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				<div class="et_pb_heading_container"><h1 class="et_pb_module_heading">Global Reporting Principles Implementation Timeline</h1></div>
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				<div class="et_pb_code_inner">                                                                                                                                                            Release 1 (2024)                            Release 2 (2026)                            Release 3 (Date TBD)                                                                                                                    M1                                                            Investment Management                                Costs                                                            Private disclosure                                                                                                                            Identify gaps in total investment cost capture and reporting                                    Report total fund and asset class:                                                                                    Base management fees gross of offsets                                            Performance fees on either an accrual or paid basis                                            Underlying base fees                                                                                                                Attribute all internal asset management costs to asset classes                                    Report costs by implementation style (e.g., internal/external, passive/active,                                        etc.)                                    Estimate missing asset management costs                                    Report within three months of your year-end                                                                                                                                                            Everything in Release 1                                    Report:                                                                                    Underlying performance fees on either an accrual or paid basis                                            Explicit transaction costs                                                                                                                Estimate missing transaction costs                                                                                                                                                            Everything in Release 2                                    Report:                                                                                    All non-invoiced asset management and transaction costs incurred inside                                                investment                                                vehicles                                            Performance fees on an accrued basis                                            All underlying costs                                            Implicit bid/ask spreads for fixed income                                                                                                                                                                                                                                                                            Public                                disclosure                                                                                                Disclose total fund and asset class asset management costs and transaction costs                                        (as a % of                                        assets)                                    Disclose total fund internal operating expenses, base fees, and performance fees                                                                        Report prior year costs                                    Explain whether reported costs comply with the above                                    Disclose estimates and the basis of estimates                                                                                                                                                            Everything in Release 1                                    NB: Explain whether reported costs comply with the above                                                                                                                                                            Everything in Release 2                                    NB: Explain whether reported costs comply with the above                                                                                                                                        M2                                                            Pension Administration                                Costs                                                            Private disclosure                                                                                                                            Report total pension administration costs (per active member and annuitant)                                    Provide a breakdown of material administration costs                                    Report within three months of your year-end                                                                                                                        Not                                necessary                                                            Not                                necessary                                                                                                                                    Public                                disclosure                                                                                                Same as private disclosure (above)                                    Report prior year costs                                                                                                                        Not                                necessary                                                            Not                                necessary                                                            </div>
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				<div class="et_pb_text_inner">1. We will recommend implementation objectives before 2026.</div>
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