A member revolt over directors’ pay at Coast Capital Savings Credit Union that started with last year’s elections for the member-governed financial institution is continuing through this year’s ballot.
An opposition group is seeking to overturn a board remuneration formula set by a member vote in 2007 that saw its chairman’s pay rise to as high as $178,000 in 2009 from $33,200 in 2006.
The board did reduce the base pay of directors by 18 per cent in 2013 and struck a member-based committee to review its formula for determining directors’ pay following a vote that was 80-per-cent in favour of giving members power over director compensation.
Derrick Penner – Vancouver Sun – April 6, 2014.
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