(MENAFN - GlobeNewsWire - Nasdaq) itemprop="articleBody">
SURREY, British Columbia, May17, 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 Bank Act 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.
About Coast Capital Savings
Coast Capital Savings is Canada's largest credit union by membership and B.C.'s first credit union to become a federal credit union. Owned by its 572,000 members, Coast Capital offers banking and investment services digitally and through its 52 branches in the Metro Vancouver, Fraser Valley, Okanagan, and Vancouver Island regions of British Columbia. An Imagine Canada Caring Company and a Certified B Corporation in recognition of its social performance, Coast Capital invests 10 per cent of its bottom line in youth focused community organizations, programs, partnerships and events. The credit union has been recognized as one of Canada's Most Admired Corporate Cultures™, and holds a Best Managed Companies Platinum Club designation. Coast Capital has a history of introducing innovative products to help their members achieve financial wellbeing including Canada's first free chequing account from a full-service financial institution and Help Extras®, enabling members to invest in their future. To learn more, visit coastcapitalsavings.com .
Coast Capital Savings