World News: 20:55 GMT Friday 17th May 2019. [Coast Capital Savings Credit Union via Globe Newswire via SPi World News]
SURREY, British Columbia, May 17, 2019 (GLOBE NEWSWIRE) -- Following its annual board of directors election, Coast Capital Savings members re-elected incumbents Bob Armstrong and Frank Leonard along with newcomers, Charlotte Burke, Frances Fiorillo and Calvin MacInnis. Two special resolutions were also passed in the 2019 member election.
In the 2019 election, a total of 16,862 valid ballots were cast. The five candidates chosen for the board of directors were elected for three-year terms and each received more than14,000 votes.
“This year’s successful candidates are exceptional people,” said Nominations Committee Chair, Mary Jordan. “Each brings a depth of experience and skill to the table that will continue to add great value to the governance of Coast Capital Savings as the credit union enters into a very exciting chapter as one of the country’s first and largest federal credit unions. I personally want to welcome back Bob and Frank for another term, and look forward to the contributions of our newly elected board members.”
This year, Coast Capital Savings was looking for directors with significant senior or board leadership experience, specifically in the areas of financial services, technology and human resources.
In addition, as a federal credit union, Coast Capital Savings is regulated under the which requires that the President and CEO must be selected by the board of directors from members of the Board. As such, Coast Capital’s President and CEO, Calvin MacInnis was included on the 2019 ballot and successfully elected. MacInnis has an outstanding track record as a leader in the financial service sector and brings his tactical experience in launching and leading large national organizations to the credit union as it expands beyond provincial borders.
The 2019 election also asked members to vote on two special resolutions. Coast Capital’s membership approved the addition of a rule to add a formula for determining the value of membership shares. A technical change only, the change does not impact the issue price or redemption price of membership shares. The second special resolution asked members for approval to amend the Credit Union Rules outlining how annual financial statements are distributed. The amended rule now allows the credit union to share statements electronically furthering the credit union’s corporate sustainability commitment.
Media Contact:Coast Capital Savings604.836.6924
Globe Newswire: 20:55 GMT Friday 17th May 2019
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