The AOC has held its Annual General Meeting in Sydney today, marking 100 years since its inception. The meeting was held online for the first time, due to the impact of COVID-19.
In noting the Centenary milestone (which fell on 29 April) AOC President John Coates observed that Australia is one of only two countries, along with Greece, that has competed at every modern Olympic Games.
Additionally, Australia is one of only five countries which has hosted the Summer Olympic Games twice.
The meeting commenced with an Acknowledgment of Country from three-time Olympic basketballer and proud Indigenous Olympian Patrick Mills, recorded in the United States.
In his speech to the Meeting, conducted via video conference, Mr Coates noted the challenges faced by the Olympic movement in adjusting to the reality of the coronavirus pandemic, but he had this advice for athletes who are now focused on their preparations of the Tokyo 2020 Olympic Games to be held in 2021.
“To all of you, I offer this observation. As impossibly high as the Olympic mountain always is – this pandemic makes it even higher. You are the generation chosen by time and fate to summit a new peak.
“But the longer and harder the road is, the greater the moment of arrival.
“I believe the Tokyo Olympics may ultimately be amongst the greatest Games ever, if not the greatest.”
Mr Coates also noted the strong financial performance of the AOC and the Australian Olympic Foundation.
The AOC recorded an operating surplus of $5.437 million before a settlement of that amount to the Foundation.
Net assets of the Foundation increased from $150.8 million in December 2018 to $171.4 million in December 2019.
In the 2020 First Quarter Report of the AOF, as a consequence of the impact of COVID-19, the Foundation’s net asset value returned to $150.8 million at 31 March 2020 after distributing $1.562 million to the AOC.
The 12% decrease compared with a 24% decrease in the ASX 200 accumulation index for the quarter.
The Meeting also passed three amendments to the AOC Constitution:
- To create a role of Honorary Life President as a member of the Committee without voting power.
- To provide clarification around powers related to the gifting of assets from the AOC to the AOF.
- To include a provision for electronic voting at General Meetings.
Mr Coates also noted efforts by the AOC in conjunction with the Commonwealth Games Association and Paralympics Australia to work with the Federal Government to provide financial certainty for sports, using the power of sport to reconnect and motivate the Australian community and securing Australia’s international sporting competitiveness.
He also emphasised the AOC’s commitment to securing the 2032 Olympic Games in Queensland in conjunction with the Federal, State and Local governments. The candidature is currently in the “Continuous Dialogue” phase.
Mr Coates concluded his speech with a note of optimism, thanking the family of Olympic sports for their support during the difficult time of the pandemic crisis.
