The special resolution for Coast Capital Savings passed by a wide margin. I am amazed that this passed, particularly given the misleading tactics used by the board to campaign against the resolution. Given that a huge number of voters were likely Coast Capital employees, this is a sign of employee dissatisfaction with the leadership at this credit union. It also means that future special resolutions have a good chance of passing, particularly if they’re aimed at putting a tighter leash on the board of Coast Capital. I suspect Bill Wellburn will step down as chair of the board within the next twelve months.
Posts from the ‘Coast Capital’ Category
I’ve been meaning to post about this but the situation involving Auditor General John Doyle and MLA Eric Foster got me off track.
I learned about Coast Capital Compensation Watch from Michael Eso. At first I was a little worried it was some kind of banking scam. Since then I’ve had a chat with the person organizing this campaign, Phil Embley, and verified that the petition is legitimate. He comes across as a sincere individual who is genuinely concerned about the future of credit unions in British Columbia. My wife and I have both mailed him our signed petitions.
We like Coast Capital but we also feel there are very few opportunities for members to have a genuine say in the governance of the organization. This petition would help to change that:
“In 2006, Coast Capital Savings changed the Credit Union Rules to permit Directors to set their own remuneration within a policy framework that is not working out and should be changed. We need 300 members to sign a petition so that we can require the Board of Directors to allow members to vote on a Special Resolution returning Board Remuneration to the members.”
The web site lists a deadline of January 24th. Phil says if a petition arrives a couple of days after the deadline it will still be accepted. If you are a member of Coast Capital, please take a moment to sign the petition. You can send it to him by email, fax or snail mail.