IOC Says President Entitled to $244,000 Annual Indemnity

The International Olympic Committee said its president is entitled to 225,000 euros ($244,000) in annual indemnity as the organization seeks to increase transparency.

IOC members and honorary members can receive administrative support of $7,000 a year plus $450 per day for meetings. The president, currently Thomas Bach of Germany, is a volunteer like all IOC members, the organization said in an e-mailed statement. He shouldn’t benefit financially from the position or have to finance Olympics activities and travel himself.

The group’s ethics commission “recommended that the IOC make this decision public now and not to wait until the publication of the IOC’s annual report,” according to the statement. Some global sporting bodies including FIFA don’t reveal executive compensation.

In an update on its campaign to reduce the cost of hosting and bidding for the games, the IOC said $1 billion has been cut from the 2020 Tokyo Summer Olympics budget with three venue changes to increase sustainability.

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