Skip to main content
Top of main content

Coast Capital’s history of supporting members and communities remains steadfast and strong.

Sustaining strong governance and remaining focused

Over the past 12 months, economic circumstances have proven challenging for many across Canada. As a purpose-driven organization, Coast Capital was well-positioned and able to help individuals, families, businesses and communities manage their finances and debt while preparing for the future.

Our Board has worked hard to support Coast Capital’s strategy to provide meaningful financial services to our members. This is balanced with helping our employees and the greater community weather the economic challenges that so many people and businesses are facing. By doing so, we can build better futures together.

Despite the challenges, remaining steadfast in delivering trusted financial advice, helpful products and services for members and businesses while staying true to our cooperative roots of supporting people and communities is what Coast Capital does best. We achieve this through strong governance and remaining focused on growing responsibly, delivering value to members and embedding purpose into our work.

We’re mobilizing to bring our purpose to life

Coast Capital is a purpose-driven organization with a focus on unlocking financial opportunities for people and businesses in Canada. You can read more about “Social Purpose” in this report and in our 2023 Public Accountability Statement to learn how it drives everything we do.

In 2023, we took several steps to mobilize our purpose including:

  • Reinvesting $6.2 million into organizations and programs via donations, partnerships, and other charitable giving. Since 2000, Coast Capital has reinvested more than $100 million in the communities we support.
  • Addressing the chronic shortage of skilled trades across British Columbia by funding Coast Capital Road to Red Seal, an educational support program that removes barriers faced by many trade students. Our $1 million investment supports skilled trades apprentices on their pathway to Trade Qualifications and Red Seal Endorsement.
  • Supporting employee volunteering. In 2023, 57 per cent of Coast Capital employees volunteered more than 15,000 hours in the community, demonstrating their strong personal commitment to the initiatives and causes they support.

Advancing a more inclusive future

As a federally regulated, member-owned financial institution and Certified B Corporation, Coast Capital is committed to high standards and best practices. This commitment has earned us a B Corp Best for the World recognition for upholding governance practices and democratic principles. While this is an important acknowledgement of our ongoing efforts, we continue to look for ways to do better.

We signed on to the 50-30 Challenge, an initiative by the Government of Canada to increase the representation of women and other equity-deserving groups on corporate boards and senior management. We also approved a Board Diversity Policy in 2023 that outlines our approach to diversity for our Board and builds on our commitment to building a better, more inclusive future. You can find the policy on our website.

Concluding a successful year

As I look back on the past 12 months, I’m grateful for the support and contributions of my Board colleagues. I’d like to welcome Lois Nahirney to our Board of Directors. Lois is an accomplished business leader with experience serving on numerous private, public, and non-profit boards. We look forward to working with Lois in the years ahead.

Thank you also to our President & CEO, Calvin MacInnis, and our management team for their dedication and leadership. Through challenging economic times, they’ve continued to execute brilliantly on Coast Capital’s vision and our purpose of unlocking financial opportunities that positively impact people and communities. I’d also like to thank our Coast Capital employees for putting our members first every day.

And to our nearly 600,000 members, thank you for your continued trust in Coast Capital. It is this trust that is the cornerstone of our credit union’s success.

As Board Chair, I look forward to the opportunities in 2024 to advance Coast Capital’s goals and help build a more equitable, inclusive, accessible, and thriving financial future for people and businesses in Canada.

 

Bob Armstrong
Chair, Board of Directors