The first day of the FEI Board Meeting saw the unanimous approval of the 2019 accounts and a surplus to be reallocated across various funds and projects; details will be provided online at the beginning of July.

Chief Financial Officer Claude Praz presented the revised budget 2020, with cost-saving measures put in place to date and future plans to counteract the loss in revenues caused by the COVID-19 pandemic and the subsequent disruption to the equestrian sport calendar worldwide:

  • A loss of CHF 8,229,000 is predicted for 2020, reflecting an estimated reduction in total revenues of CHF 26,620,000, which did not include the IOC contribution normally distributed in an Olympic year.
  • A negative performance to date on the portfolio also was included in the forecast loss for 2020. However, the loss in revenues was offset by a rigorous reduction in total expenses of CHF 20,753,000, including temporary unemployment measures for the FEI staff as well as the postponement or cancellation of all non-essential projects.
  • The CFO emphasized that the overall loss did not threaten the short/medium term existence of the FEI, which would continue to seek cost-saving measures to ensure minimal draw on the reserves. He assured the Board that the FEI is proactively monitoring the situation and will make adjustments when and where necessary to safeguard the sport and the financial well-being of the organization.

Cost-Reducing Measures

Secretary General Sabrina Ibáñez presented the FEI’s cost-saving measures to date as well as contingency plans for the future. She commended FEI HQ staff for their rigorous review of their budgets and reductions in expenditure, including postponement and/or cancellation of all non-essential projects, resulting in savings of CHF 6,500,000. The following staffing/working from home measures were also credited:

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