MINUTES - FIFA.com

MINUTES OF THE 63 RD FIFA CONGRESS, MAURITIUS 2013 21
in 2010 of setting aside only limited further reserves
during the current cycle. The effects of the strategy
were evident in the increased investments in football
and football development, which had consequently
produced lower annual results for the cycle, as shown
by the lower results of USD 89 million for 2012 and
USD 36 million for 2011.
Finally, Markus Kattner reported that FIFA had a strong
balance sheet, with a total volume of USD 2,683
million, including current assets of USD 2,175
million and non-current assets of USD 508 million.
On the other side, current and non-current liabilities
amounted to USD 1,168 million and USD 137 million
respectively, leaving reserves of USD 1,378 million
at the end of 2012. He reminded the Congress that
FIFA’s reserves had been developing moderately since
2011, having reached a solid level at the end of the
previous cycle, when they had risen from USD 643
million to USD 1,280 million between 2007 and 2010
to guarantee FIFA’s financial independence and be well
prepared for unforeseen events. The current strategy
had resulted in a moderate increase in reserves of 7%
on 2011.
Overall, Markus Kattner concluded that FIFA’s financial
situation was very solid, the organisation was well
prepared for the coming years and would be able to
continue to expand its comprehensive services and
development support for the member associations.
10.2 Auditors’ report to the Congress
Alexander Fähndrich, Licensed Audit Expert of KPMG
Switzerland, informed the Congress that KPMG had
confirmed in its report in the FIFA Financial Report that
it had audited FIFA’s consolidated financial statements
for the year ending 31 December 2012 comprising
the balance sheet, income statement, cash flow
statement, statement of changes in equity, statement
of comprehensive income, and notes. KPMG also
confirmed that the consolidated financial statements
gave a true and fair view of FIFA’s financial position,
results of operations and cash flows in accordance
with International Financial Reporting Standards (IFRS)
and complied with Swiss Law. Furthermore, KPMG
had checked that FIFA had an internal control system
designed for the preparation of the consolidated
financial statements, as required under art. 728a of the
Swiss Code of Obligations. In conclusion, Alexander
Fähndrich recommended that the Congress approve
the consolidated financial statements for 2012.
10.3 Report by the chairman of the FIFA Audit
and Compliance Committee
Chairman of the Audit and Compliance Committee
Domenico Scala began by congratulating the Congress
on supporting the President’s proposal for a governance
reform process in 2011, pointing out that FIFA had
undergone considerable changes over the years, evolving
from a small organisation that primarily regulated the
game of football to an important economic entity,
thus making a reform process entirely necessary in
order for FIFA, as a sports governing body, to have
a modern governance structure and take the lead in
self-regulation as an unsupervised entity. He confirmed
that FIFA had implemented reforms to achieve these
objectives and encouraged it to continue to do so in
the future.
He pointed to several important governance reforms
already implemented, including the installation of an
independent and strengthened judicial system, the
extension and reinforcement of financial controls, and
the creation of a new audit and compliance committee
which had a broadened role and the main task of
overseeing finances, compliance and remuneration.
With regard to the area of remuneration, he said that a
sub-committee had been established consisting of three
people – the chairman of the Finance Committee, the
chairman of the Audit and Compliance Committee and