[et_pb_section fb_built="1" _builder_version="4.27.4" _module_preset="default" use_background_color_gradient="on" background_color_gradient_stops="rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%" background_color_gradient_overlays_image="on" background_image="https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg" background_position="top_center" background_vertical_offset="31%" height="370px" global_module="556" saved_tabs="all" locked="off" global_colors_info="{}" theme_builder_area="post_content"][et_pb_row _builder_version="4.27.4" _module_preset="default" custom_margin="50px||||false|false" custom_margin_tablet="" custom_margin_phone="0px||||false|false" custom_margin_last_edited="on|phone" custom_padding="||||false|false" global_colors_info="{}" theme_builder_area="post_content"][et_pb_column type="4_4" _builder_version="4.27.4" _module_preset="default" global_colors_info="{}" theme_builder_area="post_content"][et_pb_heading title="CEM's Global Reporting Principles" _builder_version="4.27.4" _module_preset="default" title_text_align="center" title_text_color="#ffffff" title_font_size="46px" title_letter_spacing="2px" custom_margin="0px||||false|false" custom_margin_tablet="" custom_margin_phone="30px||||false|false" custom_margin_last_edited="on|phone" custom_padding="||||false|false" title_font_size_tablet="" title_font_size_phone="40px" title_font_size_last_edited="on|phone" title_text_shadow_style="preset3" global_colors_info="{}" theme_builder_area="post_content"][/et_pb_heading][et_pb_text _builder_version="4.27.4" _module_preset="default" text_text_color="#ffffff" text_font_size="21px" global_colors_info="{}" theme_builder_area="post_content"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built="1" _builder_version="4.27.4" _module_preset="default" global_colors_info="{}" theme_builder_area="post_content"][et_pb_row _builder_version="4.27.4" _module_preset="default" global_colors_info="{}" theme_builder_area="post_content"][et_pb_column type="4_4" _builder_version="4.27.4" _module_preset="default" global_colors_info="{}" theme_builder_area="post_content"][et_pb_text _builder_version="4.27.4" _module_preset="default" width="95%" max_width="100%" custom_margin="|14px||||" custom_padding="|28px||||" global_colors_info="{}" theme_builder_area="post_content"]<p>CEM's Global Reporting Principles (GRP) are a consistent framework for reporting performance, cost, and timing across geographies. Developed through a multi-year initiative that began in 2022 and shaped in collaboration with seven leading global pension funds, the GRP were formally launched in 2024 to bring clarity and alignment to reporting practices worldwide.<o:p></o:p></p>
<p data-start="675" data-end="873">While standards have existed in countries such as Australia, the Netherlands, and the UK, the GRP extends this work by offering a unified approach for the global institutional investment community.<o:p></o:p></p>
<p data-start="875" data-end="1034">Grounded in transparency and comparability, the Global Reporting Principles provide a shared foundation for meaningful insights and informed decision-making. <o:p></o:p></p>
<p data-start="875" data-end="1034"><span>The complete list of GRP principles can be found below:</span></p>
<p data-start="875" data-end="1034"></p>[/et_pb_text][et_pb_code _builder_version="4.27.4" _module_preset="default" theme_builder_area="post_content"][/et_pb_code][/et_pb_column][/et_pb_row][et_pb_row _builder_version="4.27.4" _module_preset="default" theme_builder_area="post_content" hover_enabled="0" sticky_enabled="0"][et_pb_column _builder_version="4.27.4" _module_preset="default" type="4_4" theme_builder_area="post_content"][et_pb_code _builder_version="4.27.4" _module_preset="default" theme_builder_area="post_content" hover_enabled="0" sticky_enabled="0" custom_css_free_form=".fl-table thead {||    background-color: #002563;||    color: #ffffff;||}||.fl-table thead th {||    color: #ffffff;||}||/* Header row */||.fl-table thead {||    background-color: #002563;||    color: #ffffff;||}||||/* All body rows (every cell in tbody) */||.fl-table tbody td {||    background-color: #d9d9d9;||}||"]<table class="fl-table tablemobile" style="text-wrap: wrap;"><!-- [et_pb_line_break_holder] -->                    <thead><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <th style="width: 70%;"></th><!-- [et_pb_line_break_holder] -->                            <th>Investments</th><!-- [et_pb_line_break_holder] -->                            <th>Pension Administration</th><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                    </thead><!-- [et_pb_line_break_holder] -->                    <tbody><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=" text-align: left;">1. Disclose asset value on the appropriate basis for<!-- [et_pb_line_break_holder] -->                                calculating costs.