We would like to respond to a recent letter from Mr. Frank Bucholtz dated April 11, 2021. We would like to offer some clarification. We have also reached out directly to Mr. Bucholtz to have a more in-depth conversation.
As Mr. Bucholtz’s letter noted, Coast Capital is holding its annual board of directors’ election and has also proposed certain changes to our credit union rules. Contrary to Mr. Bucholtz’s assertion, the proposed changes to our credit union rules do not in any way change the right of a member in good standing to be eligible to run for a position on the board of directors.
The specific change that Mr. Bucholtz points to in his letter has been recommended for added clarity only. It is proposed that two current sections (s.15.2 and s. 15.3) of the credit union rules be combined to form a new, more detailed section 15.2 that outlines the eligibility of those wishing to stand for a Coast Capital board of directors’ position. Again, we want to be clear – this does not in any way change the right of a member in good standing to be eligible to run for a position on the board. Members wishing to read the proposed amendments in detail can visit our website.
As a member-owned financial cooperative, Coast Capital has a rich 80-year history of building better futures for our employees, members and the communities we serve. Our members are at the centre of everything we do and play a pivotal role in shaping our credit union. We are pleased to see our members engaging in this process and welcome the opportunity to discuss the governance of our organization and the rule changes that are currently with our members for consideration.
I will close by assuring our members and our communities that Coast Capital remains a member-centric financial cooperative driven by purpose and a commitment to positively impacting our members, employees and communities.
Frank Leonard, Coast Capital board of directors and chair, governance & nomination committee
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