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Seeking Qualified Candidates for our Board of Directors

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Seeking Qualified Candidates

Coast Capital is recruiting qualified candidates to run for four positions in the 2025 Board of Directors election. The Chief Executive Officer will also be on the ballot as his term as a director is also expiring.  Members wishing to put their name forward for consideration and be voted upon by the membership are encouraged to read the details and nomination process outlined below.

Why do we need an effective board?

Your Coast Capital Savings Federal Credit Union (Coast Capital) Board of Directors (the board) is elected by you, the members. They are held accountable by law to act in the best interests of Coast Capital and oversee the processes required to ensure the safety of your money and your credit union.

Increased regulatory compliance within the financial services industry, along with a rapidly changing and competitive financial environment, has increased the need for an experienced board of dedicated and qualified individuals. As a federal credit union regulated under the Bank Act and by the Office of the Superintendent of Financial Institutions, your board must collectively have the essential skills and expertise to successfully govern a financial institution with $21.7 billion in assets.

We look for leaders who share Coast Capital’s values, have strong business skills and relevant executive and board experience, and reflect the diversity of our membership.

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.

What’s the board’s job?

The board oversees the senior management of Coast Capital by approving the strategic direction of the credit union, setting key performance goals and metrics and holding the CEO 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, future opportunities, and strategies.
  • Engages with and reports to our members, our regulator, and other stakeholders.

What’s my role in governance?

As a member of Coast Capital, you have a say in how your credit union is governed by nominating candidates and voting in our annual directors election and on any proposed resolutions.

The Nominations Process

Following the Annual General Meeting (AGM) each year, the board establishes a Governance & Nominations Committee with directors who are not seeking re-election in the upcoming election. This year’s Governance & Nominations Committee is chaired by Valerie Lambert and includes Sue Dujmovic, Nancy McKenzie, and Andrew Petter. The Governance & 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 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.
  • Identifies and recommends to the membership those candidates who best align with the ideal director candidate 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.

How many positions are available?

Terms for four independent directors and the term of the CEO (non-independent director) expire at the 2025 Annual General Meeting.

The Governance & Nominations Committee is now seeking and recruiting qualified candidates for the upcoming year. Elected positions are for three-year terms, beginning at the end of the 2025 AGM and ending at the 2028 AGM. The board has a policy that directors may serve a maximum of four consecutive three-year terms (twelve years).

The AGM will be held Thursday, April 24, 2025. The 2025 directors’ election results will be publicly announced at the AGM, posted on the Coast Capital website, and elected individuals will commence their three-year terms as directors at the conclusion of the AGM.

2025 IDEAL CANDIDATE DESCRIPTION (2024/2025)

Coast Capital is part of a community of leaders who are setting the standard for making positive social contributions by balancing profits with purpose.

SKILLS

The board is seeking senior leadership experience in four specific areas for the upcoming year:

  1. Technology – Executive leadership or oversight of the strategic use and governance of enterprise-wide technology systems, client-based digital infrastructure, cybersecurity strategy, and artificial intelligence. Knowledge and experience in the use of technology to successfully create and implement new business models, innovation, disruption, and more efficient and effective business transformation.
  2. Marketing/Branding/Retail Sales – Experience in marketing and branding on a national basis, including retail products, using a digital strategy, and/or experience in developing and managing a sales culture in an organization similar in complexity to Coast Capital.
  3. M&A/Partnerships – Transaction experience in both pre-M&A /Partnership discussions and execution and post M&A/Partnership integration.
  4. Financial Management/Audit/Treasury – Has a recognized financial designation or degree with deep experience in corporate financial management (including financial performance management, capital budgeting, capital management, capital markets, treasury, wholesale funding) and/or accounting, audit and internal control matters, with respect to companies similar in complexity to Coast Capital.

It is not expected that an individual would have expertise in each of the above skills but rather focused experience in at least one area.

