(2942,36,'2025-08-22 18:01:30','2025-08-22 18:01:30','[et_pb_section fb_built=\"1\" fullwidth=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_fullwidth_header title=\"CEM\'s Global Reporting Principles\" text_orientation=\"center\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_font=\"--et_global_body_font||||||||\" title_text_align=\"center\" title_font_size=\"45px\" content_text_align=\"center\" background_color=\"RGBA(255,255,255,0)\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|#001e66 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\" custom_padding=\"100px||||false|false\" global_colors_info=\"{}\"][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<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>\n<p data-start=\"675\" data-end=\"873\">While standards have existed in countries such as Australia, the Netherlands, and the UK, the GRP extend this work by offering a unified approach for the global institutional investment community.<o:p></o:p></p>\n<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>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_padding=\"0px||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h3 data-start=\"200\" data-end=\"228\"><strong data-start=\"200\" data-end=\"226\">GRP Principles Overview</strong></h3>\n<p data-start=\"230\" data-end=\"380\">[/et_pb_text][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" custom_css_free_form=\"/* Header row: blue background, white text */||.fl-table thead {||  background-color: #002563;||}||.fl-table thead th {||  color: #ffffff;       /* makes header text white */||  text-align: center;||  font-weight: 700;||}||.fl-table thead th:first-child {||  text-align: left;     /* label column */||}||\" global_colors_info=\"{}\" sticky_enabled=\"0\"]<!-- Optional: Font Awesome for check icons --><!-- [et_pb_line_break_holder] --><link rel=\"stylesheet\" href=\"https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.5.0/css/all.min.css\" /><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><style><!-- [et_pb_line_break_holder] -->  /* Base table styling */<!-- [et_pb_line_break_holder] -->  .fl-table {<!-- [et_pb_line_break_holder] -->    width: 100%;<!-- [et_pb_line_break_holder] -->    border-collapse: collapse;<!-- [et_pb_line_break_holder] -->    table-layout: fixed;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table th,<!-- [et_pb_line_break_holder] -->  .fl-table td {<!-- [et_pb_line_break_holder] -->    padding: 10px 12px;<!-- [et_pb_line_break_holder] -->    vertical-align: top;<!-- [et_pb_line_break_holder] -->    word-wrap: break-word;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Header row: blue background, white text */<!-- [et_pb_line_break_holder] -->  .fl-table thead {<!-- [et_pb_line_break_holder] -->    background-color: #002563;<!-- [et_pb_line_break_holder] -->    color: #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th {<!-- [et_pb_line_break_holder] -->    text-align: center;<!-- [et_pb_line_break_holder] -->    font-weight: 700;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* label column */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Body cells: grey background */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td {<!-- [et_pb_line_break_holder] -->    background-color: #d9d9d9;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Alignment helpers */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* principle text */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:not(:first-child) {<!-- [et_pb_line_break_holder] -->    text-align: center; /* checkmarks */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Optional: small visual separators */<!-- [et_pb_line_break_holder] -->  .fl-table tbody tr + tr td {<!-- [et_pb_line_break_holder] -->    border-top: 2px solid #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --></style><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><table class=\"fl-table tablemobile\" aria-label=\"GRP principles applicability\"><!-- [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>1. Disclose asset value on the appropriate basis for calculating costs.</td><!-- [et_pb_line_break_holder] -->      <td><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>2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>3. Look through and include costs incurred in all investment tiers.</td><!-- [et_pb_line_break_holder] -->      <td><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>4. Disclose costs for the same period in which revenues are earned.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        5. Include indirect taxes that are implicit in the price of a product or service in total costs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>7. Include costs incurred by related parties in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>9. Disclose investment costs and performance by composite or mandate.</td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        10. Disclose if returns are fully gross-of-fees or, if not, disclose what costs are netted<!-- [et_pb_line_break_holder] -->        from the return.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><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>11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->      <td><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>12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->      <td><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>13. Returns for less than one year must not be annualized.</td><!-- [et_pb_line_break_holder] -->      <td><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>14. Disclose key member service performance metrics.</td><!-- [et_pb_line_break_holder] -->      <td></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        15. Use and explain estimates when alignment to these principles is neither practical nor timely.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        16. Disclosures should be available for stakeholders in time to fulfill their reporting and<!-- [et_pb_line_break_holder] -->        decision-making needs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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_line_break_holder] -->[/et_pb_code][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>Based on these principles, CEM has created a scoring methodology to assess the completeness, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their GRP Scorecard.</p>\n<p><strong>CEM offers distinct GRP for:</strong></p>\n<p><strong></strong></p>\n<ul>\n<li><strong>Investment Benchmarking</strong> - Beta launched in 2024</li>\n<li><strong>Defined Contribution Benchmarking</strong> - Launching in 2026</li>\n<li><strong>Pension Administration Benchmarking</strong> - Launching in 2026</li>\n</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\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\"][et_pb_heading title=\"GRP Scorecard Methodology for Investment Benchmarking\" _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" sticky_enabled=\"0\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row column_structure=\"1_2,1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" global_colors_info=\"{}\" sticky_enabled=\"0\"][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>The GRP score for data reported directly to CEM for Investment Benchmarking is the weighted sum of the scores received on , and the timeliness of reporting.</p>\n<p><strong>Cost reporting – </strong>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%.</p>\n<p><strong>Performance reporting - </strong>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%.</p>\n<p><strong>Timeliness of reporting – </strong>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%.</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png\" title_text=\"GRP Example\" _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" global_colors_info=\"{}\" custom_padding=\"||0px||false|false\" custom_margin=\"||0px||false|false\" sticky_enabled=\"0\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"0px||0px||false|false\" custom_padding=\"0px||0px||false|false\" hover_enabled=\"0\" global_colors_info=\"{}\" sticky_enabled=\"0\"]<p style=\"text-align: left;\"><em>Example GRP scorecard for Investment Benchmarking – beta version for year 2024</em></p>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h2>Guidance on Publishing GRP Scores &amp; Scorecards</h2>\n<p data-start=\"175\" data-end=\"430\">Institutional investors who receive GRP scores from CEM may choose to share them publicly in reports or on their websites. The guidelines below outline what information must be included, how the scores may be presented, and the limitations on their use.</p>[/et_pb_text][et_pb_accordion _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||||false|false\" custom_padding=\"||||false|false\" hover_enabled=\"0\" global_colors_info=\"{}\" min_height=\"782px\" use_icon_font_size=\"on\" icon_font_size=\"28px\" sticky_enabled=\"0\"][et_pb_accordion_item title=\"1. Who can publish\" open=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p data-start=\"377\" data-end=\"593\">Institutional investors receiving scores under CEM’s Global Reporting Principles (GRP) may voluntarily publish their GRP scores in public disclosures, including annual reports and websites.</p>[/et_pb_accordion_item][et_pb_accordion_item title=\"2. Required information\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"603\" data-end=\"675\">Any disclosure of a GRP score must include:</p>\n<ul data-start=\"676\" data-end=\"819\">\n<li data-start=\"676\" data-end=\"718\">\n<p data-start=\"678\" data-end=\"718\">The name of the institutional investor</p>\n</li>\n<li data-start=\"719\" data-end=\"769\">\n<p data-start=\"721\" data-end=\"769\">The calendar year for which the data is scored</p>\n</li>\n<li data-start=\"770\" data-end=\"819\">\n<p data-start=\"772\" data-end=\"819\">The CEM service for which the score is issued</p>\n</li>\n</ul>[/et_pb_accordion_item][et_pb_accordion_item title=\"3. Example language\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p>Institutional investors may use the below formats to publish their scores on their website with the appropriate linking.</p>\n<p><em>Example 1: 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 <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em></p>\n<p><em>Example 2 (using footnotes) : InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.<sup>1</sup> </em></p>\n<ol>\n<li><em> </em><em>Details on the methodology can be found at <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em><em>.</em></li>\n</ol>[/et_pb_accordion_item][et_pb_accordion_item title=\"4. Restrictions\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"1348\" data-end=\"1461\">Institutional investors choosing to publish their scores or scorecards are not permitted to:</p>\n<ul data-start=\"1462\" data-end=\"1653\">\n<li data-start=\"1462\" data-end=\"1534\">\n<p data-start=\"1464\" data-end=\"1534\">Provide qualitative interpretation of the scores without CEM’s input</p>\n</li>\n<li data-start=\"1535\" data-end=\"1610\">\n<p data-start=\"1537\" data-end=\"1610\">Omit required elements (institution name, year, CEM service, and score)</p>\n</li>\n<li data-start=\"1611\" data-end=\"1653\">\n<p data-start=\"1613\" data-end=\"1653\">Provide scenario or “what-if” analysis</p>\n</li>\n</ul>[/et_pb_accordion_item][/et_pb_accordion][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>&nbsp;</p>\n<p>For more information or guidance, please contact us at <a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com</a></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Global Reporting Principles at CEM','','inherit','closed','closed','','2921-revision-v1','','','2025-08-22 18:01:30','2025-08-22 18:01:30','',2921,'https://www.cembenchmarking.com/?p=2942',0,'revision','',0),(2943,36,'2025-08-22 18:06:24','2025-08-22 18:06:24','[et_pb_section fb_built=\"1\" fullwidth=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_fullwidth_header title=\"CEM\'s Global Reporting Principles\" text_orientation=\"center\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_font=\"--et_global_body_font||||||||\" title_text_align=\"center\" title_font_size=\"45px\" content_text_align=\"center\" background_color=\"RGBA(255,255,255,0)\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|#001e66 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\" custom_padding=\"100px||||false|false\" global_colors_info=\"{}\"][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<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>\n<p data-start=\"675\" data-end=\"873\">While standards have existed in countries such as Australia, the Netherlands, and the UK, the GRP extend this work by offering a unified approach for the global institutional investment community.<o:p></o:p></p>\n<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>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_padding=\"0px||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h3 data-start=\"200\" data-end=\"228\"><strong data-start=\"200\" data-end=\"226\">GRP Principles Overview</strong></h3>\n<p data-start=\"230\" data-end=\"380\">[/et_pb_text][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" custom_css_free_form=\"/* Header row: blue background, white text */||.fl-table thead {||  background-color: #002563;||}||.fl-table thead th {||  color: #ffffff;       /* makes header text white */||  text-align: center;||  font-weight: 700;||}||.fl-table thead th:first-child {||  text-align: left;     /* label column */||}||\" global_colors_info=\"{}\" sticky_enabled=\"0\"]<!-- Optional: Font Awesome for check icons --><!-- [et_pb_line_break_holder] --><link rel=\"stylesheet\" href=\"https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.5.0/css/all.min.css\" /><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><style><!-- [et_pb_line_break_holder] -->  /* Base table styling */<!-- [et_pb_line_break_holder] -->  .fl-table {<!-- [et_pb_line_break_holder] -->    width: 100%;<!-- [et_pb_line_break_holder] -->    border-collapse: collapse;<!-- [et_pb_line_break_holder] -->    table-layout: fixed;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table th,<!-- [et_pb_line_break_holder] -->  .fl-table td {<!-- [et_pb_line_break_holder] -->    padding: 10px 12px;<!-- [et_pb_line_break_holder] -->    vertical-align: top;<!-- [et_pb_line_break_holder] -->    word-wrap: break-word;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Header row: blue background, white text */<!-- [et_pb_line_break_holder] -->  .fl-table thead {<!-- [et_pb_line_break_holder] -->    background-color: #002563;<!