- Annual General Meeting
- Board and Individual Director Assessments
- Board Committees
- Board Meetings
- Board Policies
- Board Roles and Responsibilities
- Corporate Social Responsibility
- Credit Union Rules
- Director Recruitment and Nominations
- Director Remuneration
- Directors Election
- Executive Compensation
- Ordinary and Special Resolution
- Seeking Qualified Candidates
Annual General Meeting
Board and Individual Director Assessments
Board Roles and Responsibilities
Corporate Social Responsibility
Credit Union Rules
Director Recruitment and Nominations
Ordinary and Special Resolution
Seeking Qualified Candidates
At its core, Coast Capital Savings ("Coast Capital") is a group of people dedicated to our purpose: Together, we empower you to achieve what is most important in your life. Fulfilling this purpose depends on a talented team of executives who make a significant and important contribution to Coast Capital's performance and long-term growth and success. The Board of Directors recognize that a competitive total rewards package is a fundamental tool in attracting, motivating and retaining high-performing executive leadership with the requisite skills and dedication. Accordingly, Coast Capital's executive total rewards program is designed to:
- Attract, motivate, and retain individuals with the competencies, values, and commitment to support Coast Capital’s success and culture;
- Deliver fair compensation for the contributions that are made;
- Be competitive and aligned with practices in comparable organizations;
- Link pay with performance on key organization and individual goals and objectives within Coast Capital’s risk appetite; and,
- Be accountable and transparent to members and other stakeholders
The executive total rewards program includes four main components: compensation, benefits, career development, and work/life programs.
- The compensation program includes a base salary and an annual variable incentive plan linked to performance goals. The senior executive team also participates in a long-term incentive plan to support the longer-term corporate strategy, ensuring prudent and balanced management of the organization and achievement of its purpose over the longer term and creating long-term value for members. Combined, the compensation programs are intended to compensate the executives for their responsibilities and contributions to Coast Capital's success.
- Coast Capital believes in investing in the health and well-being of its employees. As such, a competitive flexible benefit program provides protection to executives and their families and includes a range of group insurance health and income security programs. The retirement savings program is designed to help the executives meet their personal retirement goals. A fixed amount perquisite is also provided to cover costs for out-of-pocket expenses including car allowance, bridge/road tolls, transit fares and memberships.
- Support for continuing professional education is provided to further executives’ knowledge expertise in a dynamic financial services industry.
- Paid time-off programs include annual vacation to support work-life balance.
Coast Capital’s pay programs are designed to be competitive with comparable types of organizations from which Coast Capital recruits qualified executives. The peer group includes local and other large credit unions across Canada, as well as banks and other financial service organizations. Organizations outside of the financial service sector are also part of the peer group for jobs where experience that is specific to Coast Capital’s industry is an asset but not required.
Pay is generally targeted at the median of the peer group, factoring in Coast Capital’s relative size.
For skills, where the required talent is in low supply creating a highly competitive market, and critical roles with significant impact to the overall performance of the business, pay may be targeted above market median.
A significant portion of’ compensation is tied to the achievement of specific performance goals through the incentive plans. These plans serve as an incentive for executives to meet and exceed their respective individual and corporate performance goals. The proportion of target executive compensation based on performance relative to goals reflects the degree to which an executive can influence corporate results.
The annual incentive plan links compensation to the achievement of performance objectives set in Coast Capital's annual business plan. The long-term incentive plan links eligible compensation to the actual achievement of performance objectives that support Coast Capital's long-term strategy and vision and creating value for members.
Both plans provide payouts based on actual performance results relative to the goals that were set. The proportion of target executive compensation based on long-term goal achievement reflects the degree to which an executive can influence long-term corporate success.
Pay is at risk in these programs: if performance goals exceed expectations, payouts may pay up to and within the top quartile of the peer group. If threshold performance goals are not met, no payouts are made. Payouts may be adjusted if performance was not achieved within Coast Capital’s risk appetite.
The Board of Directors is responsible for approving executive compensation. The Board delegates the governance oversight of executive compensation to the Human Resources Committee which reports quarterly to the Board. The Human Resources Committee mandate includes developing and monitoring the CEO’s annual individual performance goals and recommending to the Board for approval; approving and monitoring the executive corporate incentive plan objectives; recommending any executive direct and indirect compensation package changes; and reviewing and recommending for Board approval the annual performance results. Coast Capital’s compensation disclosure meets or exceeds legislative and regulatory requirements.