Some members of Coast Capital Savings Credit Union are trying again this year to get special resolutions on the AGM agenda aimed at reducing director pay.
Phil Embley, founder of a group called Coast Capital Compensation Watch, says they want a direct say in how much the Board makes. One of their proposed resolution calls for cutting the Chair’s compensation to 69-thousand dollars from the current 154-thousand.
Embley says he’s confident they’ll get the 300 signatures they need by January 28th in order to get their resolutions on the agenda.
Officials with Coast Capital, meanwhile, have offered the following statement on the issue:
“We are accountable to our membership. Our Board of Directors is compensated based on the Director Remuneration Philosophy which was voted on and approved by members in 2007.
However, due to recent member interest in this topic, we have invited the membership to review that philosophy and recommend whether change is needed.
A member driven independent Director Compensation Task Force is currently underway. Seven volunteers recruited from our 504,000 members are reviewing the current, member-approved Director Remuneration Philosophy. The task force is wrapping up meetings this week and will draft its report over the next two weeks. That report will be made available to all members.
If the task force makes a recommendation to change the Director compensation philosophy, that will be brought to the membership for a vote before the 2014 AGM in April.
The task force has reviewed hundreds of pages of information and heard from a variety of experts and stakeholders. These include representatives from Coast Capital management, the Financial Institutions Commission of BC (FICOM), the Coast Capital Board and Coast Capital Compensation Watch, a special interest group led by one of our members.”
