Following Horse Sport’s report that EC had violated financial disclosure regulations for Not-For-Profits, the federation’s Board was left to explain themselves to the voting members at a chaotic Annual General Meeting. Ultimately, the members did not accept the financial statements that the Board had approved and the meeting was adjourned until October 12th.

Despite presenting audited financial statements, EC was unable to explain to its various stakeholder committees how they arrived at the final numbers. The problem was blamed on the series of financial officers that have departed under Eva Havaris’s troubled term as CEO. “There have been at least four different financial officers working on this over the last year,” said EC president, Peggy Hambly. “It’s not a pleasant situation to be in, for anyone.”

EC was required to provide voting members with a copy of its financial statements 21 days in advance of the meeting, but members only received the documents 72 hours before the AGM. As a result, the members agreed, by a narrow margin, to defer their acceptance of the financial statements until they had the minimum 21 days to review and were provided with the details they had requested.

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