FINA Follows IOC In Releasing Compensation Figures

“The IOC ethics commission invites all the sports organizations of the Olympic movement to establish a similar policy and make this public, in order to increase transparency within the sports movement,” said ethics commission chief Youssoupha Ndiaye. (Zee News India)

Pressure for global sporting organizations to release their balance sheet figures has been on the rise, as fans, federations, and general stakeholders want transparency and insight into the operations of such institutions.

Thus, in a move mirroring that of the International Olympic Committee (IOC), who released its members salary information earlier this week, the sport of swimming’s global governing body, FINA, released its financial compensation details as well.  Of note, FINA is the first international sporting body to follow the IOC’s lead in this regard.

FINA revealed that “top officers, including the president, were volunteers and took no salary, but did receive a $400 per diem when traveling in business class this year.”  The figure was previously $300 per diem through the end of 2014.  FINA currently employs 32 people, 11 of which are part-time. (Reuters)

FINA’s financials will continue to be audited in accordance with the Swiss Audit Standards (its headquarters are in Lausanne, Switzerland), with an external auditor undertaking the task. Additionally, FINA Executive and Vice Presidents are proposing the nominating of a Chief Internal Audit Officer as another gesture in their said goal of transparency.

Furthermore, considering good governance, transparency, accountability, responsibility and fairness, the FINA Executive and Vice Presidents, at the meeting held in Lausanne, propose to the FINA Bureau to nominate a Chief Internal Audit Officer as a first step.

FINA’s Financial Report will continue to be audited in accordance with the Swiss Audit Standards and the FINA Constitution. The audit will be conducted by an external auditor: PricewaterhouseCoopers (PwC) meeting the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independency.

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Transparency is good, but more is needed, such as: * What exactly that is that per diem used for? If it encompasses food, lodging and in-market/cit transportation, $400 is probably reasonable. * How many days/trips were taken? Provide details by role? * I’d like to see their rationale for business class versus premium economy vs economy? While there are certainly many corporations that still avail themselves and have the margins to support business class, I think that is an expense that is hard to justify for an organization like FINA. Furthermore, we should see something akin to the Sunshine Act we have in the US where we can understand how corporations are spending on physicians/hospitals, but in this case understand… Read more »

About Retta Race

Retta Race

After 16 years at a Fortune 1000 financial company, long-time swimmer Retta Race decided to change lanes and pursue her sporting passion. She currently is Coach for the Northern KY Swordfish Masters, a team she started up in December 2013, while also offering private coaching. Retta is also an MBA …

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