-- [et_pb_line_break_holder] -->    color: #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th {<!-- [et_pb_line_break_holder] -->    text-align: center;<!-- [et_pb_line_break_holder] -->    font-weight: 700;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* label column */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Body cells: grey background */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td {<!-- [et_pb_line_break_holder] -->    background-color: #d9d9d9;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Alignment helpers */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* principle text */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:not(:first-child) {<!-- [et_pb_line_break_holder] -->    text-align: center; /* checkmarks */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Optional: small visual separators */<!-- [et_pb_line_break_holder] -->  .fl-table tbody tr + tr td {<!-- [et_pb_line_break_holder] -->    border-top: 2px solid #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --></style><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><table class=\"fl-table tablemobile\" aria-label=\"GRP principles applicability\"><!-- [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>1. Disclose asset value on the appropriate basis for calculating costs.</td><!-- [et_pb_line_break_holder] -->      <td><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>2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>3. Look through and include costs incurred in all investment tiers.</td><!-- [et_pb_line_break_holder] -->      <td><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>4. Disclose costs for the same period in which revenues are earned.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        5. Include indirect taxes that are implicit in the price of a product or service in total costs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>7. Include costs incurred by related parties in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>9. Disclose investment costs and performance by composite or mandate.</td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        10. Disclose if returns are fully gross-of-fees or, if not, disclose what costs are netted<!-- [et_pb_line_break_holder] -->        from the return.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><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>11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->      <td><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>12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->      <td><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>13. Returns for less than one year must not be annualized.</td><!-- [et_pb_line_break_holder] -->      <td><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>14. Disclose key member service performance metrics.</td><!-- [et_pb_line_break_holder] -->      <td></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        15. Use and explain estimates when alignment to these principles is neither practical nor timely.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        16. Disclosures should be available for stakeholders in time to fulfill their reporting and<!-- [et_pb_line_break_holder] -->        decision-making needs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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_line_break_holder] -->[/et_pb_code][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>Based on these principles, CEM has created a scoring methodology to assess the completeness, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their GRP Scorecard.</p>\n<p><strong>CEM offers distinct GRP for:</strong></p>\n<p><strong></strong></p>\n<ul>\n<li><strong>Investment Benchmarking</strong> - Beta launched in 2024</li>\n<li><strong>Defined Contribution Benchmarking</strong> - Launching in 2026</li>\n<li><strong>Pension Administration Benchmarking</strong> - Launching in 2026</li>\n</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\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\"][et_pb_heading title=\"GRP Scorecard Methodology for Investment Benchmarking\" _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" sticky_enabled=\"0\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row column_structure=\"1_2,1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" global_colors_info=\"{}\" sticky_enabled=\"0\"][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>The GRP score for data reported directly to CEM for Investment Benchmarking is the weighted sum of the scores received on , and the timeliness of reporting.</p>\n<p><strong>Cost reporting – </strong>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%.</p>\n<p><strong>Performance reporting - </strong>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%.</p>\n<p><strong>Timeliness of reporting – </strong>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%.</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png\" title_text=\"GRP Example\" _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" global_colors_info=\"{}\" custom_padding=\"||0px||false|false\" custom_margin=\"||0px||false|false\" sticky_enabled=\"0\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"0px||0px||false|false\" custom_padding=\"0px||0px||false|false\" hover_enabled=\"0\" global_colors_info=\"{}\" sticky_enabled=\"0\"]<p style=\"text-align: left;\"><em>Example GRP scorecard for Investment Benchmarking – beta version for year 2024</em></p>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h2>Guidance on Publishing GRP Scores &amp; Scorecards</h2>\n<p data-start=\"175\" data-end=\"430\">Institutional investors who receive GRP scores from CEM may choose to share them publicly in reports or on their websites. The guidelines below outline what information must be included, how the scores may be presented, and the limitations on their use.</p>[/et_pb_text][et_pb_accordion _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||||false|false\" custom_padding=\"||||false|false\" hover_enabled=\"0\" global_colors_info=\"{}\" min_height=\"782px\" use_icon_font_size=\"on\" icon_font_size=\"28px\" sticky_enabled=\"0\" border_width_all=\"0px\"][et_pb_accordion_item title=\"1. Who can publish\" open=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p data-start=\"377\" data-end=\"593\">Institutional investors receiving scores under CEM’s Global Reporting Principles (GRP) may voluntarily publish their GRP scores in public disclosures, including annual reports and websites.</p>[/et_pb_accordion_item][et_pb_accordion_item title=\"2. Required information\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"603\" data-end=\"675\">Any disclosure of a GRP score must include:</p>\n<ul data-start=\"676\" data-end=\"819\">\n<li data-start=\"676\" data-end=\"718\">\n<p data-start=\"678\" data-end=\"718\">The name of the institutional investor</p>\n</li>\n<li data-start=\"719\" data-end=\"769\">\n<p data-start=\"721\" data-end=\"769\">The calendar year for which the data is scored</p>\n</li>\n<li data-start=\"770\" data-end=\"819\">\n<p data-start=\"772\" data-end=\"819\">The CEM service for which the score is issued</p>\n</li>\n</ul>[/et_pb_accordion_item][et_pb_accordion_item title=\"3. Example language\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p>Institutional investors may use the below formats to publish their scores on their website with the appropriate linking.</p>\n<p><em>Example 1: 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 <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em></p>\n<p><em>Example 2 (using footnotes) : InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.<sup>1</sup> </em></p>\n<ol>\n<li><em> </em><em>Details on the methodology can be found at <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em><em>.</em></li>\n</ol>[/et_pb_accordion_item][et_pb_accordion_item title=\"4. Restrictions\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"1348\" data-end=\"1461\">Institutional investors choosing to publish their scores or scorecards are not permitted to:</p>\n<ul data-start=\"1462\" data-end=\"1653\">\n<li data-start=\"1462\" data-end=\"1534\">\n<p data-start=\"1464\" data-end=\"1534\">Provide qualitative interpretation of the scores without CEM’s input</p>\n</li>\n<li data-start=\"1535\" data-end=\"1610\">\n<p data-start=\"1537\" data-end=\"1610\">Omit required elements (institution name, year, CEM service, and score)</p>\n</li>\n<li data-start=\"1611\" data-end=\"1653\">\n<p data-start=\"1613\" data-end=\"1653\">Provide scenario or “what-if” analysis</p>\n</li>\n</ul>[/et_pb_accordion_item][/et_pb_accordion][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>&nbsp;</p>\n<p>For more information or guidance, please contact us at <a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com</a></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Global Reporting Principles at CEM','','inherit','closed','closed','','2921-revision-v1','','','2025-08-22 18:06:24','2025-08-22 18:06:24','',2921,'https://www.cembenchmarking.com/?p=2943',0,'revision','',0),(2944,36,'2025-08-22 18:07:57','2025-08-22 18:07:57','[et_pb_section fb_built=\"1\" fullwidth=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_fullwidth_header title=\"CEM\'s Global Reporting Principles\" text_orientation=\"center\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_font=\"--et_global_body_font||||||||\" title_text_align=\"center\" title_font_size=\"45px\" content_text_align=\"center\" background_color=\"RGBA(255,255,255,0)\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|#001e66 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\" custom_padding=\"100px||||false|false\" global_colors_info=\"{}\"][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<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>\n<p data-start=\"675\" data-end=\"873\">While standards have existed in countries such as Australia, the Netherlands, and the UK, the GRP extend this work by offering a unified approach for the global institutional investment community.<o:p></o:p></p>\n<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>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_padding=\"0px||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h3 data-start=\"200\" data-end=\"228\"><strong data-start=\"200\" data-end=\"226\">GRP Principles Overview</strong></h3>\n<p data-start=\"230\" data-end=\"380\">[/et_pb_text][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" custom_css_free_form=\"/* Header row: blue background, white text */||.fl-table thead {||  background-color: #002563;||}||.fl-table thead th {||  color: #ffffff;       /* makes header text white */||  text-align: center;||  font-weight: 700;||}||.fl-table thead th:first-child {||  text-align: left;     /* label column */||}||\" global_colors_info=\"{}\"]<!-- Optional: Font Awesome for check icons --><!-- [et_pb_line_break_holder] --><link rel=\"stylesheet\" href=\"https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.5.0/css/all.min.css\" /><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><style><!-- [et_pb_line_break_holder] -->  /* Base table styling */<!-- [et_pb_line_break_holder] -->  .fl-table {<!-- [et_pb_line_break_holder] -->    width: 100%;<!-- [et_pb_line_break_holder] -->    border-collapse: collapse;<!-- [et_pb_line_break_holder] -->    table-layout: fixed;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table th,<!-- [et_pb_line_break_holder] -->  .fl-table td {<!-- [et_pb_line_break_holder] -->    padding: 10px 12px;<!-- [et_pb_line_break_holder] -->    vertical-align: top;<!-- [et_pb_line_break_holder] -->    word-wrap: break-word;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Header row: blue background, white text */<!-- [et_pb_line_break_holder] -->  .fl-table thead {<!-- [et_pb_line_break_holder] -->    background-color: #002563;<!-- [et_pb_line_break_holder] -->    color: #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th {<!-- [et_pb_line_break_holder] -->    text-align: center;<!-- [et_pb_line_break_holder] -->    font-weight: 700;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* label column */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Body cells: grey background */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td {<!-- [et_pb_line_break_holder] -->    background-color: #d9d9d9;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Alignment helpers */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* principle text */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:not(:first-child) {<!-- [et_pb_line_break_holder] -->    text-align: center; /* checkmarks */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Optional: small visual separators */<!-- [et_pb_line_break_holder] -->  .fl-table tbody tr + tr td {<!-- [et_pb_line_break_holder] -->    border-top: 2px solid #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --></style><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><table class=\"fl-table tablemobile\" aria-label=\"GRP principles applicability\"><!-- [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>1. Disclose asset value on the appropriate basis for calculating costs.</td><!-- [et_pb_line_break_holder] -->      <td><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>2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>3. Look through and include costs incurred in all investment tiers.</td><!-- [et_pb_line_break_holder] -->      <td><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>4. Disclose costs for the same period in which revenues are earned.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        5. Include indirect taxes that are implicit in the price of a product or service in total costs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>7. Include costs incurred by related parties in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>9. Disclose investment costs and performance by composite or mandate.</td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        10. Disclose if returns are fully gross-of-fees or, if not, disclose what costs are netted<!-- [et_pb_line_break_holder] -->        from the return.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><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>11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->      <td><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>12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->      <td><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>13. Returns for less than one year must not be annualized.</td><!-- [et_pb_line_break_holder] -->      <td><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>14. Disclose key member service performance metrics.</td><!