SURREY, BC, March 15, 2013 /CNW/ - Four incumbents on the Coast Capital
Savings board will fill vacant director seats by acclamation, with
their three-year tenures beginning April 30 after the credit union's
annual general meeting in Richmond.
The four directors are Doug Brownridge, Bill Cooke, Glenn Wong and
current board chair Bill Wellburn.
Christian Findlay, chair of the Coast Capital board's nominations
committee, said the credit union's rules require directors to be
elected by acclamation whenever the number of candidates who put their
names forward for election is the same as the number of vacancies on
"We always welcome director elections and the member dialogue,
engagement and new perspectives they can generate," Findlay said,
adding that seven out of 10 current directors have been newly elected
to the board in the last six years. "However, we are also very pleased
with the fact that we have four highly skilled and experienced
directors returning to the board this year."
As part of Coast Capital's director election process, the credit union
mailed out a call for nominations to members in October last year. This
included a Director Recruitment Description that outlined specific
personal attributes, diversity considerations, and skills and
experience the nominations committee was seeking in directors for the
2013 - 2016 term. Twenty-six members expressed interest and received
candidate information packages for the 2013 election, with only six
The committee, working with an independent governance consultant,
reviewed all nominations and determined that the four incumbents'
attributes best matched the requirements of the Director Recruitment
Description, demonstrating the strongest skills to oversee a complex
$14.6 billion financial institution.
The nominations committee advised each of the six candidates that four
individuals would be recommended to the membership. While
non-recommended candidates are welcome to stand for election, and many
have done so in six of the past seven years, this year all candidates
other than those identified by the committee chose to withdraw their
applications. This left only the four recommended incumbent directors
to fill the four positions.
"The four re-elected incumbents have already made strong contributions
to Coast Capital's current success and continuing to have their
expertise at the board table will be of great benefit to the
organization, our members and the communities we serve," Findlay said.
"Their knowledge and experience in risk management, organizational
transformation, technology, and board leadership, as well as their
committed engagement in the community, will contribute to Coast
Capital's ongoing leadership in the financial services industry."
Coast Capital reported strong financial results and customer growth in
2012, becoming the first credit union in Canada to surpass a milestone
of 500,000 members. The credit union also achieved a member
satisfaction score of 86.8 per cent; contributed $5.2 million to the
community; and passed on estimated savings of $38 million to members
through its popular free chequing account.
Coast Capital's director election process models the recommendations of
the Financial Institution Commission's task force on advancing credit
union governance. It is recognized as an industry best practice by the
Canadian Co-operative Association, which presented Coast Capital
Savings with its Innovations in Co-operative Governance Award for the
credit union's governance process and practices. The credit union's
nominations committee operates at arms-length from the board and works
with an external consultant on board governance throughout the director
elections process each year.
For more information on the four directors, see backgrounder.
Coast Capital Savings Credit Union is Canada's second largest credit
union with total assets under administration of $14.6 billion, 504,000
members and 50 branches in the Metro Vancouver, Fraser Valley, and
Vancouver Island regions of British Columbia. Product innovations
include Canada's first free chequing account from a full-service
financial institution and the country's most flexible mortgage product,
the You're the Boss™ Mortgage, which was named 2010 Mortgage of the
Year by canadianmortgagetrends.com. Coast Capital offers one of
Canada's 10 Most Admired Corporate Cultures™. It is a member of
Canada's Best Managed Companies Platinum Club and an Imagine Canada
Caring Company. To learn more, visit www.coastcapitalsavings.com.
Mr. Brownridge is a senior executive and entrepreneur with extensive
experience from global technology and consumer organizations. He is a
graduate of the University of Toronto, President of Sherpaquest
Consulting Ltd. and Co-owner and COO of It's Just Lunch Canada. Mr.
Brownridge has held strategic executive leadership positions at ACL,
Intrawest, PMC-Sierra, Motorola, Rogers Wireless and Cadbury. He began
his career in brand management at Procter & Gamble. Mr. Brownridge also
brings extensive governance experience from serving on boards including
Citizens Bank of Canada, BC Integrated Technology Initiative, BC
Technology Industry Association and the Global Chief Marketing Officer
Council. His community service has included serving on the board of
Science Fair Foundation BC and providing mentoring support to high
school students from across Canada participating in the Shad Valley
Program. Mr. Brownridge holds his ICD.D designation from the Institute
of Corporate Directors and has served on the Board of Coast Capital
since 2010. He brings broad experience in developing innovative
business strategies and implementing complex technology to the Coast
Mr. Cooke retired in 2006 as CEO of MD Private Trust Company, a
national, member-based investment and wealth management firm. Mr. Cooke
has held senior management positions in public companies, financial
institutions and provincial government. He is chair of the finance,
audit and risk review committee for the board of governors of Okanagan
College. He previously served on the board and chaired the human
resources committee of Guide Exploration (TSX), chaired the audit
committees of Galleon Energy and Magin Energy and was lead director of
Galleon. He has an MBA and a BA from the University of Saskatchewan,
and a Bachelor of Social Work from the University of Regina. His
community involvement includes serving as an Emergency Medical First
Responder on the North Shuswap. Mr. Cooke holds his ICD.D designation
from the Institute of Corporate Directors and brings leadership, risk
management, business acumen and broad governance experience to the
Coast Capital Board.
Mr. Wellburn is a graduate of the University of Victoria, a Chartered
Accountant and a businessman committed to embracing and leading change
that makes a difference. He is a Chartered Director (C.Dir.) with
specialized knowledge in corporate governance and accountability. He is
a Fellow of the Institute of Chartered Accountants of British Columbia
and recipient of the Distinguished Service Award from the Credit Union
Foundation of British Columbia in recognition of his contribution to
the BC credit union system. He brings strong leadership, team building
and communication skills to the Coast Capital Board. Mr. Wellburn's
community service includes serving as a director of the Victoria
Business Improvement Association, Chair of the Queen Alexandra
Foundation for Children and Chair of the Provincial Capital Commission.
He currently serves as the Chair of the Greater Victoria Harbour
Mr. Wong is founder of the strategy consulting company, Catalyst
Solutions Ltd., received his BCom from the University of British Columbia and is a certified corporate
director. Mr. Wong has served as President/CEO of several companies
including Electronic Arts Canada, Rogers Cable TV BC and BC Hot House.
His extensive community involvement includes serving as a board member
of the Canadian Media Fund and EComm 911. His past service includes
being Vice Chair of the Vancouver Police Board as well as the boards of
the BC Cancer Foundation, S.U.C.C.E.S.S. (immigrant social services),
ICBC and UBC's Sauder School of Business Faculty Advisory Board. Mr.
Wong is a two-time winner of the American Marketing Association BC
Chapter Marketer of the Year Award. He holds his ICD.D designation from
the Institute of Corporate Directors and adds breadth to the Board with
his extensive executive leadership experience with high-growth and
large scale companies.
SOURCE: Coast Capital Savings Credit Union
For further information:
Divine Agodzo, Manager, Media Relations, Coast Capital Savings