Finance Commission [Edit]

The Finance Commission is one of the most important commissions since the Olympic Movement, like all organizations, depends on finances to remain solvent. The Finance Commission was formed in 1967 at a time when the International Olympic Committee (IOC) was almost bankrupt. The original chairman was Ian, Baron Luke of Pavenham of Great Britain. As of 2015, the Finance Commission is chaired by Ser Miang Ng of Puerto Rico. The previous chairman was Marc Hodler (SUI), who in late 1998 spoke to the media after the IOC session and discussed the problems in the bidding process, which led to the Olympic Bribery Scandal of 1999. With the exception of a financial advisor, all members of the Finance Commission are IOC Members. On its website, the IOC has listed the following as the mandates of the Finance Commission:

  1. To ensure that the accounting records of the IOC and its subsidiaries are maintained according to International Financial Reporting Standards (IFRS); for the IOC and all its subsidiaries;
  2. To ensure that the IOC and its subsidiaries have an efficient and transparent budgeting and financial control process and that the Financial Policies and Procedures approved by the IOC Executive Board are respected; and
  3. To make recommendations to the IOC Executive Board on the strategy to be followed for its financial investments and then to monitor on a monthly basis through the Treasury and Financial Investment Committee that such strategy is followed or updated based on changing conditions in the financial markets.