-- [et_pb_line_break_holder] -->      <td></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        15. Use and explain estimates when alignment to these principles is neither practical nor timely.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        16. Disclosures should be available for stakeholders in time to fulfill their reporting and<!-- [et_pb_line_break_holder] -->        decision-making needs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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_line_break_holder] -->[/et_pb_code][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>Based on these principles, CEM has created a scoring methodology to assess the completeness, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their GRP Scorecard.</p>\n<p><strong>CEM offers distinct GRP for:</strong></p>\n<p><strong></strong></p>\n<ul>\n<li><strong>Investment Benchmarking</strong> - Beta launched in 2024</li>\n<li><strong>Defined Contribution Benchmarking</strong> - Launching in 2026</li>\n<li><strong>Pension Administration Benchmarking</strong> - Launching in 2026</li>\n</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\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"GRP Scorecard Methodology for Investment Benchmarking\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row column_structure=\"1_2,1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>The GRP score for data reported directly to CEM for Investment Benchmarking is the weighted sum of the scores received on , and the timeliness of reporting.</p>\n<p><strong>Cost reporting – </strong>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%.</p>\n<p><strong>Performance reporting - </strong>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%.</p>\n<p><strong>Timeliness of reporting – </strong>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%.</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png\" title_text=\"GRP Example\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||0px||false|false\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"0px||0px||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p style=\"text-align: left;\"><em>Example GRP scorecard for Investment Benchmarking – beta version for year 2024</em></p>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h2>Guidance on Publishing GRP Scores &amp; Scorecards</h2>\n<p data-start=\"175\" data-end=\"430\">Institutional investors who receive GRP scores from CEM may choose to share them publicly in reports or on their websites. The guidelines below outline what information must be included, how the scores may be presented, and the limitations on their use.</p>[/et_pb_text][et_pb_accordion use_icon_font_size=\"on\" icon_font_size=\"28px\" _builder_version=\"4.27.4\" _module_preset=\"default\" min_height=\"782px\" custom_margin=\"||||false|false\" custom_padding=\"||||false|false\" hover_enabled=\"0\" border_width_all=\"0px\" global_colors_info=\"{}\" sticky_enabled=\"0\"][et_pb_accordion_item title=\"1. Who can publish\" open=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p data-start=\"377\" data-end=\"593\">Institutional investors receiving scores under CEM’s Global Reporting Principles (GRP) may voluntarily publish their GRP scores in public disclosures, including annual reports and websites.</p>[/et_pb_accordion_item][et_pb_accordion_item title=\"2. Required information\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"603\" data-end=\"675\">Any disclosure of a GRP score must include:</p>\n<ul data-start=\"676\" data-end=\"819\">\n<li data-start=\"676\" data-end=\"718\">\n<p data-start=\"678\" data-end=\"718\">The name of the institutional investor</p>\n</li>\n<li data-start=\"719\" data-end=\"769\">\n<p data-start=\"721\" data-end=\"769\">The calendar year for which the data is scored</p>\n</li>\n<li data-start=\"770\" data-end=\"819\">\n<p data-start=\"772\" data-end=\"819\">The CEM service for which the score is issued</p>\n</li>\n</ul>[/et_pb_accordion_item][et_pb_accordion_item title=\"3. Example language\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p>Institutional investors may use the below formats to publish their scores on their website with the appropriate linking.</p>\n<p><em>Example 1: 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 <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em></p>\n<p><em>Example 2 (using footnotes) : InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.<sup>1</sup> </em></p>\n<ol>\n<li><em> </em><em>Details on the methodology can be found at <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em><em>.</em></li>\n</ol>[/et_pb_accordion_item][et_pb_accordion_item title=\"4. Restrictions\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"1348\" data-end=\"1461\">Institutional investors choosing to publish their scores or scorecards are not permitted to:</p>\n<ul data-start=\"1462\" data-end=\"1653\">\n<li data-start=\"1462\" data-end=\"1534\">\n<p data-start=\"1464\" data-end=\"1534\">Provide qualitative interpretation of the scores without CEM’s input</p>\n</li>\n<li data-start=\"1535\" data-end=\"1610\">\n<p data-start=\"1537\" data-end=\"1610\">Omit required elements (institution name, year, CEM service, and score)</p>\n</li>\n<li data-start=\"1611\" data-end=\"1653\">\n<p data-start=\"1613\" data-end=\"1653\">Provide scenario or “what-if” analysis</p>\n</li>\n</ul>[/et_pb_accordion_item][/et_pb_accordion][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" global_colors_info=\"{}\" sticky_enabled=\"0\"]<p> For more information or guidance, please contact us at <a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com</a></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Global Reporting Principles at CEM','','inherit','closed','closed','','2921-revision-v1','','','2025-08-22 18:07:57','2025-08-22 18:07:57','',2921,'https://www.cembenchmarking.com/?p=2944',0,'revision','',0),(2945,36,'2025-08-22 18:08:46','2025-08-22 18:08:46','[et_pb_section fb_built=\"1\" fullwidth=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_fullwidth_header title=\"CEM\'s Global Reporting Principles\" text_orientation=\"center\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_font=\"--et_global_body_font||||||||\" title_text_align=\"center\" title_font_size=\"45px\" content_text_align=\"center\" background_color=\"RGBA(255,255,255,0)\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|#001e66 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\" custom_padding=\"100px||||false|false\" global_colors_info=\"{}\"][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<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>\n<p data-start=\"675\" data-end=\"873\">While standards have existed in countries such as Australia, the Netherlands, and the UK, the GRP extend this work by offering a unified approach for the global institutional investment community.<o:p></o:p></p>\n<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>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_padding=\"0px||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h3 data-start=\"200\" data-end=\"228\"><strong data-start=\"200\" data-end=\"226\">GRP Principles Overview</strong></h3>\n<p data-start=\"230\" data-end=\"380\">[/et_pb_text][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" custom_css_free_form=\"/* Header row: blue background, white text */||.fl-table thead {||  background-color: #002563;||}||.fl-table thead th {||  color: #ffffff;       /* makes header text white */||  text-align: center;||  font-weight: 700;||}||.fl-table thead th:first-child {||  text-align: left;     /* label column */||}||\" global_colors_info=\"{}\"]<!-- Optional: Font Awesome for check icons --><!-- [et_pb_line_break_holder] --><link rel=\"stylesheet\" href=\"https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.5.0/css/all.min.css\" /><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><style><!-- [et_pb_line_break_holder] -->  /* Base table styling */<!-- [et_pb_line_break_holder] -->  .fl-table {<!-- [et_pb_line_break_holder] -->    width: 100%;<!-- [et_pb_line_break_holder] -->    border-collapse: collapse;<!-- [et_pb_line_break_holder] -->    table-layout: fixed;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table th,<!-- [et_pb_line_break_holder] -->  .fl-table td {<!-- [et_pb_line_break_holder] -->    padding: 10px 12px;<!-- [et_pb_line_break_holder] -->    vertical-align: top;<!-- [et_pb_line_break_holder] -->    word-wrap: break-word;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Header row: blue background, white text */<!-- [et_pb_line_break_holder] -->  .fl-table thead {<!-- [et_pb_line_break_holder] -->    background-color: #002563;<!-- [et_pb_line_break_holder] -->    color: #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th {<!-- [et_pb_line_break_holder] -->    text-align: center;<!-- [et_pb_line_break_holder] -->    font-weight: 700;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* label column */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Body cells: grey background */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td {<!-- [et_pb_line_break_holder] -->    background-color: #d9d9d9;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Alignment helpers */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* principle text */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:not(:first-child) {<!-- [et_pb_line_break_holder] -->    text-align: center; /* checkmarks */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Optional: small visual separators */<!-- [et_pb_line_break_holder] -->  .fl-table tbody tr + tr td {<!-- [et_pb_line_break_holder] -->    border-top: 2px solid #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --></style><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><table class=\"fl-table tablemobile\" aria-label=\"GRP principles applicability\"><!-- [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>1. Disclose asset value on the appropriate basis for calculating costs.</td><!-- [et_pb_line_break_holder] -->      <td><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>2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>3. Look through and include costs incurred in all investment tiers.</td><!-- [et_pb_line_break_holder] -->      <td><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>4. Disclose costs for the same period in which revenues are earned.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        5. Include indirect taxes that are implicit in the price of a product or service in total costs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>7. Include costs incurred by related parties in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>9. Disclose investment costs and performance by composite or mandate.</td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        10. Disclose if returns are fully gross-of-fees or, if not, disclose what costs are netted<!-- [et_pb_line_break_holder] -->        from the return.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><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>11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->      <td><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>12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->      <td><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>13. Returns for less than one year must not be annualized.</td><!-- [et_pb_line_break_holder] -->      <td><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>14. Disclose key member service performance metrics.</td><!-- [et_pb_line_break_holder] -->      <td></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        15. Use and explain estimates when alignment to these principles is neither practical nor timely.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        16. Disclosures should be available for stakeholders in time to fulfill their reporting and<!-- [et_pb_line_break_holder] -->        decision-making needs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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_line_break_holder] -->[/et_pb_code][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>Based on these principles, CEM has created a scoring methodology to assess the completeness, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their GRP Scorecard.</p>\n<p><strong>CEM offers distinct GRP for:</strong></p>\n<p><strong></strong></p>\n<ul>\n<li><strong>Investment Benchmarking</strong> - Beta launched in 2024</li>\n<li><strong>Defined Contribution Benchmarking</strong> - Launching in 2026</li>\n<li><strong>Pension Administration Benchmarking</strong> - Launching in 2026</li>\n</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\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"GRP Scorecard Methodology for Investment Benchmarking\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row column_structure=\"1_2,1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>The GRP score for data reported directly to CEM for Investment Benchmarking is the weighted sum of the scores received on , and the timeliness of reporting.</p>\n<p><strong>Cost reporting – </strong>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%.</p>\n<p><strong>Performance reporting - </strong>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%.</p>\n<p><strong>Timeliness of reporting – </strong>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%.</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png\" title_text=\"GRP Example\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||0px||false|false\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"0px||0px||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p style=\"text-align: left;\"><em>Example GRP scorecard for Investment Benchmarking – beta version for year 2024</em></p>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h2>Guidance on Publishing GRP Scores &amp; Scorecards</h2>\n<p data-start=\"175\" data-end=\"430\">Institutional investors who receive GRP scores from CEM may choose to share them publicly in reports or on their websites. The guidelines below outline what information must be included, how the scores may be presented, and the limitations on their use.</p>[/et_pb_text][et_pb_accordion use_icon_font_size=\"on\" icon_font_size=\"28px\" _builder_version=\"4.27.4\" _module_preset=\"default\" min_height=\"782px\" custom_margin=\"||||false|false\" custom_padding=\"||||false|false\" hover_enabled=\"0\" border_width_all=\"2px\" global_colors_info=\"{}\" sticky_enabled=\"0\"][et_pb_accordion_item title=\"1. Who can publish\" open=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p data-start=\"377\" data-end=\"593\">Institutional investors receiving scores under CEM’s Global Reporting Principles (GRP) may voluntarily publish their GRP scores in public disclosures, including annual reports and websites.