Director Remuneration

Coast Capital director remuneration is set in accordance with a member-approved remuneration philosophy, which is as follows:

Coast Capital Savings is a cooperative financial institution with national aspirations. We believe that better Boards produce better results and that better Boards are made up of dedicated and highly competent directors. To attract and retain directors with the business experience and skills required to achieve Coast Capital’s strategic plan, we must offer a level of remuneration that both reflects our cooperative heritage and satisfies the market reality.

Consequently, director remuneration at Coast Capital should be lower than that of public companies of similar size and/or complexity, yet higher than that traditionally paid to cooperatives: the highest quartile for cooperatives but no higher than the lowest quartile for comparable public companies.

At three year intervals the Governance Committee shall retain an independent remuneration consultant for the purpose of providing a recommendation to the committee on director remuneration. The consultant’s recommendation shall be based on a Canada-wide market survey in accordance with the Board remuneration philosophy.

Involving Members in shaping Director Remuneration

In 2015 the Governance and Member Relations Committee established a Member Panel to review Director Compensation as part of the Triennial Review Process. The Member Panel recommended increases to various components of Director Remuneration; however, the Board of Directors deferred any increase. The next review of Director Remuneration will take place in the next scheduled Triennial Review (2019). The following table sets out Director Remuneration:

Board of Directors Remuneration

Annual Board Chair Retainer $65,000
Annual Director Retainer $25,500
Annual Committee Chair Retainers $5,000
Board and Committee Meeting Fee $1,000

Find out more about the total remuneration paid (PDF) for 2017.

About Coast Capital Savings Director Compensation

Coast Capital is a $16.8 billion financial co-operative with 532,000 members. It is important we attract and retain Directors with appropriate and needed business experience, skills, and expertise to provide the oversight required to help Coast Capital achieve current and future goals.

As a credit union, we know it is important for members to have a say, and Director remuneration at Coast Capital is set in accordance with a member-approved remuneration philosophy that is independently reviewed with findings presented to the Governance Committee of the Board every three years.

Any recommendations to change Director remuneration is required to be put forward as a resolution to the membership. The resolution is voted on by members, usually as part of the Directors election process.

Annual retainers are prorated to reflect actual dates of service of the Board Chair, individual directors and Committee Chairs. Meeting fees are paid for directors’ attendance at Board meetings, strategy sessions, committee meetings for which the director is a member and other designated meetings or events deemed eligible for payment by the Board or the Board Chair. In 2016 the total amount of remuneration paid to directors was $634,370 (2015 - $578,488). Additionally, the credit union is required by law to pay matching Canada Pension Plan contributions on federally regulated pensionable earnings. Directors do not receive discounts or preferred rates on products and services offered by the credit union.

For information on changes to deposit insurance and the transition period if we become a federal credit union, see the notice pursuant to the Disclosure on Continuance Regulations (Federal Credit Unions).