International Olympic Committee (IOC) President Thomas Bach will receive an annual indemnity payment of €225,000 (£164,000/$243,000), the IOC Ethics Commission has revealed today as part of a bid to illustrate its transparency.

Releasing greater financial details has been hailed as a major reforming gesture by the IOC, with openness and good governance a key part of the Agenda 2020 reform process approved last December in Monte Carlo.

IOC members and IOC honorary members will receive annual administrative support of $7,000 (£4,700/€6,400) as well as $450 (£304/€415) per day when travelling to Olympic Games as well as IOC Session and Commission meetings and other "special missions".

An additional sum of $450 on top of the $450 they already receive will also be paid to Commission chairs when travelling to meetings, while the same amount will be paid to IOC Executive Board members during events.

In a published letter sent to all members by IOC Ethics Commission chair Youssoupha Ndiaye, it was explained that the IOC's "wish for greater transparency has been reflected in the IOC's presentation of its finances using the highest international standards", adding:

"It must also be reflected in all other aspects of the IOC's management, particularly with regard to the policy on indemnities allocated to IOC members."

The letter ends with a call for all the sports organisations within the Olympic Movement to establish a similar policy and make this public, in order to "increase transparency within the sports movement".

With relation to Bach, it is explained that, although a volunteer, the President "should not have to finance activities related to his function from his personal savings".

As an "Executive President", the German is considered to be "on a mission" for the IOC 365 days a year, and has received a relevant indemnity in the past.

But, "for the sake of transparency", it has been decided that this will now come from one single source, with Bach consequently not receiving either the fixed annual support nor the daily indemnity related to all Commission meetings or anything else he is entitled to as a member.

This payment does not include Bach'a hotel accommodation, including when in Lausanne, when he stays in a suite paid for by the IOC at the Lausanne Palace Hotel.

This presumably accounts for the far lower total than the $709,000 (£440,000/€530,000)  in expenses paid to former President Jacques Rogge in 2012, which has been declared in previous IOC Annual Reports.

As well as the fact that Bach's allowance has been publicised more vocally, the other practical difference now appears to be how Bach will be paid in one lump sum, rather than through individual expenses payments.

Details of salaries and allowances received by other high profile sporting Presidents are invariably hazy, but in a Financial Report released last month, it was revealed that short-term employee benefits of $39.7 million (£26.6 million/€36.4 million) were paid to key management personnel within football governing body FIFA.

With the numbers of "key management personnel" numbering 37 as of 2012, this would imply average benefits of around $1 million (£670,000/€916,000) each, although it can be presumed that some officials receive far higher than that.

There have also been some calls for the IOC President to be a salaried position, with Ukraine's Sergey Bubka calling for this when he unsuccessfully stood against Bach for the Presidency in 2013, but this has been resisted.

Today's annoucement follows on from other positive gestures by the IOC regarding financial openness in recent weeks.

This includes the appointment of Pâquerette Girard Zappelli to the newly created position of chief ethics and compliance officer in the IOC administration, something proposed in Recommendation 31 of Agenda 2020.

Will Keenan has also been appointed chief internal audit officer.

The letter sent to the IOC membership and honorary membership can be read here.