</p>[/et_pb_accordion_item][et_pb_accordion_item title=\"2. Required information\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"603\" data-end=\"675\">Any disclosure of a GRP score must include:</p>\n<ul data-start=\"676\" data-end=\"819\">\n<li data-start=\"676\" data-end=\"718\">\n<p data-start=\"678\" data-end=\"718\">The name of the institutional investor</p>\n</li>\n<li data-start=\"719\" data-end=\"769\">\n<p data-start=\"721\" data-end=\"769\">The calendar year for which the data is scored</p>\n</li>\n<li data-start=\"770\" data-end=\"819\">\n<p data-start=\"772\" data-end=\"819\">The CEM service for which the score is issued</p>\n</li>\n</ul>[/et_pb_accordion_item][et_pb_accordion_item title=\"3. Example language\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p>Institutional investors may use the below formats to publish their scores on their website with the appropriate linking.</p>\n<p><em>Example 1: 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 <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em></p>\n<p><em>Example 2 (using footnotes) : InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.<sup>1</sup> </em></p>\n<ol>\n<li><em> </em><em>Details on the methodology can be found at <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em><em>.</em></li>\n</ol>[/et_pb_accordion_item][et_pb_accordion_item title=\"4. Restrictions\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"1348\" data-end=\"1461\">Institutional investors choosing to publish their scores or scorecards are not permitted to:</p>\n<ul data-start=\"1462\" data-end=\"1653\">\n<li data-start=\"1462\" data-end=\"1534\">\n<p data-start=\"1464\" data-end=\"1534\">Provide qualitative interpretation of the scores without CEM’s input</p>\n</li>\n<li data-start=\"1535\" data-end=\"1610\">\n<p data-start=\"1537\" data-end=\"1610\">Omit required elements (institution name, year, CEM service, and score)</p>\n</li>\n<li data-start=\"1611\" data-end=\"1653\">\n<p data-start=\"1613\" data-end=\"1653\">Provide scenario or “what-if” analysis</p>\n</li>\n</ul>[/et_pb_accordion_item][/et_pb_accordion][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p> For more information or guidance, please contact us at <a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com</a></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Global Reporting Principles at CEM','','inherit','closed','closed','','2921-revision-v1','','','2025-08-22 18:08:46','2025-08-22 18:08:46','',2921,'https://www.cembenchmarking.com/?p=2945',0,'revision','',0),(2946,36,'2025-08-22 18:09:09','2025-08-22 18:09:09','[et_pb_section fb_built=\"1\" fullwidth=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_fullwidth_header title=\"CEM\'s Global Reporting Principles\" text_orientation=\"center\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_font=\"--et_global_body_font||||||||\" title_text_align=\"center\" title_font_size=\"45px\" content_text_align=\"center\" background_color=\"RGBA(255,255,255,0)\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|#001e66 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\" custom_padding=\"100px||||false|false\" global_colors_info=\"{}\"][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<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>\n<p data-start=\"675\" data-end=\"873\">While standards have existed in countries such as Australia, the Netherlands, and the UK, the GRP extend this work by offering a unified approach for the global institutional investment community.<o:p></o:p></p>\n<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>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_padding=\"0px||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h3 data-start=\"200\" data-end=\"228\"><strong data-start=\"200\" data-end=\"226\">GRP Principles Overview</strong></h3>\n<p data-start=\"230\" data-end=\"380\">[/et_pb_text][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" custom_css_free_form=\"/* Header row: blue background, white text */||.fl-table thead {||  background-color: #002563;||}||.fl-table thead th {||  color: #ffffff;       /* makes header text white */||  text-align: center;||  font-weight: 700;||}||.fl-table thead th:first-child {||  text-align: left;     /* label column */||}||\" global_colors_info=\"{}\"]<!-- Optional: Font Awesome for check icons --><!-- [et_pb_line_break_holder] --><link rel=\"stylesheet\" href=\"https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.5.0/css/all.min.css\" /><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><style><!-- [et_pb_line_break_holder] -->  /* Base table styling */<!-- [et_pb_line_break_holder] -->  .fl-table {<!-- [et_pb_line_break_holder] -->    width: 100%;<!-- [et_pb_line_break_holder] -->    border-collapse: collapse;<!-- [et_pb_line_break_holder] -->    table-layout: fixed;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table th,<!-- [et_pb_line_break_holder] -->  .fl-table td {<!-- [et_pb_line_break_holder] -->    padding: 10px 12px;<!-- [et_pb_line_break_holder] -->    vertical-align: top;<!-- [et_pb_line_break_holder] -->    word-wrap: break-word;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Header row: blue background, white text */<!-- [et_pb_line_break_holder] -->  .fl-table thead {<!-- [et_pb_line_break_holder] -->    background-color: #002563;<!-- [et_pb_line_break_holder] -->    color: #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th {<!-- [et_pb_line_break_holder] -->    text-align: center;<!-- [et_pb_line_break_holder] -->    font-weight: 700;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* label column */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Body cells: grey background */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td {<!-- [et_pb_line_break_holder] -->    background-color: #d9d9d9;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Alignment helpers */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* principle text */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:not(:first-child) {<!-- [et_pb_line_break_holder] -->    text-align: center; /* checkmarks */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Optional: small visual separators */<!-- [et_pb_line_break_holder] -->  .fl-table tbody tr + tr td {<!-- [et_pb_line_break_holder] -->    border-top: 2px solid #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --></style><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><table class=\"fl-table tablemobile\" aria-label=\"GRP principles applicability\"><!-- [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>1. Disclose asset value on the appropriate basis for calculating costs.</td><!-- [et_pb_line_break_holder] -->      <td><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>2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>3. Look through and include costs incurred in all investment tiers.</td><!-- [et_pb_line_break_holder] -->      <td><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>4. Disclose costs for the same period in which revenues are earned.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        5. Include indirect taxes that are implicit in the price of a product or service in total costs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>7. Include costs incurred by related parties in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>9. Disclose investment costs and performance by composite or mandate.</td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        10. Disclose if returns are fully gross-of-fees or, if not, disclose what costs are netted<!-- [et_pb_line_break_holder] -->        from the return.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><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>11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->      <td><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>12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->      <td><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>13. Returns for less than one year must not be annualized.</td><!-- [et_pb_line_break_holder] -->      <td><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>14. Disclose key member service performance metrics.</td><!-- [et_pb_line_break_holder] -->      <td></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        15. Use and explain estimates when alignment to these principles is neither practical nor timely.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        16. Disclosures should be available for stakeholders in time to fulfill their reporting and<!-- [et_pb_line_break_holder] -->        decision-making needs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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_line_break_holder] -->[/et_pb_code][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>Based on these principles, CEM has created a scoring methodology to assess the completeness, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their GRP Scorecard.</p>\n<p><strong>CEM offers distinct GRP for:</strong></p>\n<p><strong></strong></p>\n<ul>\n<li><strong>Investment Benchmarking</strong> - Beta launched in 2024</li>\n<li><strong>Defined Contribution Benchmarking</strong> - Launching in 2026</li>\n<li><strong>Pension Administration Benchmarking</strong> - Launching in 2026</li>\n</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\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"GRP Scorecard Methodology for Investment Benchmarking\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row column_structure=\"1_2,1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>The GRP score for data reported directly to CEM for Investment Benchmarking is the weighted sum of the scores received on , and the timeliness of reporting.</p>\n<p><strong>Cost reporting – </strong>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%.</p>\n<p><strong>Performance reporting - </strong>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%.</p>\n<p><strong>Timeliness of reporting – </strong>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%.</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png\" title_text=\"GRP Example\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||0px||false|false\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"0px||0px||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p style=\"text-align: left;\"><em>Example GRP scorecard for Investment Benchmarking – beta version for year 2024</em></p>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h2>Guidance on Publishing GRP Scores &amp; Scorecards</h2>\n<p data-start=\"175\" data-end=\"430\">Institutional investors who receive GRP scores from CEM may choose to share them publicly in reports or on their websites. The guidelines below outline what information must be included, how the scores may be presented, and the limitations on their use.</p>[/et_pb_text][et_pb_accordion use_icon_font_size=\"on\" icon_font_size=\"28px\" _builder_version=\"4.27.4\" _module_preset=\"default\" min_height=\"782px\" custom_margin=\"||||false|false\" custom_padding=\"||||false|false\" hover_enabled=\"0\" border_width_all=\"2px\" global_colors_info=\"{}\" sticky_enabled=\"0\"][et_pb_accordion_item title=\"1. Who can publish\" open=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p data-start=\"377\" data-end=\"593\">Institutional investors receiving scores under CEM’s Global Reporting Principles (GRP) may voluntarily publish their GRP scores in public disclosures, including annual reports and websites.</p>[/et_pb_accordion_item][et_pb_accordion_item title=\"2. Required information\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"603\" data-end=\"675\">Any disclosure of a GRP score must include:</p>\n<ul data-start=\"676\" data-end=\"819\">\n<li data-start=\"676\" data-end=\"718\">\n<p data-start=\"678\" data-end=\"718\">The name of the institutional investor</p>\n</li>\n<li data-start=\"719\" data-end=\"769\">\n<p data-start=\"721\" data-end=\"769\">The calendar year for which the data is scored</p>\n</li>\n<li data-start=\"770\" data-end=\"819\">\n<p data-start=\"772\" data-end=\"819\">The CEM service for which the score is issued</p>\n</li>\n</ul>[/et_pb_accordion_item][et_pb_accordion_item title=\"3. Example language\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p>Institutional investors may use the below formats to publish their scores on their website with the appropriate linking.</p>\n<p><em>Example 1: 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 <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em></p>\n<p><em>Example 2 (using footnotes) : InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.<sup>1</sup> </em></p>\n<ol>\n<li><em> </em><em>Details on the methodology can be found at <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em><em>.</em></li>\n</ol>[/et_pb_accordion_item][et_pb_accordion_item title=\"4. Restrictions\" _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" global_colors_info=\"{}\" open=\"off\" sticky_enabled=\"0\"]<p data-start=\"1348\" data-end=\"1461\">Institutional investors choosing to publish their scores or scorecards are not permitted to:</p>\n<ul data-start=\"1462\" data-end=\"1653\">\n<li data-start=\"1462\" data-end=\"1534\">\n<p data-start=\"1464\" data-end=\"1534\">Provide qualitative interpretation of the scores without CEM’s input</p>\n</li>\n<li data-start=\"1535\" data-end=\"1610\">\n<p data-start=\"1537\" data-end=\"1610\">Omit required elements (institution name, year, CEM service, and score)</p>\n</li>\n<li data-start=\"1611\" data-end=\"1653\">\n<p data-start=\"1613\" data-end=\"1653\">Provide scenario or “what-if” analysis</p>\n</li>\n</ul>[/et_pb_accordion_item][/et_pb_accordion][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p> For more information or guidance, please contact us at <a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com</a></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Global Reporting Principles at CEM','','inherit','closed','closed','','2921-revision-v1','','','2025-08-22 18:09:09','2025-08-22 18:09:09','',2921,'https://www.cembenchmarking.com/?p=2946',0,'revision','',0),(2947,36,'2025-08-22 18:10:37','2025-08-22 18:10:37','[et_pb_section fb_built=\"1\" fullwidth=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_fullwidth_header title=\"CEM\'s Global Reporting Principles\" text_orientation=\"center\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_font=\"--et_global_body_font||||||||\" title_text_align=\"center\" title_font_size=\"45px\" content_text_align=\"center\" background_color=\"RGBA(255,255,255,0)\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|#001e66 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\" custom_padding=\"100px||||false|false\" global_colors_info=\"{}\"][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<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>\n<p data-start=\"675\" data-end=\"873\">While standards have existed in countries such as Australia, the Netherlands, and the UK, the GRP extend this work by offering a unified approach for the global institutional investment community.