More staff at the Australian Olympic Committee are taking voluntary pay cuts due to the ongoing financial uncertainty caused by the Covid-19 pandemic.
Following the 20-per-cent pay cut to consulting fees announced by Australian Olympic Committee (AOC) president John Coates, chief executive Matt Carroll and all seven members of the senior management team have volunteered 20-per-cent pay cuts to their base salaries.
The move is in response to the ongoing financial pressure on the AOC position caused by the Covid-19 pandemic and will take affect from May 1.
Carroll’s base salary was to be A$506,675 (€296,218/$321,807) plus superannuation. It will now be A$439,117. He will retain a bonus of A$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 combined base salaries of A$1.71m plus superannuation. They will now receive A$1.5m 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.