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 & Nominations Committee established a member panel to review director compensation as part of the Triennial (every 3 years) Review Process. While the member panel recommended increases to various components of director remuneration, the Board of Directors deferred any increase at that time. The next triennial review of director remuneration was scheduled to take place in 2021 but given the pandemic impact on operating income, the Board decided it was prudent to defer this review until 2022 which is currently scheduled to be conducted.
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|