<o:p></o:p></p>\n<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>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_padding=\"0px||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h3 data-start=\"200\" data-end=\"228\"><strong data-start=\"200\" data-end=\"226\">GRP Principles Overview</strong></h3>\n<p data-start=\"230\" data-end=\"380\">[/et_pb_text][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" custom_css_free_form=\"/* Header row: blue background, white text */||.fl-table thead {||  background-color: #002563;||}||.fl-table thead th {||  color: #ffffff;       /* makes header text white */||  text-align: center;||  font-weight: 700;||}||.fl-table thead th:first-child {||  text-align: left;     /* label column */||}||\" global_colors_info=\"{}\"]<!-- Optional: Font Awesome for check icons --><!-- [et_pb_line_break_holder] --><link rel=\"stylesheet\" href=\"https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.5.0/css/all.min.css\" /><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><style><!-- [et_pb_line_break_holder] -->  /* Base table styling */<!-- [et_pb_line_break_holder] -->  .fl-table {<!-- [et_pb_line_break_holder] -->    width: 100%;<!-- [et_pb_line_break_holder] -->    border-collapse: collapse;<!-- [et_pb_line_break_holder] -->    table-layout: fixed;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table th,<!-- [et_pb_line_break_holder] -->  .fl-table td {<!-- [et_pb_line_break_holder] -->    padding: 10px 12px;<!-- [et_pb_line_break_holder] -->    vertical-align: top;<!-- [et_pb_line_break_holder] -->    word-wrap: break-word;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Header row: blue background, white text */<!-- [et_pb_line_break_holder] -->  .fl-table thead {<!-- [et_pb_line_break_holder] -->    background-color: #002563;<!-- [et_pb_line_break_holder] -->    color: #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th {<!-- [et_pb_line_break_holder] -->    text-align: center;<!-- [et_pb_line_break_holder] -->    font-weight: 700;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* label column */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Body cells: grey background */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td {<!-- [et_pb_line_break_holder] -->    background-color: #d9d9d9;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Alignment helpers */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* principle text */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:not(:first-child) {<!-- [et_pb_line_break_holder] -->    text-align: center; /* checkmarks */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Optional: small visual separators */<!-- [et_pb_line_break_holder] -->  .fl-table tbody tr + tr td {<!-- [et_pb_line_break_holder] -->    border-top: 2px solid #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --></style><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><table class=\"fl-table tablemobile\" aria-label=\"GRP principles applicability\"><!-- [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>1. Disclose asset value on the appropriate basis for calculating costs.</td><!-- [et_pb_line_break_holder] -->      <td><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>2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>3. Look through and include costs incurred in all investment tiers.</td><!-- [et_pb_line_break_holder] -->      <td><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>4. Disclose costs for the same period in which revenues are earned.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        5. Include indirect taxes that are implicit in the price of a product or service in total costs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>7. Include costs incurred by related parties in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>9. Disclose investment costs and performance by composite or mandate.</td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        10. Disclose if returns are fully gross-of-fees or, if not, disclose what costs are netted<!-- [et_pb_line_break_holder] -->        from the return.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><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>11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->      <td><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>12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->      <td><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>13. Returns for less than one year must not be annualized.</td><!-- [et_pb_line_break_holder] -->      <td><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>14. Disclose key member service performance metrics.</td><!-- [et_pb_line_break_holder] -->      <td></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        15. Use and explain estimates when alignment to these principles is neither practical nor timely.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        16. Disclosures should be available for stakeholders in time to fulfill their reporting and<!-- [et_pb_line_break_holder] -->        decision-making needs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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_line_break_holder] -->[/et_pb_code][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>Based on these principles, CEM has created a scoring methodology to assess the completeness, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their GRP Scorecard.</p>\n<p><strong>CEM offers distinct GRP for:</strong></p>\n<p><strong></strong></p>\n<ul>\n<li><strong>Investment Benchmarking</strong> - Beta launched in 2024</li>\n<li><strong>Defined Contribution Benchmarking</strong> - Launching in 2026</li>\n<li><strong>Pension Administration Benchmarking</strong> - Launching in 2026</li>\n</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\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"GRP Scorecard Methodology for Investment Benchmarking\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row column_structure=\"1_2,1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>The GRP score for data reported directly to CEM for Investment Benchmarking is the weighted sum of the scores received on , and the timeliness of reporting.</p>\n<p><strong>Cost reporting – </strong>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%.</p>\n<p><strong>Performance reporting - </strong>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%.</p>\n<p><strong>Timeliness of reporting – </strong>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%.</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png\" title_text=\"GRP Example\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||0px||false|false\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"0px||0px||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p style=\"text-align: left;\"><em>Example GRP scorecard for Investment Benchmarking – beta version for year 2024</em></p>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h2>Guidance on Publishing GRP Scores &amp; Scorecards</h2>\n<p data-start=\"175\" data-end=\"430\">Institutional investors who receive GRP scores from CEM may choose to share them publicly in reports or on their websites. The guidelines below outline what information must be included, how the scores may be presented, and the limitations on their use.</p>[/et_pb_text][et_pb_accordion use_icon_font_size=\"on\" icon_font_size=\"28px\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||||false|false\" custom_padding=\"||||false|false\" hover_enabled=\"0\" border_width_all=\"2px\" global_colors_info=\"{}\" sticky_enabled=\"0\"][et_pb_accordion_item title=\"1. Who can publish\" open=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p data-start=\"377\" data-end=\"593\">Institutional investors receiving scores under CEM’s Global Reporting Principles (GRP) may voluntarily publish their GRP scores in public disclosures, including annual reports and websites.</p>[/et_pb_accordion_item][et_pb_accordion_item title=\"2. Required information\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"603\" data-end=\"675\">Any disclosure of a GRP score must include:</p>\n<ul data-start=\"676\" data-end=\"819\">\n<li data-start=\"676\" data-end=\"718\">\n<p data-start=\"678\" data-end=\"718\">The name of the institutional investor</p>\n</li>\n<li data-start=\"719\" data-end=\"769\">\n<p data-start=\"721\" data-end=\"769\">The calendar year for which the data is scored</p>\n</li>\n<li data-start=\"770\" data-end=\"819\">\n<p data-start=\"772\" data-end=\"819\">The CEM service for which the score is issued</p>\n</li>\n</ul>[/et_pb_accordion_item][et_pb_accordion_item title=\"3. Example language\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p>Institutional investors may use the below formats to publish their scores on their website with the appropriate linking.</p>\n<p><em>Example 1: 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 <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em></p>\n<p><em>Example 2 (using footnotes) : InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.<sup>1</sup> </em></p>\n<ol>\n<li><em> </em><em>Details on the methodology can be found at <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em><em>.</em></li>\n</ol>[/et_pb_accordion_item][et_pb_accordion_item title=\"4. Restrictions\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"1348\" data-end=\"1461\">Institutional investors choosing to publish their scores or scorecards are not permitted to:</p>\n<ul data-start=\"1462\" data-end=\"1653\">\n<li data-start=\"1462\" data-end=\"1534\">\n<p data-start=\"1464\" data-end=\"1534\">Provide qualitative interpretation of the scores without CEM’s input</p>\n</li>\n<li data-start=\"1535\" data-end=\"1610\">\n<p data-start=\"1537\" data-end=\"1610\">Omit required elements (institution name, year, CEM service, and score)</p>\n</li>\n<li data-start=\"1611\" data-end=\"1653\">\n<p data-start=\"1613\" data-end=\"1653\">Provide scenario or “what-if” analysis</p>\n</li>\n</ul>[/et_pb_accordion_item][/et_pb_accordion][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p> For more information or guidance, please contact us at <a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com</a></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Global Reporting Principles at CEM','','inherit','closed','closed','','2921-revision-v1','','','2025-08-22 18:10:37','2025-08-22 18:10:37','',2921,'https://www.cembenchmarking.com/?p=2947',0,'revision','',0),(2949,36,'2025-08-22 18:18:37','2025-08-22 18:18:37','[et_pb_section fb_built=\"1\" fullwidth=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_fullwidth_header title=\"CEM\'s Global Reporting Principles\" text_orientation=\"center\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_font=\"--et_global_body_font||||||||\" title_text_align=\"center\" title_font_size=\"45px\" content_text_align=\"center\" background_color=\"RGBA(255,255,255,0)\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|#001e66 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\" custom_padding=\"100px||||false|false\" global_colors_info=\"{}\"][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<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>\n<p data-start=\"675\" data-end=\"873\">While standards have existed in countries such as Australia, the Netherlands, and the UK, the GRP extend this work by offering a unified approach for the global institutional investment community.<o:p></o:p></p>\n<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>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_padding=\"0px||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h3 data-start=\"200\" data-end=\"228\"><strong data-start=\"200\" data-end=\"226\">GRP Principles Overview</strong></h3>\n<p data-start=\"230\" data-end=\"380\">[/et_pb_text][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" custom_css_free_form=\"/* Header row: blue background, white text */||.fl-table thead {||  background-color: #002563;||}||.fl-table thead th {||  color: #ffffff;       /* makes header text white */||  text-align: center;||  font-weight: 700;||}||.fl-table thead th:first-child {||  text-align: left;     /* label column */||}||\" global_colors_info=\"{}\"]<!-- Optional: Font Awesome for check icons --><!-- [et_pb_line_break_holder] --><link rel=\"stylesheet\" href=\"https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.5.0/css/all.min.css\" /><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><style><!-- [et_pb_line_break_holder] -->  /* Base table styling */<!-- [et_pb_line_break_holder] -->  .fl-table {<!-- [et_pb_line_break_holder] -->    width: 100%;<!-- [et_pb_line_break_holder] -->    border-collapse: collapse;<!-- [et_pb_line_break_holder] -->    table-layout: fixed;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table th,<!-- [et_pb_line_break_holder] -->  .fl-table td {<!-- [et_pb_line_break_holder] -->    padding: 10px 12px;<!-- [et_pb_line_break_holder] -->    vertical-align: top;<!-- [et_pb_line_break_holder] -->    word-wrap: break-word;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Header row: blue background, white text */<!-- [et_pb_line_break_holder] -->  .fl-table thead {<!-- [et_pb_line_break_holder] -->    background-color: #002563;<!-- [et_pb_line_break_holder] -->    color: #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th {<!-- [et_pb_line_break_holder] -->    text-align: center;<!-- [et_pb_line_break_holder] -->    font-weight: 700;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* label column */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Body cells: grey background */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td {<!-- [et_pb_line_break_holder] -->    background-color: #d9d9d9;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Alignment helpers */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* principle text */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:not(:first-child) {<!-- [et_pb_line_break_holder] -->    text-align: center; /* checkmarks */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Optional: small visual separators */<!-- [et_pb_line_break_holder] -->  .fl-table tbody tr + tr td {<!