IOC President Bach’s Expenses Totaled $301,000, Including Indemnity, in 2015
International Olympic Committee (IOC) President Thomas Bach’s expenses totaled $301,000 in 2015. This figure includes Bach’s annual indemnity payment of $225,000, which is linked to inflation and was revealed as part of a transparency drive in April 2015.
The latest figure is disclosed in the IOC’s financial statements for the year to December 31, 2015.
These were discussed at the recent IOC Session in Rio de Janeiro.
The document also reveals that Bach’s 2014 expenses amounted to $302,000.
What these expense figures appear not to include is an additional payment of $129,000 made by the Lausanne-based IOC relating to income tax expenses.
The accounts state: “Consistent with past practice, an annual amount of $129,000 is paid by the IOC to cover the income tax expense related to the IOC President’s activities in Switzerland. These are included in the statement of activities under Transport, travel and residence expenses and Session, EB and commission expenses.”
The IOC itself is exempt from paying income taxes.
The new statements also reveal the salaries and short-term benefits of the IOC’s executive management totalled $8.51 million in 2015, up from $8.28 million the previous year.
The executive management is defined as the President, director general Christophe de Kepper and all IOC directors; Bach, however, is not remunerated.
By David Owen
Republished with permission from insidethegames.biz