Commission receives a number of important financial reports

The FIVB Finance Commission held a meeting yesterday via videoconference with FIVB President Dr Ary S. Graça F°, Commission President Essa Hamza Al Failakawi and Secretary of the Commission Habu Gumel joining from the FIVB HQ.

The 2020 financial accounts were presented to the Commission along with the report of the FIVB Controller and the External Auditors’ Report by Deloitte. Additionally, an update on the FIVB/Volleyball World was presented. The Commission also received updates on the 2021-2022 budget, the FIVB investment portfolio and financial regulations.

During the meeting, FIVB President Dr Ary S. Graça F° said:

“2020 was a very important year for the FIVB. Even during the global COVID-19 pandemic, the FIVB managed to secure an innovative partnership with CVC Capital Partners and launch Volleyball World. Volleyball World is now the commercial entity for volleyball and beach volleyball around the world, and it aims to increase the profile and popularity of the sport through fresh investment.

“It is critical for us to continue to follow the principles of good governance, accountability and transparency day by day. I strongly believe that money from sport should be reinvested into the sport. To achieve this this we launched the innovative Volleyball Empowerment, a revolutionary development programme where we support national teams, athletes and National Federations to achieve their goals and reach their full potential.”

The Finance Commission concluded its meeting by agreeing the following proposals for the consideration of the FIVB Board of Administration:

1. To approve the Financial Report of the 2020 Accounts, Profit & Loss, Balance Sheet

2. To approve the FIVB Controller’s report

3. To approve Deloitte’s External Auditors’ report

4. To approve the revision of the Budget 2021-2022 as per new structure and split of activities between FIVB and Volleyball World.

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