What Does Your Board Do?

You know we have a Board of Directors, but who are they and what do they do? Coast Capital Savings is committed to best practices in governance and is continuously building a Board that will meet the needs of the credit union now and in years to come.

Board Roles and Responsibilities

Board of Directors Mandate

The Board of Directors is responsible for supervising the management of Coast Capital Savings’ business and affairs and reporting Coast Capital Savings’ performance to the members. The Board reviews its mandate regularly to ensure that it reflects governance best practice.

Read the Board of Directors Mandate

Board Chair Charter

The Board Chair presides over the Board and ensures that the Board carries out all of its duties and responsibilities effectively and independent of management. In performing this role, the Chair works with the CEO, and ensures effective relations with members, other stakeholders, and the general public.

Read the Board Chair Charter

Director's Mandate

Each Director on the Board works to provide strategic advice and business oversight of the credit union’s operations. This involves contributing to corporate strategy and oversight of Coast Capital Savings’ complex financial business. Directors are required to act honestly, in good faith, and in the best interests of the credit union.

Read the Director's Mandate

Vice Chair Charter

The Vice Chair is responsible for helping the Board Chair fulfill their responsibilities, chairing Board meetings when the Board Chair is not available, and representing Coast Capital Savings to the public.

Board Committees

The Board delegates specific tasks to five standing committees and can create special purpose committees as needed. Each committee can draw upon the resources of the CEO and other members of management as appropriate, and may engage outside advisors as required.

The Board determines the authority and responsibilities of each committee and approves the charters. Committees regularly schedule in-camera sessions, make recommendations to the Board and, with the exception of the Nominations Committee, report regularly to the Board.

Each Committee has a Chair who leads the Committees in performing their functions. Read the Committee Chair Charter

Audit & Finance Committee

The Audit Committee oversees Coast Capital Savings’ financial reporting and ensures sound internal controls are in place. The Committee ensures the independence and evaluates the performance of the internal and external auditors.

Committee members for 2019-2020: Valerie Lambert, Chair; Nancy McKenzie; Charlotte Burke. Bob Armstrong (Board Chair) is a voting ex officio member of the Committee.

Read the Audit and Finance Committee Charter

Governance & Community Engagement Committee
The Governance and Community Engagement Committee ensures that the Board maintains effective governance practices, proactively considers strategic issues impacting member engagement, and approves and monitors the Community Leadership Strategy.

Committee members for 2019-2020: Chris Trumpy, Chair; Frank Leonard; Valerie Lambert. Bob Armstrong (Board Chair) is a voting ex officio member of the Committee.

Human Resources Committee

The Human Resources Committee oversees the human resources strategy at Coast Capital Savings. The Committee reviews policy and strategy with respect to employee salaries, benefits, and incentive compensation, and succession planning for senior management. It also directs the annual evaluation process for CEO performance. The Human Resources Committee acts as the Conduct Review Committee under the Bank Act.

Committee members for 2019-2020: Christian Morrison, Chair; Robin Chakrabarti; Frances Fiorillo. Bob Armstrong (Board Chair) is a voting ex officio member of the Committee.

Read the Human Resources Committee Charter

Risk Review Committee
The Risk Review Committee oversees the identification, measurement, and monitoring of risks impacting and emanating from Coast Capital Savings’ strategy and business activities and ensures effective controls are in place.

Committee members for 2019-2020: Robin Chakrabarti, Chair; Frances Fiorillo; Nancy McKenzie. Bob Armstrong (Board Chair) is a voting ex officio member of the Committee.

Read the Risk Review Committee Charter

Nominations Committee
The Nominations Committee ensures there are an appropriate number of qualified and recommended nominees for election to the Board. The Committee also oversees, organizes, and administers the election of Directors to the Board. The Committee reports directly to the members.

Committee members for 2019-2020: Frank Leonard, Chair; Christian Morrison; Mary Jordan; Bob Armstrong (Board Chair) is a voting ex officio member of the Committee.

Read the Nominations Committee Charter

Director Remuneration

About Coast Capital Savings Director Remuneration

It is important we attract and retain Directors with appropriate business experience, skills, and expertise to provide the oversight required to help Coast Capital Savings 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 Savings is set in accordance with a member-approved remuneration philosophy (below) which includes a requirement for a triennial review of compensation by an independent consultant.

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. 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.

In 2015 the Governance and Community Engagement Committee established a Member Panel to review Director remuneration part of the triennial review. The Member Panel recommended increases to various components of Director remuneration; however, the Board deferred any increase. The next review of Director remuneration will take place in 2019.

Current Director 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 2018.

Member-approved Board Remuneration Philosophy

The Board Remuneration Philosophy was approved by ordinary resolution of the members of Coast Capital Savings on April 25, 2007.

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 Savings' 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 and Member Relations 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.