Following the 20% pay cut announced by AOC President, John Coates to his consulting fees as a consequence of the impact of COVID-19 on the AOC’s short term financial position, CEO Matt Carroll and all seven members of the Senior Management Team have volunteered 20% pay cuts to their base salaries, effective from 1 May, 2020.
In the case of Matt Carroll, his base salary was to be $506,675 plus superannuation. It will now be $439,117. He will retain a bonus of $37,500 received for his performance in 2019 but will receive no further bonuses this year.
The seven members of the Senior Management Team were to receive total base salaries of $1,707,028 plus superannuation. They will now receive $1,499,369 plus superannuation.
In 2019 the AOC Executive initiated a remuneration scheme for the Senior Management Team (excluding the CEO) that in return for forgoing base salary increases in 2019 and 2020, provided for awarding bonuses based on performance and retention.
For their performance in 2019 and retention in 2020, the Senior Management Team total bonus pool was $350,000. The senior managers have volunteered to defer 50% of this payment until 2022. They will receive no further bonuses this year, or next year.
The AOC Culture, Remuneration and Nominations Committee will determine Executive and Senior Management Team remuneration for 2021 before the end of this year.
AOC President, John Coates thanked Matt Carroll and the seven members of the Senior Management Team for volunteering these cuts.
"These cuts, and net savings arising from the postponement of the Tokyo 2020 Olympic Games to 2021, will ensure the AOC balances its books for both 2020 and the four-year cycle ending 31 December 2020."
"The AOC, through prudent financial management over the years and now these contributions by our CEO and his Management Team, is able to continue to fund our Olympic and other teams and provide direct assistance to athletes, while retaining our long held independence, including financial independence, from Government.
"This is particularly critical in these challenging times as Government looks to support so many Australians of all ages and not-for-profit community and other sports bodies who are doing it tough," Mr Coates concluded.
John Coates AC
President 16 April, 2020
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