After witnessing everyone contributing their possible share for the Corona Virus outbreak, Australian Olympic Committee president John Coates has come forward with one new resolution. In an interview, he announced that he has taken a 20% cut his consulting fees due to coronavirus.
According to the sources, Coates usually would charge A$594,000($36,000) for 2020 but after his decision, he would take only A$457,600.
“I have taken this decision as a consequence of the COVID-19 health and financial the crisis confronting all sectors of Australian society and from which the AOC is not immune”.
“However, indications are that the impact if the COVID -19 the inspired financial crisis will see the foundation return to it 31 December 2018 asset base in the short term, if not already, and in receipt of significantly reduced returns as companies underperform and suspend dividends”.
“This is a snap overview of the challenged the AOC faces”.
“While we are in a comparatively strong financial position for a not-for-profit sports organization, these are nevertheless uncertain times and from which the AOC and Foundation are not immune,” Coates says.
Similar to this instance, Coates, back in 2018 also trimmed his fees following a challenge to his presidency the previous year from Olympic hockey gold medallist Danni Roche.
Much of Roche’s losing campaign had focused on Coates’s pay and she had pledged to cut the AOC’s administration costs and divert funds to Australian sports.
But Coates who is famed in global sport and his designations of the chairman of the International Olympic Committee’s Coordination Commission for Tokyo Games told the AOC would declare a surplus of A$5.44 million for 2019 in its annual report later this month.
The AOC’s foundation which prepares Australia’s athletes to battle at the Olympics amplified to A$171.42 million in 2019 from A$150.88 million.