Just announced at Coast Capital’s AGM on Tuesday night — the resolution to regain member control of director pay (which was opposed by the directors) passed with over 79% of the vote. Here are some links:
We want our co-ops back by Mark Latham.
We can all help solve global problems, by taking a stand for informed democracy in our local organizations — especially co-ops and credit unions. This month, members are voting at Mountain Equipment Co-op and Coast Capital Savings Credit Union. The issues at stake are crucial for ensuring the accountability of elected leaders to voters.
Coast Capital Savings Annual General Meeting highlighted member frustration as Chairman Bill Wellburn attempted to bring the Richmond, BC event to a close over the objections of members. The meeting was expected to be dramatic, and it lived up to its billing as the results of an earlier vote regarding who should decide Director Remuneration were finally announced.
The announcement that 79.7% of voting members supported the Special Resolution brought loud applause from the membership. The vote followed a campaign led by Coast Capital member Phil Embley, who placed newspaper ads and established a web site, coastcapitalcompensationwatch.com, to focus member awareness on the large increases in remuneration the Board of Directors had enjoyed since obtaining approval to set their own remuneration in 2007.
Voting members of Canada’s second largest credit union were overwhelmingly in favour of reviewing their board members’ pay, according to results released at its Annual General Meeting in Richmond Tuesday.
Over three quarters of Coast Capital’s 23,000 voting members wanted to review the compensation its 10 directors receive, after a grassroots campaign criticized its board for being paid $750,517 — more than double what competitor Vancity paid its board during the 2011-2012 fiscal year.