The IOC publishes its 2016 Annual Report and Financial Statements
The International Olympic Committee (IOC) today published its 2016 Annual Report following the approval by Members of the 2016 Financial Statements.
Now in its third edition, the IOC Annual Report 2016: Credibility, Sustainability and Youth, is a direct result of Recommendation 29 of Olympic Agenda 2020 to “Increase Transparency”. In addition to describing the activities of the IOC during 2016, it also includes the audited financial statements for 2016, including the Members’ indemnity. In the interests of full transparency and disclosure, the financial statements are prepared and audited according to International Financial Reporting Standards (IFRS), even though the IOC is not legally obligated to comply with these higher standards.
Highlights from 2016 include the Olympic Games Rio 2016, where stunning performances on and off the field of play captivated the imaginations of millions around the world and demonstrated that the popularity of the Games continues to grow. Half the world’s population followed the Games, with 350,000 hours of media coverage and seven billion video views on social media.
Also in 2016, the IOC created the first-ever Refugee Olympic Team whose 10 members participated in the Olympic Games under the Olympic flag sending a message of hope and inclusion to the more than 60 million refugees around the world.
Outside the Games, the IOC continued to place athletes at the heart of the Olympic Movement by helping to fund athlete development, through initiatives to protect and reward clean athletes, and programmes to support athletes at all stages of their careers. Efforts to achieve gender equality continued with female representation on IOC commissions rising to 33%, while female participation in Rio reached 45.2%.Programmes to promote Olympism in society received new impetus with the launch in August 2016 of the Olympic Channel, an online platform with news and original programming intended to connect fans of the Olympic Games with the values of Olympism and the activities of the Olympic Movement 365 days of the year.
Meanwhile, the IOC continued to reinforce its position through the implementation of several initiatives intended to strengthen its governance mechanisms. Among these include strengthening the IOC Risk and Assurance Governance Model, establishing an independent audit of NOCs’ use of funds from the IOC, and the adoption of a sustainability strategy.
Thanks to all these initiatives and more, the IOC is today in a position of strength and stability, which is also reflected in the confidence that our partners demonstrated in us throughout 2016, and continues to be able to distribute 90% of its revenues to athletes and sport worldwide.