Coast Capital Savings considering new compensation policy
Facing criticism from a group of members, Coast Capital Savings Credit Union is coming up with a new way to decide what board members get paid. A special Task Force is out with a report after listening to presentations, pouring over thousands of documents, and doing independent research. Board Chair Bill Wellburn says the basic idea is to offer pay based on what’s happening at a peer group of similar Canadian financial institutions.
Wellburn says Coast Capital’s 504,000 members will have a chance to vote on the new compensation plan between March 14 and April 8. The new compensation scheme will be part of Coast Capital’s annual director elections. Wellburn says if accepted, they’ll have an analyst complete the review of other institutions, like credit unions, insurance companies and banks and it will be implemented in 2015.