</td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="text-align: left;">2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="text-align: left;">3. Look through and include costs incurred in all investment<!-- [et_pb_line_break_holder] -->                                tiers.</td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="text-align: left;">4. Disclose costs for the same period in which revenues are<!-- [et_pb_line_break_holder] -->                                earned.</td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="text-align: left;">5. Include indirect taxes that are implicit in the price of a<!-- [et_pb_line_break_holder] -->                                product or service in<!-- [et_pb_line_break_holder] -->                                total<!-- [et_pb_line_break_holder] -->                                costs.</td><!-- [et_pb_line_break_holder] -->                             <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="text-align: left;">6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="text-align: left;">7. Include costs incurred by related parties in total costs.<!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] --><td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td>                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="text-align: left;">8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                           <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="text-align: left;">9. Disclose investment costs and performance by composite or<!-- [et_pb_line_break_holder] -->                                mandate.</td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="text-align: left;">10. Disclose if returns are fully gross-of-fees or, if not,<!-- [et_pb_line_break_holder] -->                                disclose what costs are<!-- [et_pb_line_break_holder] -->                                netted<!-- [et_pb_line_break_holder] -->                                from the return.</td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="text-align: left;">11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="text-align: left;">12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="text-align: left;">13. Returns for less than one year must not be annualized.<!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                           <!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="text-align: left;">14. Disclose key member service performance metrics</td><!-- [et_pb_line_break_holder] -->                           <td></td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="text-align: left;">15. Use and explain estimates when alignment to these principles is neither practical nor timely.</td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                      <td style="text-align: left;">16. Disclosures should be available for stakeholders in time<!-- [et_pb_line_break_holder] -->                                to fulfill their reporting<!-- [et_pb_line_break_holder] -->                                and<!-- [et_pb_line_break_holder] -->                                decision-making needs.</td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                            <td style="text-align: center;"><i class="fa fa-check" aria-hidden="true"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                    </tbody><!-- [et_pb_line_break_holder] -->                </table>[/et_pb_code][/et_pb_column][/et_pb_row][et_pb_row _builder_version="4.27.4" _module_preset="default" theme_builder_area="post_content"][et_pb_column _builder_version="4.27.4" _module_preset="default" type="4_4" theme_builder_area="post_content"][et_pb_text _builder_version="4.27.4" _module_preset="default" theme_builder_area="post_content" hover_enabled="0" sticky_enabled="0"]<p><span data-contrast="auto">Based on these principles, CEM has created a scoring methodology to assess the completeness</span><span data-contrast="auto">, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their </span><b><span data-contrast="auto">GRP Scorecard</span></b><span data-contrast="auto">.</span></p>
<h3><span data-contrast="auto"></span></h3>
<h3><span data-contrast="auto">CEM offers distinct GRP </span><span>scorecards </span><span data-contrast="auto">for:</span><span data-ccp-props="{}"></span></h3>
<p><span data-contrast="auto"></span></p>
<p><span data-contrast="auto"></span></p>
<ul>
<li aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="5" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559685&quot;:1440,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" data-aria-posinset="2" data-aria-level="1"><span data-contrast="auto"> Investment Benchmarking, which was introduced (beta) in 2024</span><span data-ccp-props="{&quot;335559685&quot;:426,&quot;335559991&quot;:142}"> </span></li>
</ul>
<ul>