-- [et_pb_line_break_holder] -->    border-top: 2px solid #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --></style><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><table class=\"fl-table tablemobile\" aria-label=\"GRP principles applicability\"><!-- [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>1. Disclose asset value on the appropriate basis for calculating costs.</td><!-- [et_pb_line_break_holder] -->      <td><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>2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>3. Look through and include costs incurred in all investment tiers.</td><!-- [et_pb_line_break_holder] -->      <td><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>4. Disclose costs for the same period in which revenues are earned.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        5. Include indirect taxes that are implicit in the price of a product or service in total costs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>7. Include costs incurred by related parties in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>9. Disclose investment costs and performance by composite or mandate.</td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        10. Disclose if returns are fully gross-of-fees or, if not, disclose what costs are netted<!-- [et_pb_line_break_holder] -->        from the return.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><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>11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->      <td><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>12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->      <td><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>13. Returns for less than one year must not be annualized.</td><!-- [et_pb_line_break_holder] -->      <td><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>14. Disclose key member service performance metrics.</td><!-- [et_pb_line_break_holder] -->      <td></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        15. Use and explain estimates when alignment to these principles is neither practical nor timely.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        16. Disclosures should be available for stakeholders in time to fulfill their reporting and<!-- [et_pb_line_break_holder] -->        decision-making needs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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_line_break_holder] -->[/et_pb_code][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>Based on these principles, CEM has created a scoring methodology to assess the completeness, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their GRP Scorecard.</p>\n<p><strong>CEM offers distinct GRP for:</strong></p>\n<p><strong></strong></p>\n<ul>\n<li><strong>Investment Benchmarking</strong> - Beta launched in 2024</li>\n<li><strong>Defined Contribution Benchmarking</strong> - Launching in 2026</li>\n<li><strong>Pension Administration Benchmarking</strong> - Launching in 2026</li>\n</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\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"GRP Scorecard Methodology for Investment Benchmarking\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row column_structure=\"1_2,1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>The GRP score for data reported directly to CEM for Investment Benchmarking is the weighted sum of the scores received on , and the timeliness of reporting.</p>\n<p><strong>Cost reporting – </strong>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%.</p>\n<p><strong>Performance reporting - </strong>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%.</p>\n<p><strong>Timeliness of reporting – </strong>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%.</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png\" title_text=\"GRP Example\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||0px||false|false\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"0px||0px||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p style=\"text-align: left;\"><em>Example GRP scorecard for Investment Benchmarking – beta version for year 2024</em></p>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" hover_enabled=\"0\" sticky_enabled=\"0\"]<div id=\"main-content\">\n<article id=\"post-1313\" class=\"post-1313 page type-page status-publish has-post-thumbnail hentry\">\n<div class=\"entry-content\">\n<div class=\"et-l et-l--post\">\n<div class=\"et_builder_inner_content et_pb_gutters3\">\n<div class=\"et_pb_section et_pb_section_0 et_pb_with_background et_section_regular\">\n<div class=\"et_pb_row et_pb_row_3\">\n<div class=\"et_pb_column et_pb_column_4_4 et_pb_column_3  et_pb_css_mix_blend_mode_passthrough et-last-child\">\n<div class=\"et_pb_module et_pb_text et_pb_text_1  et_pb_text_align_left et_pb_bg_layout_light\">\n<div class=\"et_pb_text_inner\">\n<p><span>CEM’s Global Reporting Principles will evolve over time. The release schedule was designed to allow for both feedback from market participants as well as for institutional investors to develop the systems, data, and personnel to action on. The future releases, currently slated for 2026 and later are shared <a href=\"https://www.cembenchmarking.com/dataPrinciplesModules.html\" target=\"_blank\" rel=\"noopener\">here</a>.</span><span></span></p>\n<p><span>CEM’s benchmarking survey definitions provide detailed guidance on each of these principles.</span></p>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</article>\n</div>\n<footer class=\"et-l et-l--footer\">\n<div class=\"et_builder_inner_content et_pb_gutters3\">\n<div class=\"et_pb_section et_pb_section_0_tb_footer et_pb_with_background et_section_regular\">\n<div class=\"et_pb_row et_pb_row_0_tb_footer\"></div>\n</div>\n</div>\n<div id=\"et-fb-app\" class=\"et-fb-app--footer\">\n<div id=\"theme-builder-area--et_footer_layout\" class=\"theme-builder-area ui-sortable theme-builder-area--inactive et_pb_gutters3\">\n<div class=\"theme-builder-area-content theme-builder-area-content--et_footer_layout\">\n<div class=\"et-module-e03037a5-5853-44da-8299-0fb28b606ed9 et_pb_section ui-sortable et_pb_section_6_tb_footer et-animated--vb et_pb_section_parallax et_pb_with_background et_section_regular et_pb_scroll_5\" data-address=\"6\">\n<div class=\"et-fb-mousetrap et-fb-mousetrap--section et-fb-mousetrap-pointer\" style=\"background: transparent;\"></div>\n<div class=\"et-module-f194f3b3-e373-468d-aeb5-32499c0ce624 et_pb_row ui-sortable et_pb_row_7_tb_footer et-animated--vb et-first-child et-last-child et_pb_row_structure-1_3_1_3_1_3 et-fb-row--has-short-module\" data-address=\"6.0\" data-specialty-layout=\"false\">\n<div class=\"et-module-6c1c89e0-6a58-4e21-aae1-1656e5247127 et_pb_column ui-sortable side-by-side-2 et-animated--vb et_pb_column_1_3 et_pb_column_10_tb_footer et-first-child et-last-child-3 et_pb_with_border\" data-address=\"6.0.0\">\n<div class=\"et-fb-mousetrap et-fb-mousetrap--column\"></div>\n<div class=\"et-first-child et-last-child et-module-2600742e-b19a-4ae3-b026-a68f7e6b02e2 et_pb_image et_pb_module ui-sortable et_pb_image_2_tb_footer et-animated--vb et-fb-module--short et-fb-module--has-mousetrap et-pb-with-global-presets\" data-address=\"6.0.0.0\" dynamic=\"[object Object]\" matching=\"[object Object]\" parent_slug=\"et_pb_column\" theme_builder_suffix=\"\" wp_editor_suffix=\"\" wrapper_settings=\"[object Object]\" _key=\"2600742e-b19a-4ae3-b026-a68f7e6b02e2\"><span class=\"et_pb_image_wrap\"><img src=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/logo_white.png\" title=\"logo_white\" /></span>\n<div class=\"et-fb-mousetrap et-fb-mousetrap--module et-fb-mousetrap-pointer\" style=\"background: 0px center; 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pointer-events: auto; top: -35px; bottom: -23px;\"></div>\n</section>\n<div class=\"et-module-1bd83f98-0318-4310-a3c6-3374c70151d8 et_pb_text et_pb_module ui-sortable et_pb_text_9_tb_footer et-animated--vb et_pb_text_align_left et_pb_text_align_center-phone et_pb_bg_layout_dark et-pb-with-global-presets\" data-address=\"6.0.2.1\" dynamic=\"[object Object]\" matching=\"[object Object]\" parent_slug=\"et_pb_column\" theme_builder_suffix=\"\" wp_editor_suffix=\"\" wrapper_settings=\"[object Object]\" _key=\"1bd83f98-0318-4310-a3c6-3374c70151d8\">\n<div class=\"et_pb_text_inner\">\n<div data-shortcode-id=\"6.0.2.1-1755886701575\" data-quickaccess-editable=\"yes\">\n<p>We provide our clients objective and actionable benchmarking insights to help maximize value for money in investments and pension administration.</p>\n</div>\n</div>\n<div class=\"et-fb-mousetrap et-fb-mousetrap--module et-fb-mousetrap-pointer\" style=\"background: 0px center; pointer-events: auto;\"></div>\n</div>\n<div class=\"et-last-child et-module-2e3bc3e9-e42f-42b6-8a7d-dc1c0f6946d6 et_pb_icon et_pb_module ui-sortable et_pb_icon_0_tb_footer et-animated--vb et-fb-module--short et-fb-module--has-mousetrap\" data-address=\"6.0.2.2\" dynamic=\"[object Object]\" matching=\"[object Object]\" parent_slug=\"et_pb_column\" theme_builder_suffix=\"\" wp_editor_suffix=\"\" wrapper_settings=\"[object Object]\" _key=\"2e3bc3e9-e42f-42b6-8a7d-dc1c0f6946d6\"><span class=\"et_pb_icon_wrap\"><a href=\"https://ca.linkedin.com/company/cem-benchmarking-inc\" target=\"_blank\" rel=\"noopener\"><span class=\"et-pb-icon et-pb-normal-icon\"></span></a></span>\n<div class=\"et-fb-mousetrap et-fb-mousetrap--module et-fb-mousetrap-pointer\" style=\"background: 0px center; pointer-events: auto; top: -30.8984px; bottom: 0px;\"></div>\n</div>\n</div>\n<div class=\"et-fb-mousetrap et-fb-mousetrap-pointer et-fb-mousetrap--row\" style=\"background: transparent;\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"et-fb-app\" class=\"et-fb-app--footer\">\n<div id=\"theme-builder-area--et_footer_layout\" class=\"theme-builder-area ui-sortable theme-builder-area--inactive et_pb_gutters3\">\n<div class=\"theme-builder-area-content theme-builder-area-content--et_footer_layout\">\n<div class=\"et-module-e03037a5-5853-44da-8299-0fb28b606ed9 et_pb_section ui-sortable et_pb_section_6_tb_footer et-animated--vb et_pb_section_parallax et_pb_with_background et_section_regular et_pb_scroll_5\" data-address=\"6\">\n<div class=\"et-fb-mousetrap et-fb-mousetrap--section et-fb-mousetrap-pointer\" style=\"background: transparent;\"></div>\n<div class=\"et-module-f194f3b3-e373-468d-aeb5-32499c0ce624 et_pb_row ui-sortable et_pb_row_7_tb_footer et-animated--vb et-first-child et-last-child et_pb_row_structure-1_3_1_3_1_3 et-fb-row--has-short-module\" data-address=\"6.0\" data-specialty-layout=\"false\">\n<div class=\"et-module-6c1c89e0-6a58-4e21-aae1-1656e5247127 et_pb_column ui-sortable side-by-side-2 et-animated--vb et_pb_column_1_3 et_pb_column_10_tb_footer et-first-child et-last-child-3 et_pb_with_border\" data-address=\"6.0.0\">\n<div class=\"et-fb-mousetrap et-fb-mousetrap--column\"></div>\n<div class=\"et-first-child et-last-child et-module-2600742e-b19a-4ae3-b026-a68f7e6b02e2 et_pb_image et_pb_module ui-sortable et_pb_image_2_tb_footer et-animated--vb et-fb-module--short et-fb-module--has-mousetrap et-pb-with-global-presets\" data-address=\"6.0.0.0\" dynamic=\"[object Object]\" matching=\"[object Object]\" parent_slug=\"et_pb_column\" theme_builder_suffix=\"\" wp_editor_suffix=\"\" wrapper_settings=\"[object Object]\" _key=\"2600742e-b19a-4ae3-b026-a68f7e6b02e2\"><span class=\"et_pb_image_wrap\"><img src=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/logo_white.png\" title=\"logo_white\" /></span>\n<div class=\"et-fb-mousetrap et-fb-mousetrap--module et-fb-mousetrap-pointer\" style=\"background: 0px center; pointer-events: auto; top: -7.8438px; bottom: 0px;\"></div>\n</div>\n</div>\n<div class=\"et-module-338c4935-5575-480a-ba26-75bba247b99b et_pb_column ui-sortable et-animated--vb et_pb_column_1_3 et_pb_column_11_tb_footer et-last-child-2 et_pb_with_border\" data-address=\"6.0.1\">\n<div class=\"et-fb-mousetrap et-fb-mousetrap--column\"></div>\n<section class=\"et-first-child et-module-98fa101f-8ef9-47b2-96c6-6e3b2eb8560f et_pb_heading et_pb_module ui-sortable et_pb_heading_1_tb_footer et-animated--vb et-fb-module--short et-fb-module--has-mousetrap et-pb-with-global-presets\" data-address=\"6.0.1.0\" dynamic=\"[object Object]\" matching=\"[object Object]\" parent_slug=\"et_pb_column\" theme_builder_suffix=\"\" wp_editor_suffix=\"\" wrapper_settings=\"[object Object]\" _key=\"98fa101f-8ef9-47b2-96c6-6e3b2eb8560f\">\n<div class=\"et_pb_heading_container\">\n<h1 class=\"et_pb_module_heading et-fb-editable-element\" data-shortcode-id=\"6.0.1.0-1755886704888\" data-quickaccess-id=\"title\" contenteditable=\"false\">Quick links</h1>\n</div>\n<div class=\"et-fb-mousetrap et-fb-mousetrap--module et-fb-mousetrap-pointer\" style=\"background: 0px center; pointer-events: auto; top: -35px; bottom: -23px;\"></div>\n</section>\n<div class=\"et-last-child et-module-0f686f0c-31ed-431d-b5ae-f570da923f36 et_pb_text et_pb_module ui-sortable et_pb_text_8_tb_footer et-animated--vb et_pb_text_align_left et_pb_text_align_center-phone et_pb_bg_layout_dark et-pb-with-global-presets\" data-address=\"6.0.1.1\" dynamic=\"[object Object]\" matching=\"[object Object]\" parent_slug=\"et_pb_column\" theme_builder_suffix=\"\" wp_editor_suffix=\"\" wrapper_settings=\"[object Object]\" _key=\"0f686f0c-31ed-431d-b5ae-f570da923f36\">\n<div class=\"et_pb_text_inner\">\n<div data-shortcode-id=\"6.0.1.1-1755886704896\" data-quickaccess-editable=\"yes\">\n<p><a href=\"https://peerintelligence.cembenchmarking.com/subscribe\" target=\"_blank\" rel=\"noopener\" title=\"Subscribe to newsletter\">Sign up for our Peer Intelligence Newsletter</a></p>\n<p><a href=\"/contact\">Contact Us</a></p>\n<p><a href=\"/careers\">Careers</a></p>\n<p><a href=\"/privacy-policy\">Privacy Policy</a></p>\n<p><a href=\"/confidentiality-accessibility\">Confidentiality &amp; Accessibility</a></p>\n<p><a href=\"https://identity.cembenchmarking.com/core/logout\" target=\"_blank\" rel=\"noopener\">Log out of all services</a></p>\n</div>\n</div>\n<div class=\"et-fb-mousetrap et-fb-mousetrap--module et-fb-mousetrap-pointer\" style=\"background: 0px center; pointer-events: auto;\"></div>\n</div>\n</div>\n<div class=\"et-module-bc46d58b-d8cd-4c7b-aa5b-e0b8b19e295f et_pb_column ui-sortable et-animated--vb et_pb_column_1_3 et_pb_column_12_tb_footer et-last-child et_pb_with_border\" data-address=\"6.0.2\">\n<div class=\"et-fb-mousetrap et-fb-mousetrap--column\"></div>\n<section class=\"et-first-child et-module-1ede688e-430b-4d22-bbaa-2dc259c3e07c et_pb_heading et_pb_module ui-sortable et_pb_heading_2_tb_footer et-animated--vb et-fb-module--short et-fb-module--has-mousetrap et-pb-with-global-presets\" data-address=\"6.0.2.0\" dynamic=\"[object Object]\" matching=\"[object Object]\" parent_slug=\"et_pb_column\" theme_builder_suffix=\"\" wp_editor_suffix=\"\" wrapper_settings=\"[object Object]\" _key=\"1ede688e-430b-4d22-bbaa-2dc259c3e07c\">\n<div class=\"et_pb_heading_container\">\n<h1 class=\"et_pb_module_heading et-fb-editable-element\" data-shortcode-id=\"6.0.2.0-1755886704905\" data-quickaccess-id=\"title\" contenteditable=\"false\">© CEM Benchmarking Inc.