SYDNEY – A former board member of Australia Wool Innovation has urged the industry body to halve the incomes of board personnel, at least until the country’s wool market recovers from the effects of COVID-19.
According to AWI’s Annual Report records, seven non-executive directors alone earned upwards of AU$725,000 between 2018 and ’19, an increase of more than AU$30,000 from the year prior for what is essentially one day of work a month.
"Most directors are on AU$60,000 or AU$70,000 a year and then when you add their committee fees, that's an extra AU$10,000 or AU$20,000,” says Chick Olsson, now the director of the Australian Wool Growers Association, who believes freed up capital could be better used to rebuild the industry.
