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Board Nominations, Election and AGM

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As a member/owner of Coast Capital Savings, you have a say in how the credit union is governed by nominating candidates and voting in our annual director election and on any resolutions proposed. An informed and engaged membership is the goal of every credit union and something that sets us apart from other financial institutions.


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. As we work to become a federal credit union, your Board must collectively have the essential skills and expertise to successfully govern a financial institution with $21 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 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.

As a member/owner of Coast Capital, you have a say in how the credit union is governed by nominating candidates and voting in our annual directors election and on any resolutions proposed. An informed and engaged membership is the goal of every credit union and something that sets us apart from other financial institutions.

Every year, following the Annual General Meeting (“AGM”), the Board establishes an independent Nominations Committee with directors who are not seeking re-election in the upcoming election. This year’s Nominations Committee is chaired by Mary Jordan and includes Christian Morrison, and Glenn Wong. 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.

* More detailed information about the 2019 Ideal Director Candidate Description, required skills and qualifications is included in the information package provided to interested candidates.

Terms for four directors expire at the 2019 AGM and members will elect four candidates to fill these positions. In addition, should Coast Capital receive federal continuance, the President and Chief Executive Officer will also be required to be elected to the Board as an 11th director in accordance with the Bank Act.

The Nominations Committee is now seeking and recruiting qualified candidates for the 2019 Directors Election. All positions are for three-year terms, beginning at the end of the 2019 AGM and ending at the 2022 AGM. The Board has a policy for directors of a maximum of four consecutive three-year terms (twelve years) without a one-year step-off period.

Specific Skills and Experience:
For the 2019 Directors Election, preference will be given to potential candidates with senior executive or board oversight experience in:

Financial Services - strategy and operations, ideally with national scope, with a focus on retail and small business, and credit risk analysis;

Technology - digital transformation and agile development, including introduction of new business models to meet evolving customer expectations;

Human Resources - transformational change leadership, executive compensation, corporate culture stewardship and talent strategy in an organization of similar size and complexity to Coast Capital.

Other business leadership experience considered an asset includes: (i) transformation from regional to national player and successful entry into new markets; (ii) co-operative member engagement; and (iii) government and public policy insight and influence.

Diversity:
The Nominations Committee seeks to ensure that the Board reflects an overall diversity of skill, experience, and perspective.

Personal and Professional Attributes:

All directors must have the following personal and professional attributes:

  • follow the highest ethical standards and be free of any conflict of interests that would affect their eligibility requirements or ability to perform their duties as a director;
  • possess collaborative interpersonal skills and sound business judgment;
  • support Coast Capital’s purpose, mission, and values and demonstrate a strong sense of co-operative and community values;
  • be sufficiently financially literate and demonstrate an ability to understand and interpret the credit union’s financial performance; and
  • commit to, prepare for, and attend in person, Board, committee, and planning meetings, and director education and development sessions. The actual time commitment for the above may vary per month but will total approximately 300 hours per year.
  1. Members can nominate qualified candidates.
  2. The Nominations Committee actively seeks out qualified candidates who align with the 2019 Description.
  3. The current directors whose terms are expiring in 2019 may also put their names forward for consideration. Board Chair, Bill Cooke, and director, Glenn Wong, have served four consecutive terms and will be retiring after the 2019 AGM.
  4. As a Federal Credit Union, the President and Chief Executive Officer will also be required to be elected to the Board in accordance with the Bank Act. Accordingly, the Nominations Committee will be recommending the Chief Executive Officer as the 11th member of the Board.

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 Federal Credit Union Rules (the “Rules”), be members in good standing as of noon, Tuesday, December 11, 2018, 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 also meet the requirements of Rule 16.12 and have significant experience in one or more of the areas identified in the 2019 Description.

  1. 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.
  2. 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 20, 2018 from 5:30pm to 7:30pm. This session is mandatory unless a waiver is provided in advance. We require all interested individuals to RSVP as the meeting will be held at our Help Headquarters, which restricts access after business hours.
  3. Candidates may be asked to attend an interview. 
    Short-listed candidates will be interviewed by the Nominations Committee and asked questions relating to the 2019 Description. Responses may be posted to our website to assist members with their assessment of candidates.
  4. Candidates’ names are finalized for the Directors Election.

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.

As a member/owner of Coast Capital Savings, you have a say in how the credit union is governed by nominating candidates and voting in our annual director election and on any resolutions proposed. An informed and engaged membership is the goal of every credit union and something that sets us apart from other financial institutions.
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