews are en route to each accident

Government sets full-time salary range for Justin Trudeau’s nanny

At its top range, the order works out to a rate of $21.79 per hour, assuming a 40-hour work week

Lower Mainland teams battle for baseball gold at BC Games

Vancouver Coastal squeaked out a 3-2 win against Fraser Valley

Canada to resettle dozens of White Helmets and their families from Syria

There are fears the volunteers would become a target for government troops

Francesco Molinari wins British Open at Carnoustie

It is his first win at a major and the first by an Italian

Trio overcomes adversity at the BC Games

Zone 4 girl’s 3x3 basketball team fought through injuries and conflicting schedules

Recovery high schools could help teens before addiction takes hold: B.C. parents

Schools could provide mental health supports and let parents discuss their children’s drug use openly

Haida Gwaii village faces housing crisis, targets short-term rentals

Housing is tight and the village is pretty close to zero vacancy

Most Read