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 & 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

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.