IOC President Thomas Bach to be paid $243,000 this year

IOC President Thomas Bach, serving in a volunteer position, will receive $243,000 in pay

As part of its promise to become more transparent, the International Olympic Committee disclosed Thursday that its leader will receive an annual payment of $243,000.

Though technically serving in a volunteer position, IOC President Thomas Bach will receive the indemnity to cover expenses.

IOC members and honorary members will receive $7,000 annually, as well as $450 a day when traveling to the Games or to meetings.

The information would have been released eventually as part of an annual financial statement, but IOC officials wanted to be more expedient in accordance with the recent, wide-ranging Agenda 2020 reforms.

"Among the principles of good governance for sports organizations, transparency is certainly one of the most important," Youssoupha Ndiaye, chairman of the ethics commission, wrote in a letter to the membership.

Previous annual reports showed former president Jacques Rogge receiving more than $700,000 in payments.

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