Director Remuneration
About Coast Capital Savings Director Remuneration
It is important we attract and retain Directors with appropriate business experience, skills, and expertise to provide the oversight required to help Coast Capital Savings achieve current and future goals.
As a credit union, we know it is important for members to have a say, and Director remuneration at Coast Capital Savings is set in accordance with a member-approved Guiding Principles (below) which includes a requirement for a biennial review of compensation by an independent consultant.
Any recommendations to change Director remuneration is required to be put forward as a resolution to the membership. The resolution is voted on by members, usually as part of the Directors election process.
Annual retainers are prorated to reflect actual dates of service of the Board Chair, individual Directors and Committee Chairs. Meeting fees are paid for Directors’ attendance at Board meetings, strategy sessions, committee meetings for which the Director is a member and other designated meetings or events deemed eligible for payment by the Board or the Board Chair. Additionally, the credit union is required by law to pay matching Canada Pension Plan contributions on federally regulated pensionable earnings. Directors do not receive discounts or preferred rates on products and services offered by the credit union.
Approved Director Remuneration as at April 25, 2024
| Annual Board Chair Retainer | $85,000 |
|---|---|
| Annual Board Member Retainer (*not applicable to Board Chair) | $50,000 |
| Audit & Finance Committee Chair Retainer | $15,000 |
| Risk Review Committee Chair Retainer | $15,000 |
| Human Resources Committee Chair Retainer | $10,000 |
| Governance & Nominations Committee Chair Retainer | $10,000 |
| Vice Chair Retainer | $10,000 |
| Board and Committee Meeting Fee | $1,000 |
Member Approved Guiding Principles on Director Remuneration
Guiding Principles on Director Remuneration were approved by Special Resolution of the members of Coast Capital on April 28, 2022.
Guiding Principles on Director Remuneration
- Coast Capital Savings Federal Credit Union believes that better Boards produce better results for members. Independent, dedicated and highly competent Directors devote considerable time and energy to oversee the organization and its strategy. To attract and retain Directors with the necessary business experience, skills and commitment to cooperative values, we need to compensate them commensurate with the level of risk, expertise, and oversight required by our federal regulators.
- Director remuneration should be set at market comparable levels, be easily understood and recognize different workloads for different director roles.
- Director remuneration should take into account our purpose, vision and mission.
- Director remuneration should be reviewed every two years and developed with a consistent and objective process and supported by appropriate independent advice.
- Increases to remuneration will be approved by the members and actual remuneration paid will be disclosed on an annual basis.