</h1>\n</div>\n<div class=\"et-fb-mousetrap et-fb-mousetrap--module et-fb-mousetrap-pointer\" style=\"background: 0px center; pointer-events: auto; top: -35px; bottom: -23px;\"></div>\n</section>\n<div class=\"et-module-1bd83f98-0318-4310-a3c6-3374c70151d8 et_pb_text et_pb_module ui-sortable et_pb_text_9_tb_footer et-animated--vb et_pb_text_align_left et_pb_text_align_center-phone et_pb_bg_layout_dark et-pb-with-global-presets\" data-address=\"6.0.2.1\" dynamic=\"[object Object]\" matching=\"[object Object]\" parent_slug=\"et_pb_column\" theme_builder_suffix=\"\" wp_editor_suffix=\"\" wrapper_settings=\"[object Object]\" _key=\"1bd83f98-0318-4310-a3c6-3374c70151d8\">\n<div class=\"et_pb_text_inner\">\n<div data-shortcode-id=\"6.0.2.1-1755886704910\" data-quickaccess-editable=\"yes\">\n<p>We provide our clients objective and actionable benchmarking insights to help maximize value for money in investments and pension administration.</p>\n</div>\n</div>\n<div class=\"et-fb-mousetrap et-fb-mousetrap--module et-fb-mousetrap-pointer\" style=\"background: 0px center; pointer-events: auto;\"></div>\n</div>\n<div class=\"et-last-child et-module-2e3bc3e9-e42f-42b6-8a7d-dc1c0f6946d6 et_pb_icon et_pb_module ui-sortable et_pb_icon_0_tb_footer et-animated--vb et-fb-module--short et-fb-module--has-mousetrap\" data-address=\"6.0.2.2\" dynamic=\"[object Object]\" matching=\"[object Object]\" parent_slug=\"et_pb_column\" theme_builder_suffix=\"\" wp_editor_suffix=\"\" wrapper_settings=\"[object Object]\" _key=\"2e3bc3e9-e42f-42b6-8a7d-dc1c0f6946d6\"><span class=\"et_pb_icon_wrap\"><a href=\"https://ca.linkedin.com/company/cem-benchmarking-inc\" target=\"_blank\" rel=\"noopener\"><span class=\"et-pb-icon et-pb-normal-icon\"></span></a></span>\n<div class=\"et-fb-mousetrap et-fb-mousetrap--module et-fb-mousetrap-pointer\" style=\"background: 0px center; pointer-events: auto; top: -30.8984px; bottom: 0px;\"></div>\n</div>\n</div>\n<div class=\"et-fb-mousetrap et-fb-mousetrap-pointer et-fb-mousetrap--row\" style=\"background: transparent;\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</footer>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h2>Guidance on Publishing GRP Scores &amp; Scorecards</h2>\n<p data-start=\"175\" data-end=\"430\">Institutional investors who receive GRP scores from CEM may choose to share them publicly in reports or on their websites. The guidelines below outline what information must be included, how the scores may be presented, and the limitations on their use.</p>[/et_pb_text][et_pb_accordion use_icon_font_size=\"on\" icon_font_size=\"28px\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||||false|false\" custom_padding=\"||||false|false\" border_width_all=\"2px\" global_colors_info=\"{}\"][et_pb_accordion_item title=\"1. Who can publish\" open=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p data-start=\"377\" data-end=\"593\">Institutional investors receiving scores under CEM’s Global Reporting Principles (GRP) may voluntarily publish their GRP scores in public disclosures, including annual reports and websites.</p>[/et_pb_accordion_item][et_pb_accordion_item title=\"2. Required information\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"603\" data-end=\"675\">Any disclosure of a GRP score must include:</p>\n<ul data-start=\"676\" data-end=\"819\">\n<li data-start=\"676\" data-end=\"718\">\n<p data-start=\"678\" data-end=\"718\">The name of the institutional investor</p>\n</li>\n<li data-start=\"719\" data-end=\"769\">\n<p data-start=\"721\" data-end=\"769\">The calendar year for which the data is scored</p>\n</li>\n<li data-start=\"770\" data-end=\"819\">\n<p data-start=\"772\" data-end=\"819\">The CEM service for which the score is issued</p>\n</li>\n</ul>[/et_pb_accordion_item][et_pb_accordion_item title=\"3. Example language\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p>Institutional investors may use the below formats to publish their scores on their website with the appropriate linking.</p>\n<p><em>Example 1: 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 <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em></p>\n<p><em>Example 2 (using footnotes) : InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.<sup>1</sup> </em></p>\n<ol>\n<li><em> </em><em>Details on the methodology can be found at <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em><em>.</em></li>\n</ol>[/et_pb_accordion_item][et_pb_accordion_item title=\"4. Restrictions\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"1348\" data-end=\"1461\">Institutional investors choosing to publish their scores or scorecards are not permitted to:</p>\n<ul data-start=\"1462\" data-end=\"1653\">\n<li data-start=\"1462\" data-end=\"1534\">\n<p data-start=\"1464\" data-end=\"1534\">Provide qualitative interpretation of the scores without CEM’s input</p>\n</li>\n<li data-start=\"1535\" data-end=\"1610\">\n<p data-start=\"1537\" data-end=\"1610\">Omit required elements (institution name, year, CEM service, and score)</p>\n</li>\n<li data-start=\"1611\" data-end=\"1653\">\n<p data-start=\"1613\" data-end=\"1653\">Provide scenario or “what-if” analysis</p>\n</li>\n</ul>[/et_pb_accordion_item][/et_pb_accordion][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p> For more information or guidance, please contact us at <a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com</a></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Global Reporting Principles at CEM','','inherit','closed','closed','','2921-revision-v1','','','2025-08-22 18:18:37','2025-08-22 18:18:37','',2921,'https://www.cembenchmarking.com/?p=2949',0,'revision','',0),(2951,36,'2025-08-22 18:21:11','2025-08-22 18:21:11','[et_pb_section fb_built=\"1\" fullwidth=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_fullwidth_header title=\"CEM\'s Global Reporting Principles\" text_orientation=\"center\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_font=\"--et_global_body_font||||||||\" title_text_align=\"center\" title_font_size=\"45px\" content_text_align=\"center\" background_color=\"RGBA(255,255,255,0)\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|#001e66 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\" custom_padding=\"100px||||false|false\" global_colors_info=\"{}\"][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<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>\n<p data-start=\"675\" data-end=\"873\">While standards have existed in countries such as Australia, the Netherlands, and the UK, the GRP extend this work by offering a unified approach for the global institutional investment community.<o:p></o:p></p>\n<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>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_padding=\"0px||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h3 data-start=\"200\" data-end=\"228\"><strong data-start=\"200\" data-end=\"226\">GRP Principles Overview</strong></h3>\n<p data-start=\"230\" data-end=\"380\">[/et_pb_text][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" custom_css_free_form=\"/* Header row: blue background, white text */||.fl-table thead {||  background-color: #002563;||}||.fl-table thead th {||  color: #ffffff;       /* makes header text white */||  text-align: center;||  font-weight: 700;||}||.fl-table thead th:first-child {||  text-align: left;     /* label column */||}||\" global_colors_info=\"{}\"]<!-- Optional: Font Awesome for check icons --><!-- [et_pb_line_break_holder] --><link rel=\"stylesheet\" href=\"https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.5.0/css/all.min.css\" /><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><style><!-- [et_pb_line_break_holder] -->  /* Base table styling */<!-- [et_pb_line_break_holder] -->  .fl-table {<!-- [et_pb_line_break_holder] -->    width: 100%;<!-- [et_pb_line_break_holder] -->    border-collapse: collapse;<!-- [et_pb_line_break_holder] -->    table-layout: fixed;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table th,<!-- [et_pb_line_break_holder] -->  .fl-table td {<!-- [et_pb_line_break_holder] -->    padding: 10px 12px;<!-- [et_pb_line_break_holder] -->    vertical-align: top;<!-- [et_pb_line_break_holder] -->    word-wrap: break-word;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Header row: blue background, white text */<!-- [et_pb_line_break_holder] -->  .fl-table thead {<!-- [et_pb_line_break_holder] -->    background-color: #002563;<!-- [et_pb_line_break_holder] -->    color: #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th {<!-- [et_pb_line_break_holder] -->    text-align: center;<!-- [et_pb_line_break_holder] -->    font-weight: 700;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* label column */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Body cells: grey background */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td {<!-- [et_pb_line_break_holder] -->    background-color: #d9d9d9;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Alignment helpers */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* principle text */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:not(:first-child) {<!-- [et_pb_line_break_holder] -->    text-align: center; /* checkmarks */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Optional: small visual separators */<!-- [et_pb_line_break_holder] -->  .fl-table tbody tr + tr td {<!-- [et_pb_line_break_holder] -->    border-top: 2px solid #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --></style><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><table class=\"fl-table tablemobile\" aria-label=\"GRP principles applicability\"><!-- [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>1. Disclose asset value on the appropriate basis for calculating costs.</td><!-- [et_pb_line_break_holder] -->      <td><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>2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>3. Look through and include costs incurred in all investment tiers.</td><!-- [et_pb_line_break_holder] -->      <td><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>4. Disclose costs for the same period in which revenues are earned.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        5. Include indirect taxes that are implicit in the price of a product or service in total costs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>7. Include costs incurred by related parties in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>9. Disclose investment costs and performance by composite or mandate.</td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        10. Disclose if returns are fully gross-of-fees or, if not, disclose what costs are netted<!-- [et_pb_line_break_holder] -->        from the return.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><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>11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->      <td><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>12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->      <td><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>13. Returns for less than one year must not be annualized.</td><!-- [et_pb_line_break_holder] -->      <td><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>14. Disclose key member service performance metrics.</td><!-- [et_pb_line_break_holder] -->      <td></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        15. Use and explain estimates when alignment to these principles is neither practical nor timely.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        16. Disclosures should be available for stakeholders in time to fulfill their reporting and<!-- [et_pb_line_break_holder] -->        decision-making needs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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_line_break_holder] -->[/et_pb_code][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>Based on these principles, CEM has created a scoring methodology to assess the completeness, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their GRP Scorecard.</p>\n<p><strong>CEM offers distinct GRP for:</strong></p>\n<p><strong></strong></p>\n<ul>\n<li><strong>Investment Benchmarking</strong> - Beta launched in 2024</li>\n<li><strong>Defined Contribution Benchmarking</strong> - Launching in 2026</li>\n<li><strong>Pension Administration Benchmarking</strong> - Launching in 2026</li>\n</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\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"GRP Scorecard Methodology for Investment Benchmarking\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row column_structure=\"1_2,1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>The GRP score for data reported directly to CEM for Investment Benchmarking is the weighted sum of the scores received on , and the timeliness of reporting.</p>\n<p><strong>Cost reporting – </strong>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%.</p>\n<p><strong>Performance reporting - </strong>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%.</p>\n<p><strong>Timeliness of reporting – </strong>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%.</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png\" title_text=\"GRP Example\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||0px||false|false\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"0px||0px||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p style=\"text-align: left;\"><em>Example GRP scorecard for Investment Benchmarking – beta version for year 2024</em></p>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\"][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" sticky_enabled=\"0\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" sticky_enabled=\"0\"]<p><span>CEM’s Global Reporting Principles will evolve over time. The release schedule was designed to allow for both feedback from market participants as well as for institutional investors to develop the systems, data, and personnel to action on. The future releases, currently slated for 2026 and later are shared <a href=\"https://www.cembenchmarking.com/dataPrinciplesModules.html\" target=\"_blank\" rel=\"noopener\">here</a>.</span><span></span></p>\n<p><span>CEM’s benchmarking survey definitions provide detailed guidance on each of these principles.