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

Victoria invited to get a closer look at Sunday’s lunar eclipse

Special event allows public to view the moon through UVic telescopes

25 drivers in Victoria pulled for drug impairment since cannabis legalized

Little change seen in number of impaired drivers since new laws enacted

Vancouver Island couple fights for their lives together

Richard Stuart needs a kidney, his wife Tracy has been diagnosed with cancer

Overworked and understaffed: More than 300 vacancies in Vancouver Island nursing

Tentative deal with province includes ‘working short premium’ to encourage hiring

Saanich Mayor Fred Haynes says municipality will re-group after Rowing Canada decision

Haynes said he is “quite disappointed” but also respects choice of North Cowichan as national centre

Fashion Fridays: Inspirational gym outfits

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

BC Hydro scammers bilked customers out of nearly $45,000 in 2018

Nearly 2,000 people reported scams to the utility, as they continue to be more common

Greater Victoria Crime Stoppers wanted list for the week of Jan. 15

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

POLL: Should people have to license their cats?

The Victoria Natural History Society has sent letters to 13 municipalities in… Continue reading

Olympian snowboarder Max Parrot diagnosed with Hodgkin’s lymphoma

Each year in Canada, approximately 900 people are diagnosed with Hodgkin’s lymphoma

‘Prince of Pot’ Marc Emery accused of sexual assault, harassment

Emery denied the allegations, but a Toronto woman says she is not the only one speaking out

Vancouver Island photographer makes National Geographic’s 2018 elite

Rare double honour for Marston from the 36 best Your Shots out of nearly 19,000 photos

Ex-Liberal candidate in Burnaby, B.C., says volunteer wrote controversial post

Karen Wang dropped out following online post singling out NDP Leader Jagmeet Singh’s ethnicity

Asteroids are smacking Earth twice as often as before

The team counted 29 craters that were no older than 290 million years

Most Read