DIVERSITY

Coast Capital Savings’ is committed to building a better, more inclusive future. This includes our journey towards reconciliation and becoming an anti-racist organization. We are a participating organization in the Canada 50-30 Challenge, in recognition that those who identify as Indigenous, Black, and People of Colour; women; LGBTQ2S+; and people with disabilities are under represented in positions of economic influence and leadership, including on corporate boards. Our board aims to reflect the communities we serve, ensuring representation and inclusion of people from different backgrounds and experiences, while considering different diversity dimensions such as gender, age, geography, disability, race, sexual orientation and gender identity or expression as well as the impacts of intersectionality.

During the election cycle we will continue to work to ensure that we have the diversity that enables us to best serve our membership.

CANDIDATE ATTRIBUTES

Attributes for consideration that are specific to Coast Capital include:

  • Financially literate with the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised in Coast Capital’s financial statements.
  • Able to balance a “For Purpose” approach with a profit discipline.
  • Agile strategic thinker and learner, with high tolerance for ambiguity and changing business dynamics.
  • Decisive amidst uncertainty, balancing risks and possibilities.
  • Able to create trusting, empowering relationships with board colleagues and management and demonstrate care and concern for board colleagues, management, employees, members, and community.
  • Ability to create or participate in an environment that facilitates courageous dialogue while ensuring that individuals are treated with respect.

In addition, alignment with Coast Capital’s defined purpose, vision, mission and strategic imperatives is fundamental.

Our Purpose

Building Better Futures Together.
Our purpose underscores our commitment to banking with Impact , and our commitment to our members, communities, and society.

Our Vision

Unlock financial opportunities that positively impact people and communities.
Our vision speaks to the doors we want to open for our members, partners, employees and communities and highlights one of our foundational differences as a Certified B-Corp®.

Our Mission

We are a next-generation cooperative committed to improving the financial potential of every person, partner, and community we impact so that they can achieve their better future.
Our mission speaks to our drive for innovation, the specific role we play as a credit union, and the impact we wish to create beyond our members.

Our Strategic Imperatives

Act as a practical framework and guiding policy for coordinated actions across the organization. They inform our decisions and shape our behaviours.
Grow Responsibly
  • By improving each and everyone’s financial well-being
  • By encouraging action and having fun along the way
  • By going where no one else has gone before
Making Membership Meaningful
  • By listening and taking the time to get to know each other
  • By collaborating as a team
  • By valuing and celebrating our diversity
Embracing Social Purpose
  • By having honest conversations and learning from our mistakes
  • By embracing change and challenging the status quo
  • By not being afraid to take the right risks
Uniting as One Coast
  • By removing barriers and making the complex simple
  • By being decisive in our choices
  • By taking on challenges one step at a time
Expanding our Ecosystem
  • By getting things done
  • By raising the bar on our previous results and setting new and bigger goals
  • By sticking to our word and leading by example

It is also expected that potential candidates are familiar with the key regulatory environment of a federally regulated financial institution including:

  • Office of the Superintendent of Financial Institutions Corporate Governance Guidelines
  • Financial Consumer Agency of Canada
  • The Financial Transactions and Reports Analysis Centre of Canada
  • The Personal Information Protection and Electronic Documents Act

How are Candidates Nominated?

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.

  1. Eligible members can submit their completed candidate nomination form, along with the confirmation of three nominators (who must also be members in good standing of Coast Capital).
  2. The Governance & Nominations Committee actively seeks out qualified candidates who align with the 2025 ideal director candidate description, who will also complete the same process as any members who wish to be candidates.
  3. All four of the current independent directors* whose terms are expiring in 2025 may also put their names forward for consideration.

*President & Chief Executive Officer and non-independent Director, Calvin MacInnis’ director term also expires in 2025 and he will be on the ballot as required by the Bank Act.

Candidates must by 12:00pm PT/3:00pm ET, Friday, November 29, 2024:

  • Meet the requirements set out in Rule 15 of the Coast Capital Savings Federal Credit Union Rules (the “Rules”).
  • Be members in good standing,
  • Register to receive their Candidate Nomination Form and complete it electronically.
  • Ensure that each of their three nominators completes and submits their Nominator Form endorsing the candidate.
  • Register for and view the mandatory Candidate Information Session.

