Coast Capital Savings Credit Union

Coast Capital Savings Credit Union

March 15, 2010 14:26 ET

Four Directors to Fill Board Vacancies at Coast Capital Savings

SURREY, BRITISH COLUMBIA--(Marketwire - March 15, 2010) - Three incumbents and one new director with backgrounds ranging from accounting and wealth management to marketing and technology, will be elected by acclamation to Coast Capital Savings' board of directors.

Bill Wellburn, Glenn Wong, Bill Cooke, and newcomer Doug Brownridge, all nominated by the membership and recommended by the nominations committee and an independent consultant, will join the board following the credit union's annual general meeting in April. 

"The credit union's rules stipulate that when we have the same number of candidates as board vacancies, these positions will be filled by acclamation," said Doug Stone, chair of the nominations committee. "Although this year's circumstances led to an acclamation, director elections will continue to remain an integral part of Coast Capital's governance process."

Wellburn, a recipient of the Distinguished Service Award from the Credit Union Foundation of B.C., currently chairs Coast Capital's board. He has a professional background in accounting and more than 30 years of governance experience in a wide range of business and non-profit sectors. He also serves as the board chair of the Provincial Capital Commission. Wong's experience includes leading major companies like Electronic Arts Canada and BC Hot House, as well as serving on the boards of the BC Cancer Foundation, the Vancouver Police Board, and formerly on the board of S.U.C.C.E.S.S. He is also a two-time winner of the Marketer of the Year Award from the BC chapter of the American Marketing Association.

Cooke retired as CEO of a national, member-based investment and wealth management firm and has held senior management positions in public companies, financial institutions, and provincial government. He is on the board of two TSX-listed companies and is chair of the finance committee of Okanagan College's board of governors. Incoming director Brownridge, on the other hand, has an extensive background working in various technology and consumer organizations and brings critical competencies in the area of technology and marketing to the Coast Capital Savings board.

Currently serving as global vice president, marketing with ACL Services, a world leader in supplying technology for audit and compliance processes, Brownridge has extensive past experience in executive leadership positions at Intrawest ULC, PMC-Sierra, Motorola, Rogers Wireless, and Cadbury. His governance experience includes serving on the boards of Citizens Bank, BC Integrated Technology Initiative, BC Technology Industry Association, BC Science Fair Foundation, and the Global Chief Marketing Officer Council.

Coast Capital's nominations and election process is a best practice recognized by both the Canadian Co-Operative Association and World Council of Credit Unions. In keeping with its governance process, Coast Capital invites nominations from its membership, conducts extensive briefings with all candidates, and in partnership with an independent governance consultant, recommends candidates, who possess the identified skill sets and background required to strengthen its board. Where the number of nominated candidates is in excess of the vacancies to be filled on the board of directors an election is held, allowing the credit union membership to cast a ballot for candidates of their choosing.

"The recruitment, nominations and election processes we have adopted at Coast Capital has led to more informed decision making by potential candidates and our members that has ultimately strengthened the board," said Stone. "Thanks to these proven processes, Coast Capital has developed a very high calibre board with individuals possessing the breadth and depth of industry and business knowledge essential to govern Canada's fastest growing credit union."

Coast Capital Savings' 2010 AGM will take place on Wednesday, April 28 at 5 p.m. at the River Rock Casino Resort in Richmond.

Coast Capital Savings is Canada's second largest credit union with total assets under administration of $12.9 billion, more than 425,000 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 a high-interest, no-fee savings account. Named as one of Canada's 50 Best Employers and 50 Best Managed Companies, Coast Capital Savings is designated a Caring Company by Imagine Canada. To learn more, visit www.coastcapitalsavings.com.

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