Coast Capital Savings Credit Union

Coast Capital Savings Credit Union

July 07, 2008 14:18 ET

Coast Capital Savings Receives National Governance Award

SURREY, BRITISH COLUMBIA--(Marketwire - July 7, 2008) - Coast Capital Savings has been honoured with the Canadian Co-operative Association (CCA) Innovations in Co-operative Governance Award.

The acknowledgement recognizes Coast Capital Savings for its strong governance practices and innovations, providing a model from which other credit unions and co-operatives may learn.

"The CCA award recognizes our innovation and desire to engage in best practices, and shares our ideas with other organizations seeking to build a solid foundation of corporate governance," said Bob Garnett, Vice Chair of Coast Capital's Board of Directors. "Coast Capital Savings' Board is committed to strengthening its governance through processes that are purpose-driven, transparent, and align with our credit union's democratic values. Our goal is to ensure our Board is comprised of skilled and effective directors to lead our vision to become a national financial services provider."

Specifically, the credit union was recognized for the work its Board Governance and Nominations committees do with respect to selecting and recruiting potential Directors who possess the right blend of skills, knowledge, attitude, and commitment. The judges acknowledged the value of recommending well-qualified individuals for election to the Board, as well as staff's role in explaining the election process to members.

CCA President Dave Sitaram said the Awards allow the co-operative movement to showcase the best in terms of governance practices.

"Over the years, CCA has built a reputation for providing content-rich materials relating to corporate and co-operative governance," Sitaram said. "It has consistently raised the bar in terms of the system's understanding and knowledge of the latest thinking and activities relating to governance and the role of the board and directors."

The CCA represents more than nine million co-operative and credit union members from over 2,000 organizations nationwide.

Coast Capital Savings is Canada's second largest credit union with total assets under administration of $11.9 billion, 380,000 members and 51 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia. Product innovations from Coast Capital Savings include Canada's first free chequing account from a full-service financial institution and the first business account in the country to offer unlimited transactions for a flat fee. The credit union is the recipient of the Canadian Co-operative Association Innovations in Co-operative Governance Award, is one of Canada's 50 Best Managed Companies and is designated a Caring Company by Imagine Canada. To learn more, visit

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