<li aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="5" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559685&quot;:1440,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" data-aria-posinset="3" data-aria-level="1"><span data-contrast="auto"> Defined Contribution Benchmarking, scheduled for launch in 2026</span><span data-ccp-props="{&quot;335559685&quot;:426,&quot;335559991&quot;:142}"> </span></li>
</ul>
<ul>
<li aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="5" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559685&quot;:1440,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" data-aria-posinset="4" data-aria-level="1"><span data-contrast="auto"> Pension Administration B</span><span>scorecards </span><span data-contrast="auto">enchmarking, also scheduled for launch in 2026</span><span data-ccp-props="{&quot;335559685&quot;:426,&quot;335559991&quot;:142}"> </span></li>
</ul>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built="1" _builder_version="4.27.4" _module_preset="default" background_color="#F0F0F0" hover_enabled="0" global_colors_info="{}" theme_builder_area="post_content" sticky_enabled="0"][et_pb_row _builder_version="4.27.4" _module_preset="default" global_colors_info="{}" theme_builder_area="post_content"][et_pb_column type="4_4" _builder_version="4.27.4" _module_preset="default" global_colors_info="{}" theme_builder_area="post_content"][et_pb_heading title="GRP Scorecard Methodology for Investment Benchmarking " _builder_version="4.27.4" _module_preset="default" title_level="h2" title_font_size="28px" hover_enabled="0" global_colors_info="{}" theme_builder_area="post_content" sticky_enabled="0"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version="4.27.4" _module_preset="default" custom_margin="-10px||||false|false" hover_enabled="0" global_colors_info="{}" column_structure="1_2,1_2" theme_builder_area="post_content" sticky_enabled="0"][et_pb_column type="1_2" _builder_version="4.27.4" _module_preset="default" global_colors_info="{}" theme_builder_area="post_content"][et_pb_text _builder_version="4.27.4" _module_preset="default" hover_enabled="0" global_colors_info="{}" theme_builder_area="post_content" sticky_enabled="0"]<p><span data-contrast="auto">The GRP score for data reported directly to CEM for Investment Benchmarking is the weighted sum of the scores received on cost reporting, performance reporting and the timeliness of reporting.</span><span data-ccp-props="{}"> </span></p>
<p><span data-ccp-props="{}"></span></p>
<ul>
<li><strong>Cost reporting</strong><b><span data-contrast="auto"> – </span></b><span data-contrast="auto">The score for cost reporting assesses the percentage of reported costs that can be directly compared to the costs of peers. Each cost line item is weighted based on the percentage of that cost item to total cost. The weight of the cost score in the total GRP score is 50%.</span><span data-ccp-props="{}"> </span></li>
<li><strong>Performance reporting</strong><b><span data-contrast="auto"> - </span></b><span data-contrast="auto">The score for performance reporting assesses the complete provision of benchmarks and returns, on a time-weighted basis, and benchmark descriptions by asset class. The weight of the performance score in the total GRP score is 25%.</span><span data-ccp-props="{}"> </span></li>
<li><strong>Timeliness of reporting</strong><b><span data-contrast="auto"> – </span></b><span data-contrast="auto">The score for timeliness determines if the data was provided in a timely manner, useful for your reporting and peer comparisons. The weight of the timeliness score in the total GRP score is 25%.</span><span data-ccp-props="{}"> </span></li>
</ul>[/et_pb_text][et_pb_text _builder_version="4.27.4" _module_preset="default" custom_margin="-22px||||false|false" custom_padding="0px||0px||false|false" hover_enabled="0" global_colors_info="{}" theme_builder_area="post_content" sticky_enabled="0"]<div class="row">
<div class="benefit-paragraph"></div>
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<div class="row"></div>[/et_pb_text][et_pb_text _builder_version="4.27.4" _module_preset="default" custom_margin="-22px||||false|false" custom_padding="0px||0px||false|false" hover_enabled="0" global_colors_info="{}" theme_builder_area="post_content" sticky_enabled="0"]<div class="row">
<div class="benefit-paragraph">
<div class="row">
<div class="benefit-paragraph"></div>
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</div>
</div>
<div class="row"></div>[/et_pb_text][et_pb_text _builder_version="4.27.4" _module_preset="default" custom_margin="-22px||||false|false" custom_padding="0px||0px||false|false" global_colors_info="{}" theme_builder_area="post_content"]<div class="row">
<div class="benefit-paragraph">
<div class="row">
<div class="benefit-paragraph">
<div class="row">
<div class="benefit-paragraph"></div>
</div>
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</div>
