2016: Another year of non-democracy

I have finally got around to posting the video of theĀ 2016 annual general meeting back on May 5. The Members’ Open Forum at the end of the meeting is the time allocated for the members to voice their concerns on any topic. As with previous years, the Board does not include this part of the meeting in the official video release of the meeting. The only reason you can view that part of the meeting here is that I recorded it from the live webcast.

The Board has asked the staff to produce an official report on national expansion of the credit union (i.e., changing to the federal credit union). This issue could be put to a vote by the membership as soon as the 2017 AGM. There was no substantial discussion of this issue the meeting. The Board wants any changes to be right for the members, but you’ll notice that they always speak of the members as customers/users of the credit union. They never say that the change to a federal credit union should be right for the members from a governance point of view.

The CEO Don Coulter’s 2015 compensation was disclosed this year (on page 85 of the 2016 Annual Report): $780,760.

Interestingly, it seems the previous CEO Tracy Redies, who left abruptly in 2014, received something in the neighbourhood of $2 million in severance. This could represent 24 month’s worth of remuneration. Coast Capital’s termination costs were $2 million in 2014, compared to $225,000 in 2015, $0 in 2013, and $53,000 is 2012. We can surmise that Redies’ severance was the reason for the large difference. (See page 71 of the 2016 Annual Report for a list of termination costs; page 96 for a description of the CEO’s severance benefits.)

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