B.C. credit unions release CEO compensation information

Vancity, in full support of new FICOM regulations that promote operational transparency, shares CEO compensation.

Beginning in 2015, Vancity and most other BC credit unions are providing more information about their CEO salary and compensation. Vancity fully supports this initiative as it aligns with our commitment to being transparent with our members.

By providing this information, we are also meeting the guidelines recently released by the Financial Institutions Commission, the provincial government’s regulatory agency for credit unions.

As you will see, our CEO Tamara Vrooman receives a significant salary, which makes sense since she is entrusted with significant responsibilities. After all, she is the head of Canada’s largest community credit union, with $18.6 billion in assets ($22.4 billion when assets under administration are included) and more than 500,000 members who place their trust in us every day.

Our values-based business model sets us apart from other Canadian financial institutions. Ms. Vrooman is overseeing our unique business model and she is delivering results. Under her leadership, Vancity is attracting more members than ever, our balance sheet is growing and we’re helping to build strong, healthy communities.

When reviewing CEO compensation, it’s important to understand the context in which compensation is determined. That’s why Central 1 – the primary liquidity manager, payments provider and trade association for credit unions in B.C. and Ontario – recently commissioned a report which found that credit union CEOs are compensated substantially below similar positions in the financial sector and other BC businesses.

Vancity’s CEO compensation package is approved by the Board, based on comparison to a peer group. This peer group is carefully selected through a review by both the Board and the Board’s independent advisors. As a result, Vancity’s CEO compensation is in line with other credit union CEOs once size and scope of the role are taken into account.

About Vancity

Vancity is a values-based financial co-operative serving the needs of its 570,000 member-owners and their communities, with offices and more than 50 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the territories of the Coast Salish and Kwakwaka'wakw people. With $35.5 billion in assets plus assets under administration, Vancity is Canada's largest credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.