Seeking Qualified Candidates for our Board of Directors
Director Nomination Information
Coast Capital is currently seeking and recruiting qualified candidates to run for three positions in the 2020 Board of Directors election. Members wishing to put their name forward for consideration and be voted upon by the membership are encouraged to read the following details and follow the nomination process outlined below.
Why do we need an effective Board?
Your Coast Capital Savings Federal Credit Union (“Coast Capital”) Board of Directors (the “Board”) is elected by you, the members. They are held accountable by law to act in the best interests of Coast Capital and oversee the processes required to ensure the safety of your money and your credit union.
Increased regulatory compliance within the financial services industry, along with a rapidly changing and competitive financial environment, has led to increased emphasis on the need for an experienced Board of dedicated individuals. As a federal credit union regulated under the Bank Act and by the Office of the Superintendent of Financial Institutions, your Board must collectively have the essential skills and expertise to successfully govern a financial institution with $23.4 billion in assets under administration.
We look for leaders who share Coast Capital’s values, reflect the diversity of our membership, and have strong business skills and relevant board experience.
Your Board works closely with the management team to guide and strengthen the performance of Coast Capital for the benefit of all members, employees, and the communities we serve.
What’s the Board’s job?
They safeguard your money and ensure Coast Capital continues to provide members with top-notch financial products and services. The Board oversees the senior management of Coast Capital by setting important goals and approving the strategic direction of the credit union, holding the Chief Executive Officer accountable for achieving them. To do this effectively on behalf of the membership, the Board:
- fulfills oversight responsibilities by ensuring strong management and policies are in place to manage risk and protect members’ assets;
- provides expert insight to management to guide and approve Coast Capital’s strategic plan. This includes understanding the business, its environment, and its future opportunities and strategies; and
- engages with and reports to our members, our regulator, and other stakeholders.
What’s my role in governance?
As a member/owner of Coast Capital, you have a say in how the credit union is governed by nominating candidates and voting in our annual directors election and on any resolutions proposed.
An informed and engaged membership is the goal of every credit union and something that sets us apart from other financial institutions.
The Nominations Process
Every year, following the Annual General Meeting (“AGM”), the Board establishes an independent Nominations Committee with directors who are not seeking re-election in the upcoming election. This year’s Nominations Committee is chaired by Frank Leonard and includes Christian Morrison, Mary Jordan (retiring) and Bob Armstrong (Board Chair), an ex officio member of the Committee. The Nominations Committee serves the membership in several important ways:
- determines the skills, business experience, and qualifications needed on the Board to continue providing an effective governing team;
- considers the impact of director renewal on the effectiveness of the Board, including its culture, knowledge, and organizational memory;
- develops an Ideal Director Candidate Description (the “Description”) that identifies the skills, experience, and qualifications needed to fill the upcoming vacant positions and circulates it to the membership;
- requests nominations from the membership and seeks out candidates from the community at large who fulfill the needs as identified; and
- identifies and recommends to the membership those candidates who best align with the Description and the overall needs of the Board. These recommendations are the outcome of the detailed assessment performed on our members’ behalf with assistance from an external governance consultant, and are provided for members to consider when voting.
How many positions are up for election?
Terms for three directors expire at the 2020 AGM and members will elect three candidates to fill these positions.
The Nominations Committee is now seeking and recruiting qualified candidates for the 2020 Directors Election. All positions are for three-year terms, beginning at the end of the 2020 AGM and ending at the 2023 AGM. The Board has a policy that directors may serve a maximum of four consecutive three-year terms (twelve years) without a one-year step-off period.
2020 Ideal Director Candidate Description*
* More detailed information about the 2020 Ideal Director Candidate Description, required skills, and qualifications is included in the information package provided to all interested potential candidates.
The Nominations Committee will be using the following criteria to determine which candidates are recommended:
Specific Skills and Experience:
For the 2020 Directors Election, preference will be given to potential candidates with senior executive or board oversight experience in:
- National Financial Services – strategy and operations with a national scope, with a focus on retail and small business, and a deep understanding of enterprise risk management and federal banking regulatory compliance.
