International Olympic Committee (IOC) President Thomas Bach will receive an annual indemnity payment of €225,000, as part of a bid to illustrate its transparency, the IOC Ethics Commission has revealed.
Releasing greater financial details has been hailed as a major reforming gesture by the IOC, with openness and good governance a key part of the Agenda 2020 reform process approved last December in Monte Carlo.
IOC members and IOC honorary members will receive annual administrative support of $7,000 as well as $450 per day when travelling to Olympic Games as well as IOC Session and Commission meetings and other “special missions”.
An additional sum of $450 on top of the $450 they already receive will also be paid to Commission chairs when travelling to meetings, while the same amount will be paid to IOC Executive Board members during events.
In a published letter sent to all members by IOC Ethics Commission chair Youssoupha Ndiaye, it was explained that the IOC’s “wish for greater transparency has been reflected in the IOC’s presentation of its finances using the highest international standards”, adding:
“It must also be reflected in all other aspects of the IOC’s management, particularly with regard to the policy on indemnities allocated to IOC members.”
The letter ends with a call for all the sports organisations within the Olympic Movement to establish a similar policy and make this public, in order to “increase transparency within the sports movement”.
With relation to Bach, it is explained that, although a volunteer, the President “should not have to finance activities related to his function from his personal savings”.
As an “Executive President”, the German is considered to be “on a mission” for the IOC 365 days a year, and has received a relevant indemnity in the past.