<div class="row"></div>[/et_pb_text][/et_pb_column][et_pb_column type="1_2" _builder_version="4.27.4" _module_preset="default" global_colors_info="{}" theme_builder_area="post_content"][et_pb_image src="https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png" _builder_version="4.27.4" _module_preset="default" theme_builder_area="post_content" hover_enabled="0" sticky_enabled="0" title_text="GRP Example"][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built="1" _builder_version="4.27.4" _module_preset="default" background_color="RGBA(255,255,255,0)" global_colors_info="{}" theme_builder_area="post_content"][et_pb_row _builder_version="4.27.4" _module_preset="default" global_colors_info="{}" theme_builder_area="post_content"][et_pb_column type="4_4" _builder_version="4.27.4" _module_preset="default" global_colors_info="{}" theme_builder_area="post_content"][et_pb_heading title="Guidance on publishing GRP scores & scorecards " _builder_version="4.27.4" _module_preset="default" title_level="h2" title_font_size="28px" hover_enabled="0" global_colors_info="{}" theme_builder_area="post_content" sticky_enabled="0"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version="4.27.4" _module_preset="default" theme_builder_area="post_content"][et_pb_column _builder_version="4.27.4" _module_preset="default" type="4_4" theme_builder_area="post_content"][et_pb_text _builder_version="4.27.4" _module_preset="default" theme_builder_area="post_content" hover_enabled="0" sticky_enabled="0"]<p><span data-contrast="auto">Institutional Investors receiving scores on their reporting according to CEM’s Global Reporting Principles, are permitted to voluntarily publish their GRP scores in their public disclosures, including their annual reports and websites. </span><span data-ccp-props="{}"> </span></p>
<p><span data-contrast="auto">All disclosures of a GRP score must include:</span><span data-ccp-props="{}"> </span></p>
<ul>
<li aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}" data-aria-posinset="1" data-aria-level="1"><span data-contrast="auto">The name of the institutional investor</span><span data-ccp-props="{}"> </span></li>
</ul>
<ul>
<li aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}" data-aria-posinset="2" data-aria-level="1"><span data-contrast="auto">The calendar year for which the data is scored, </span><span data-ccp-props="{}"> </span></li>
</ul>
<ul>
<li aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="1" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}" data-aria-posinset="3" data-aria-level="1"><span data-contrast="auto">The CEM service for which the score is issued.</span><span data-ccp-props="{}"> </span></li>
</ul>
<p><span data-contrast="auto">The example language for such publication is below:</span><span data-ccp-props="{}"> </span></p>
<p><em>InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service. Details on the methodology can be found at [www.cembenchmarking.com/GRP] </em></p>
<p><span data-contrast="auto">Alternatively, funds can choose to include the external link to CEM’s Global Reporting Principles in a footnote or endnote. Example below:</span><span data-ccp-props="{}"> </span></p>
<p><i><span data-contrast="auto">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.</span></i><i><span data-contrast="auto">1</span></i><i><span data-contrast="auto"> </span></i><span data-ccp-props="{&quot;335559685&quot;:720}"> </span></p>
<ol>
<li aria-setsize="-1" data-leveltext="%1." data-font="" data-listid="4" data-list-defn-props="{&quot;335552541&quot;:0,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[65533,0],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;%1.&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" data-aria-posinset="1" data-aria-level="1"><i><span data-contrast="auto">Details on the methodology can be found at [www.cembenchmarking.com/GRP]</span></i><i><span data-contrast="auto">.</span></i><span data-ccp-props="{}"> </span></li>
</ol>
<p><span data-contrast="auto">Institutional investors choosing to publish their scores or scorecards are not permitted to:</span><span data-ccp-props="{}"> </span></p>
<ul>
<li aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}" data-aria-posinset="1" data-aria-level="1"><span data-contrast="auto">Provide qualitative interpretation of the scores without CEM’s input</span><span data-ccp-props="{}"> </span></li>
</ul>
<ul>
<li aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}" data-aria-posinset="2" data-aria-level="1"><span data-contrast="auto">Omit any of the following:  name of the institution, year, name of the CEM service and score</span><span data-ccp-props="{}"> </span></li>
</ul>
<ul>
<li aria-setsize="-1" data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}" data-aria-posinset="3" data-aria-level="1"><span data-contrast="auto">Provide any scenario or what-if analysis </span><span data-ccp-props="{}"> </span></li>
</ul>
<p><span data-contrast="auto">For more information or guidance, please contact us at product@cembenchmarking.com</span><span data-ccp-props="{}"> </span></p>
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