To be considered for recommendation by the Governance & Nominations Committee, candidates should also meet the requirements of Rule 16.6 and have significant experience in one or more of the areas identified in the 2025 ideal candidate description,  Rule 16.6 states:

In order to be recommended by the Nominations Committee, a nominee for election or appointment as a director must have any of the following qualifications:

  1. experience as a board member or senior executive or management with:
    1. a business in the financial services or real estate sector, including a financial institution;
    2. a significant not-for profit organization having province or nation-wide operations;
    3. a business of such complexity that would allow the director to have a good understanding of the business of the Credit Union;
    4. a crown corporation;
    5. a public corporation; or
  2. any experience which in the sole discretion of the Governance & Nominations Committee is equivalent to the experience listed in Rule 6(a)(i) through (v) above.

The Governance & Nominations Committee shall have the sole discretion to  determine whether or not a candidate's experience fits within this Rule 16.6.

* More detailed information about the 2025 ideal director candidate description, required skills, and qualifications is included in the information package provided to all interested potential candidates.

The Application Process

  1. Read the candidate information package.
    Qualified individuals are asked to consider the responsibilities, skills, and time commitment required to effectively fulfill a director role before submitting their information.

  2. Mandatory candidate information session video
    The rules require that interested candidates attend a candidate information session (or receive a waiver from the Governance & Nominations Committee), which is available through a web-based link to a video. The estimated duration for the candidate information session video is 15 minutes which includes time for viewing and the completion of three questions confirming your understanding of the content of the video. When registering for the candidate information session you will be asked for your name and email address. The link to access the candidate information session video will be emailed to interested individuals upon registering.

    Register to view the mandatory candidate information session video.

  3. Live Q&A Session
    For those who have completed the mandatory candidate information session, you may participate in the optional Live Q&A Session, which will be hosted virtually by the Governance & Nominations Committee members. This is an opportunity for interested candidates to ask questions and engage the members of the Governance & Nominations Committee.

    The session will take place on Wednesday, November 20, 2024 from 4:00 pm to 5:00 pm PT/7:00pm to 8:00pm ET. Please note that attending this Q&A session is optional and there is no requirement for a candidate to participate. Please be advised that for those who choose to participate, in our commitment to mitigate unconscious bias, the names and videos of attendees will be concealed.

    Register for the live Q&A session.

  4. Candidate nomination form and nominators
    Complete and submit an online candidate nomination form, and ensure your  declared nominators complete their online nominator forms, by Friday, November 29, 2024, 12:00 pm (noon) PT/3:00 pm ET. You are solely responsible for all documentation being submitted on time.

    Register to receive access to the candidate nomination form. Once you submit your candidate nomination form, your nominators will be emailed a link to complete the nominator form.

  5. Candidates may be asked to attend an interview.
    Short-listed candidates will be interviewed by the Governance & Nominations Committee and asked questions relating to the 2025 ideal candidate description.

  6. Candidates’ names are finalized for the directors.

The 2025 Directors Election

In March 2025, the Governance & Nominations Committee will mail an election package and notify members that the election package is also available on our website, including profiles for all candidates standing for election. Eligible voters must be members in good standing, at least 18 years old, and hold the required $5 membership shares as of February 22, 2025. Advanced voting in the election will run from March 31 - April 18, 2025.

Important Dates

Seeking Qualified Candidates Period
October 18 – November 29, 2024 @ 12:00pm (noon) PT/ 3:00pm ET

Candidate Information Session
Available online between October 18 – November 29, 2024 @ 12:00pm (noon) PT/ 3:00pm ET

Director Nominations Deadline for Submissions
November 29, 2024 at 12:00pm (noon) PT/ 3:00pm ET

Interviews for Short-listed Candidates
January 14 and 15, 2025

Candidates Confirm Intention to Stand for the 2025 Directors Election
January 23, 2025

Directors Election Period
March 31 - April 18, 2025

Annual General Meeting
April 24, 2025

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