Equestrian Canada (EC) would like to notify the community of operational changes undertaken in response to the financial impacts of the coronavirus (COVID-19) pandemic.
In financial forecasts for the remainder of 2020, EC projects a reduction in gross revenue of up to 45%, representing a loss of $3.3M.
In mid-March, EC proactively took action to reduce expenses in light of this anticipated loss, including instituting freezes on:
- Travel;
- Expenses;
- Salary increases; and,
- Hiring to fill vacant positions, as well as new positions planned as part of the company’s reorganization plan.
Additionally, EC has taken full advantage of the government relief programs available at this time, including the Canada Emergency Wage Subsidy, Sport Support Program and supplemental funding for translation requirements through the Canadian Olympic Committee. While extremely vital and valuable, the support from these programs has not been sufficient to prevent a significant reduction in operational expenses.
Therefore, the following changes have been put into effect.
Reduction in Employee Hours
Effective June 22, 2020, all EC employees will move to a four day (30 hour) work week with a corresponding 20% reduction in compensation. The EC office will be closed every Friday starting June 26, 2020, until further notice.
All standing EC contract agreements will also be reduced accordingly.
Employee health and welfare is a top priority of EC. While this was a difficult decision with subsequent ramifications on EC’s service capacity, this reduction of employee hours offers the best option to avoid employment disruption, reduce the average financial impact on staff and maintain the provision of essential services to our stakeholders and community at large.
The senior management team will continue to monitor EC’s financial position and seek further options for financial support with the aim of returning to full-time hours as soon as financially viable.
Extension of Yves Hamelin’s Contract as Interim Chief Executive Officer
Yves Hamelin stepped in as EC’s Interim Chief Executive Officer (CEO) in September 2019. The EC Board of Directors had already begun the recruitment process for the permanent CEO – led by the Human Resources Committee in partnership with Solomon Integrated Research Consulting – however, this process has been postponed due to the significant impacts of COVID-19 on EC’s operational bandwidth and financial resources.
The Board of Directors has unanimously decided to extend Hamelin’s Interim CEO contract until November 2021. Recruitment for a permanent CEO will resume in early 2021.
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