Will #FICOMBC support @Vancity Credit Union board entrenchment? #democracy

Today I submitted this letter to the B.C. Financial Institutions Commission (FICOM), with my comments on their draft Governance Guideline for Credit Unions. Main points:

Accountability requires competition in board elections.
=> So boards should not be able to disqualify competitors based on subjective assessments.

Lack of accountability opens the door to corruption.
=> Only competitive elections can prevent favouritism in the use of members' funds.

Board control of information can bias elections.
=> Boards should not be allowed to put their recommendations on board election ballots.
=> Without that, Vancity members would have elected Lisa Barrett instead of Allen Garr.

Please don't let the foxes design the hen house.
=> The public interest should take precedence over lobbying by credit union insiders.

Will next week's B.C. election have any effect on FICOM's final Governance Guideline? Just asking...

Reports on member rebellion @Coast_Capital AGM

At the Coast Capital Savings Credit Union's Annual General Meeting of members on April 30, it was announced that members had voted over 79% to take back control of directors' pay. The board had recommended voting "NO", so members have learned to be skeptical of board recommendations. Two recent write-ups on this:

- Press release from the proponent (Coast Capital Compensation Watch)

- Vancouver Sun article

For background and context:

- My article in the Vancouver Observer: We want our co-ops back

- Posts on Coast Capital in this blog