Seeking Qualified Candidates
- 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
November 14, 2017
Candidate Information Session
December 6, 2017
Director nominations close at noon
January 26, 2018
Candidates asked to confirm their intention to stand for the 2018 Directors' Election
March 15 to April 12, 2018
Week of May 7, 2018
Annual General Meeting
Board governance is key to our success
Your Coast Capital Savings Credit Union ("Coast Capital") Board of Directors (the "Board") is elected by you, the membership. 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 our credit union.
In mid-March, the Nominations Committee will mail a complete election package profiling all candidates. Eligible voters must be members in good standing, at least 19 years old, and hold the required $5 membership shares as of December 31, 2017. The election will run from March 15 to April 12, 2018.
Below is information on the role of the Board and process for seeking qualified candidates for the 2018 election.
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. Your Coast Capital directors must collectively have the essential skills and expertise to successfully govern a financial institution with over $18.4 billion in assets under administration.
We look for leaders in our communities who share Coast Capital's values, reflect the diversity of our membership, and have strong business skills and relevant board experience.
Your 10-member 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.
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.
Every year, following the Annual General Meeting ("AGM"), the Board establishes an independent Nominations Committee with directors who are not eligible for re-election in the upcoming election. This year's Nominations Committee is chaired by Frank Leonard and includes Mary Jordan, and Robin Chakrabarti. Board Chair Bill Cooke is 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.
The Nominations Committee will be using the following criteria to determine which candidates will be recommended to members:
Specific Skills and Experience:
For the 2018 Directors' Election, preference will be given to potential candidates with:
- Significant senior or board leadership experience in the area of Financial Services and/or Audit including strategic, operational and internal controls experience in financial services and a deep understanding of the business model;
- Executive leadership experience in creating and/or implementing enterprise Information Technology Solutions possibly including digital business models and Cyber Security from an oversight and risk management perspective;
- Significant senior or board leadership experience in Public Policy/Government including knowledge of Coast Capital's regulatory environment and may include experience within the Cooperative/Credit Union
Every Director must:
- adhere to the highest ethical standards and be free of any conflict of interests that would affect their eligibility requirements;
- Possess strong interpersonal skills and sound business judgment;
- Support Coast Capital's Purpose, Mission and Values and demonstrate a strong sense of corporate social responsibility and community values;
- At a minimum, be sufficiently financially literate as evidenced by an ability to understand and interpret the credit union's financial performance; and
- Commit to, prepare for, and, attend board, committee, and planning meetings, as well as, director education and development sessions. The actual time commitment may vary per month.
The Nominations Committee seeks to ensure that the Board, as a whole, reflects diversity including skills, experience, gender and perspective. Coast Capital is a signatory to the Catalyst Accord (www.catalyst.org).
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.
Candidates must meet the requirements set out in Rule 15 of the Coast Capital Savings Credit Union Rules (the "Rules"), be members in good standing as of noon, Wednesday, December 6, 2017, and submit their nomination packages to the Secretary to the Board by this same deadline.
To be considered for recommendation by the Nominations Committee, candidates should meet the requirements of Rule 16.12 and have significant experience in one or more of the areas identified in the 2018 Description.
- Members can nominate qualified candidates.
- The Nominations Committee actively seeks out qualified candidates who align with the Description.
- The current Directors whose terms are expiring in 2018 may also put their names forward for consideration.
- Request an 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. To receive an information package, please contact:
Linda Taylor, Secretary to the Board at 604.517.7602, toll-free at 1.888.517.7000 or by email to: Linda.Taylor@coastcapitalsavings.com.
- Attend the candidate information session.
The Rules require that interested candidates attend an information session to receive relevant information. The session takes place on Tuesday, November 14, 2017. This session is mandatory unless a waiver is provided in advance. We ask that all interested individuals RSVP as the meeting will be held at our Help Headquarters, which restricts access after business hours.
* Please note –Director nominations close on December 6 at noon.
- Candidates may be asked to attend an interview.
Short-listed candidates will be interviewed by the Nominations Committee and asked questions relating to the 2018 Description. Responses may be posted to our website to assist members with their assessment of candidates.
- Recommended candidates are notified and the names of all candidates choosing to stand for the Directors' Election are finalized.
To submit an ordinary resolution, the proposed resolution must be received in writing by the close of business on December 31, 2017. The proposed resolution must then be approved by the Board for submission to the members.
Special resolutions, which require a rule change, may also be submitted in accordance with the Credit Union Incorporation Act and the Rules.
Please contact Linda Taylor, Secretary to the Board at 604.517.7602, toll-free at 1.888.517.7000 or by email to: Linda.Taylor@coastcapitalsavings.com to submit an ordinary or special resolution.
Learn more about ordinary and special resolutions.