Speaking at the opening of four day meeting President Bach said that IOC cannot take things for granted anymore following recent events in other sports organisations.
“People today demand more transparency and want to see concrete steps and results on how we are living up to our values and our responsibility. We need to demonstrate that we are indeed walking the walk and not just talking the talk.
“We know from our own history how long it takes to rebuild credibility and that implementing best practices with regard to good governance and transparency cannot happen overnight.”
He said the IOC has already undertaken major efforts 15 years ago to strengthen good governance and transparency. Putting these changes like term limits, age limit and others in place has not been an easy process.
“But today we see very clearly just how vital these reforms have been for our organisation.
“With Olympic Agenda 2020 we bring the IOC up to even higher standards. Following the advice from independent experts, we introduce a state-of-the-art system of good governance, compliance and transparency, including our strict rules for the candidate city procedures.
“In this IOC Session we will publish for the first time an annual report according to the recommendation of Olympic Agenda 2020. With this report everybody interested can see where our revenues are coming from and how we distribute 90 per cent of them for the worldwide development of sport and athletes.
“These accounts of global solidarity distribution are audited in application of the benchmark International Financial Reporting Standards (IFRS) – even if legally we would be compliant when using a much, much lower standard.
“We are showing in the same transparent way the indemnity policy for all IOC Members including the President. We will elect here for the first time the members of the Ethics Commission by the IOC Session. We will publish the new IOC Code of Ethics. We have separated the Audit Committee from the Finance Commission. We have appointed a Chief Ethics and Compliance officer. We have a Chief Internal Auditor,” said the IOC President.
According to Bach the annual report explains in a very transparent way the governance structure, risk-management, corporate operational excellence program as well as manifold activities to lead the Olympic Movement, to promote Olympism and to strengthen the role of sport in society.
“This is what Olympic Agenda 2020 means for all of us.”