IBA promises “new level of financial integrity” as Audit Committee members appointed

International Boxing Association (IBA) has named the members of a new independent Audit Committee which it is claimed will take the organisation “to a new level of financial integrity”.

The three independent experts named are Lausanne-based Didier Wicht, an auditor from Alteris Finance, PricewaterhouseCoopers senior manager Stacha Balmat and British official Umar Akhtar, a member of the audit and risk committee for the Federal office for Economic Affairs and Export Control (BAFA).

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The appointments come in the wake of a resolution in December 2021 to examine the IBA Constitution, with particular reference to new Finance and Audit Committees.

“IBA’s financial integrity and stability is one of our main priorities,” IBA secretary general István Kovács insisted.

“Therefore, we have created a rigorous selection process to appoint the new members for the Audit and Finance Committees.

“The chosen independent members have a wealth of experience in the field of finance, and we will rely on them to help guide IBA to a new level of financial integrity.”

All candidates were required to undergo background checks undertaken by the independent Interim Nomination Unit and a vetting company.

The Audit Committee is responsible “for reviewing and monitoring IBA’s financial statements and accounting records”.

The IBA had admitted it had been “on the brink of insolvency in recent years”, and last month said it was “not currently possible to completely cancel” its controversial sponsorship deal with Russian energy giant Gazprom.