Finance Commission

The Finance Commission is one of the most important commissions since the Olympic Movement, like all organizations, must remain financially solvent. The Finance Commission was formed in 1967 at a time when the International Olympic Committee (IOC) was almost bankrupt.

The original chair was Ian, Baron Luke of Pavenham of Great Britain. The previous chair 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. The chair since the early 2010s has been Ser Miang Ng of Puerto Rico.

Except for 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:

• Review and pre-approve financial information in order to be able to provide advice and recommendations to the Session, the IOC Executive Board, and the IOC President with respect to making significant financial decisions;
• Provide advice and guidance to other commissions on financial matters;
• Ensure that the IOC and all 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;
• Make recommendations to the IOC Executive Board on the strategy to be followed for the Olympic Movement financial investments, and monitor on a quarterly basis, through the Treasury Committee, that such strategy is followed or updated based on changing conditions in the financial markets; and
• Perform a review of the completed financial statements before submission of these to the IOC Executive Board and IOC Session for approval.

Some of the above was taken from the IOC official website. Please refer to the following link for further details, especially of current members of this commission.