- Retail Marketing and Sales – marketing and sales effectiveness on a national basis including using both a digital and physical location strategy, entry and scaling into new markets, managing brands across jurisdictions and strategic use of technology.
- Mergers and Strategic Partnerships – strategy and transaction development, consideration of structures and business combinations, and post-closing activities including integration and stakeholder communications.
It is also expected that potential candidates are familiar with the regulatory environment of a federally regulated financial institution including:
- Office of the Superintendent of Financial Institutions (“OSFI”) Corporate Governance Guidelines
- Financial Consumer Agency of Canada (“FCAC”)
- The Personal Information Protection and Electronic Documents Act (”PIPEDA”)
The Nominations Committee seeks to ensure that the Board reflects an overall diversity of skill, experience, gender and perspective.
Personal and Professional Attributes:
All directors must have the following personal and professional attributes:
- follow the highest ethical standards and be free of any conflict of interests that would affect their eligibility requirements or ability to perform their duties as a director;
- possess collaborative interpersonal skills and sound business judgment;
- support Coast Capital’s purpose, mission, and values and demonstrate a strong sense of co-operative and community values;
- be sufficiently financially literate and demonstrate an ability to understand and interpret the credit union’s financial performance; and
- commit to, prepare for, and attend in person, Board, committee, and planning meetings, and director education and development sessions. The actual time commitment for the above may vary per month but will total approximately 300 hours per year.
How are Candidates Nominated?
- Members can nominate qualified candidates.
- The Nominations Committee actively seeks out qualified candidates who align with the 2020 Description.
- The current directors whose terms are expiring in 2020 may also put their names forward for consideration. Director, Mary Jordan, has served four consecutive terms and will be retiring after the 2020 AGM.
All candidates must have a deep understanding of corporate governance and be fully qualified to carry out the responsibilities of overseeing one of Canada’s largest credit unions.
- meet the requirements set out in Rule 15 of the Coast Capital Savings Federal Credit Union Rules (the “Rules”),
- be members in good standing as of noon, Monday, December 2, 2019, and
- submit their nomination packages via electronic submission to the Office of the Assistant Corporate Secretary by this same deadline.
To be considered for recommendation by the Nominations Committee, candidates should also meet the requirements of Rule 16.12 and have significant experience in one or more of the areas identified in the 2020 Ideal Candidate Description. Rule 16.12 states:
In order to be recommended by the Nominations Committee, a nominee for election or appointment as a Director must have any of the following qualifications:
- (i) a business in the financial services or real estate sector, including a financial institution;
- (ii) a significant not-for profit organization having province or nation-wide operations;
- (iii) a business of such complexity that would allow the Director to have a good understanding of the business of the Credit Union;
- (iv) a crown corporation;
- (v) a public corporation; or
The Application Process
- Read the Candidate Information package.
Qualified individuals are asked to consider the responsibilities, skills, and time commitment required to effectively fulfill a director role before submitting their nomination. Read the full Candidate Information package.
- Attend the Candidate Information Session.
The Rules require that interested candidates attend an information session to receive relevant information. The session takes place on Monday, November 18, 2019 from 5:30 to 7:30pm (PST). This session is mandatory unless a waiver is provided in advance. We require all interested individuals to RSVP by Tuesday, November 12, 2019 at 5pm (PST). The meeting will be held at our Help Headquarters in Surrey, BC, which restricts access after business hours.
- Submit your Candidate Nomination Form and resume electronically by Monday, December 2, 2019, 12:00 pm (noon) PST. A link to request the form is included in the Candidate Information package linked above.
- Candidates may be asked to attend an interview.
Short-listed candidates will be interviewed by the Nominations Committee and asked questions relating to the 2020 Description. Responses may be posted to our website to assist members with their assessment of candidates.
- Candidates’ names are finalized for the Directors Election.
The 2020 Directors Election
In mid-March, the Nominations Committee will mail a complete election package profiling all candidates standing for election. Eligible voters must be members in good standing, at least 18 years old, and hold the required $5 membership shares as of December 31, 2019. The election will run from April 3 - 24, 2020.
October 18 – December 2, 2019
November 18, 2019
December 2, 2019 (noon)
On or before February 7, 2020
April 3 - 24, 2020
May 14, 2020