</span></p>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h2>Guidance on Publishing GRP Scores &amp; Scorecards</h2>\n<p data-start=\"175\" data-end=\"430\">Institutional investors who receive GRP scores from CEM may choose to share them publicly in reports or on their websites. The guidelines below outline what information must be included, how the scores may be presented, and the limitations on their use.</p>[/et_pb_text][et_pb_accordion use_icon_font_size=\"on\" icon_font_size=\"28px\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||||false|false\" custom_padding=\"||||false|false\" border_width_all=\"2px\" global_colors_info=\"{}\"][et_pb_accordion_item title=\"1. Who can publish\" open=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p data-start=\"377\" data-end=\"593\">Institutional investors receiving scores under CEM’s Global Reporting Principles (GRP) may voluntarily publish their GRP scores in public disclosures, including annual reports and websites.</p>[/et_pb_accordion_item][et_pb_accordion_item title=\"2. Required information\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"603\" data-end=\"675\">Any disclosure of a GRP score must include:</p>\n<ul data-start=\"676\" data-end=\"819\">\n<li data-start=\"676\" data-end=\"718\">\n<p data-start=\"678\" data-end=\"718\">The name of the institutional investor</p>\n</li>\n<li data-start=\"719\" data-end=\"769\">\n<p data-start=\"721\" data-end=\"769\">The calendar year for which the data is scored</p>\n</li>\n<li data-start=\"770\" data-end=\"819\">\n<p data-start=\"772\" data-end=\"819\">The CEM service for which the score is issued</p>\n</li>\n</ul>[/et_pb_accordion_item][et_pb_accordion_item title=\"3. Example language\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p>Institutional investors may use the below formats to publish their scores on their website with the appropriate linking.</p>\n<p><em>Example 1: 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 <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em></p>\n<p><em>Example 2 (using footnotes) : InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.<sup>1</sup> </em></p>\n<ol>\n<li><em> </em><em>Details on the methodology can be found at <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em><em>.</em></li>\n</ol>[/et_pb_accordion_item][et_pb_accordion_item title=\"4. Restrictions\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"1348\" data-end=\"1461\">Institutional investors choosing to publish their scores or scorecards are not permitted to:</p>\n<ul data-start=\"1462\" data-end=\"1653\">\n<li data-start=\"1462\" data-end=\"1534\">\n<p data-start=\"1464\" data-end=\"1534\">Provide qualitative interpretation of the scores without CEM’s input</p>\n</li>\n<li data-start=\"1535\" data-end=\"1610\">\n<p data-start=\"1537\" data-end=\"1610\">Omit required elements (institution name, year, CEM service, and score)</p>\n</li>\n<li data-start=\"1611\" data-end=\"1653\">\n<p data-start=\"1613\" data-end=\"1653\">Provide scenario or “what-if” analysis</p>\n</li>\n</ul>[/et_pb_accordion_item][/et_pb_accordion][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p> For more information or guidance, please contact us at <a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com</a></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Global Reporting Principles at CEM','','inherit','closed','closed','','2921-revision-v1','','','2025-08-22 18:21:11','2025-08-22 18:21:11','',2921,'https://www.cembenchmarking.com/?p=2951',0,'revision','',0),(2953,36,'2025-08-22 18:37:37','2025-08-22 18:37:37','[et_pb_section fb_built=\"1\" fullwidth=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_fullwidth_header title=\"CEM\'s Global Reporting Principles\" text_orientation=\"center\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_font=\"--et_global_body_font||||||||\" title_text_align=\"center\" title_font_size=\"45px\" content_text_align=\"center\" background_color=\"RGBA(255,255,255,0)\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|#001e66 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\" custom_padding=\"100px||||false|false\" global_colors_info=\"{}\"][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<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 was formally launched in 2024 to bring clarity and alignment to reporting practices worldwide.<o:p></o:p></p>\n<p data-start=\"675\" data-end=\"873\">While standards have existed in countries such as Australia, the Netherlands, and the UK, the GRP extend this work by offering a unified approach for the global institutional investment community.<o:p></o:p></p>\n<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>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_padding=\"0px||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h3 data-start=\"200\" data-end=\"228\"><strong data-start=\"200\" data-end=\"226\">GRP Principles Overview</strong></h3>\n<p data-start=\"230\" data-end=\"380\">[/et_pb_text][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" custom_css_free_form=\"/* Header row: blue background, white text */||.fl-table thead {||  background-color: #002563;||}||.fl-table thead th {||  color: #ffffff;       /* makes header text white */||  text-align: center;||  font-weight: 700;||}||.fl-table thead th:first-child {||  text-align: left;     /* label column */||}||\" global_colors_info=\"{}\"]<!-- Optional: Font Awesome for check icons --><!-- [et_pb_line_break_holder] --><link rel=\"stylesheet\" href=\"https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.5.0/css/all.min.css\" /><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><style><!-- [et_pb_line_break_holder] -->  /* Base table styling */<!-- [et_pb_line_break_holder] -->  .fl-table {<!-- [et_pb_line_break_holder] -->    width: 100%;<!-- [et_pb_line_break_holder] -->    border-collapse: collapse;<!-- [et_pb_line_break_holder] -->    table-layout: fixed;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table th,<!-- [et_pb_line_break_holder] -->  .fl-table td {<!-- [et_pb_line_break_holder] -->    padding: 10px 12px;<!-- [et_pb_line_break_holder] -->    vertical-align: top;<!-- [et_pb_line_break_holder] -->    word-wrap: break-word;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Header row: blue background, white text */<!-- [et_pb_line_break_holder] -->  .fl-table thead {<!-- [et_pb_line_break_holder] -->    background-color: #002563;<!-- [et_pb_line_break_holder] -->    color: #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th {<!-- [et_pb_line_break_holder] -->    text-align: center;<!-- [et_pb_line_break_holder] -->    font-weight: 700;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* label column */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Body cells: grey background */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td {<!-- [et_pb_line_break_holder] -->    background-color: #d9d9d9;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Alignment helpers */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* principle text */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:not(:first-child) {<!-- [et_pb_line_break_holder] -->    text-align: center; /* checkmarks */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Optional: small visual separators */<!-- [et_pb_line_break_holder] -->  .fl-table tbody tr + tr td {<!-- [et_pb_line_break_holder] -->    border-top: 2px solid #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --></style><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><table class=\"fl-table tablemobile\" aria-label=\"GRP principles applicability\"><!-- [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>1. Disclose asset value on the appropriate basis for calculating costs.</td><!-- [et_pb_line_break_holder] -->      <td><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>2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>3. Look through and include costs incurred in all investment tiers.</td><!-- [et_pb_line_break_holder] -->      <td><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>4. Disclose costs for the same period in which revenues are earned.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        5. Include indirect taxes that are implicit in the price of a product or service in total costs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>7. Include costs incurred by related parties in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>9. Disclose investment costs and performance by composite or mandate.</td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        10. Disclose if returns are fully gross-of-fees or, if not, disclose what costs are netted<!-- [et_pb_line_break_holder] -->        from the return.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><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>11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->      <td><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>12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->      <td><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>13. Returns for less than one year must not be annualized.</td><!-- [et_pb_line_break_holder] -->      <td><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>14. Disclose key member service performance metrics.</td><!-- [et_pb_line_break_holder] -->      <td></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        15. Use and explain estimates when alignment to these principles is neither practical nor timely.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        16. Disclosures should be available for stakeholders in time to fulfill their reporting and<!-- [et_pb_line_break_holder] -->        decision-making needs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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_line_break_holder] -->[/et_pb_code][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>Based on these principles, CEM has created a scoring methodology to assess the completeness, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their GRP Scorecard.</p>\n<p><strong>CEM offers distinct GRP for:</strong></p>\n<p><strong></strong></p>\n<ul>\n<li><strong>Investment Benchmarking</strong> - Beta launched in 2024</li>\n<li><strong>Defined Contribution Benchmarking</strong> - Launching in 2026</li>\n<li><strong>Pension Administration Benchmarking</strong> - Launching in 2026</li>\n</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\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"GRP Scorecard Methodology for Investment Benchmarking\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row column_structure=\"1_2,1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>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.</p>\n<p><strong style=\"font-size: 17px;\">Cost reporting – </strong><span style=\"font-size: 17px;\">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></p>\n<p><strong>Performance reporting - </strong>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%.</p>\n<p><strong>Timeliness of reporting – </strong>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%.</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png\" title_text=\"GRP Example\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||0px||false|false\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"0px||0px||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p style=\"text-align: left;\"><em>Example GRP scorecard for Investment Benchmarking – beta version for year 2024</em></p>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p><span>CEM’s Global Reporting Principles will evolve over time. The release schedule was designed to allow for both feedback from market participants as well as for institutional investors to develop the systems, data, and personnel to action on. The future releases, currently slated for 2026 and later are shared <a href=\"https://www.cembenchmarking.com/dataPrinciplesModules.html\" target=\"_blank\" rel=\"noopener\">here</a>.</span><span></span></p>\n<p><span>CEM’s benchmarking survey definitions provide detailed guidance on each of these principles.</span></p>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h2>Guidance on Publishing GRP Scores &amp; Scorecards</h2>\n<p data-start=\"175\" data-end=\"430\">Institutional investors who receive GRP scores from CEM may choose to share them publicly in reports or on their websites. The guidelines below outline what information must be included, how the scores may be presented, and the limitations on their use.</p>[/et_pb_text][et_pb_accordion use_icon_font_size=\"on\" icon_font_size=\"28px\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||||false|false\" custom_padding=\"||||false|false\" hover_enabled=\"0\" border_width_all=\"2px\" global_colors_info=\"{}\" sticky_enabled=\"0\"][et_pb_accordion_item title=\"1. Who can publish\" open=\"off\" _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" global_colors_info=\"{}\" sticky_enabled=\"0\"]<p data-start=\"377\" data-end=\"593\">Institutional investors receiving scores under CEM’s Global Reporting Principles (GRP) may voluntarily publish their GRP scores in public disclosures, including annual reports and websites.</p>[/et_pb_accordion_item][et_pb_accordion_item title=\"2. Required information\" _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" global_colors_info=\"{}\" open=\"off\" sticky_enabled=\"0\"]<p data-start=\"603\" data-end=\"675\">Any disclosure of a GRP score must include:</p>\n<ul data-start=\"676\" data-end=\"819\">\n<li data-start=\"676\" data-end=\"718\">\n<p data-start=\"678\" data-end=\"718\">The name of the institutional investor.</p>\n</li>\n<li data-start=\"719\" data-end=\"769\">\n<p data-start=\"721\" data-end=\"769\">The calendar year for which the data is scored.</p>\n</li>\n<li data-start=\"770\" data-end=\"819\">\n<p data-start=\"772\" data-end=\"819\">The CEM service for which the score is issued.</p>\n</li>\n</ul>[/et_pb_accordion_item][et_pb_accordion_item title=\"3. Example language\" _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" global_colors_info=\"{}\" open=\"on\" sticky_enabled=\"0\"]<p>Institutional investors may use the below formats to publish their scores on their website with the appropriate linking.</p>\n<p><em>Example 1: 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 <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP.</a></em></p>\n<p><em>Example 2 (using footnotes) : InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.<sup>1</sup> </em></p>\n<ol>\n<li><em> </em><em>Details on the methodology can be found at <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em><em>.</em></li>\n</ol>[/et_pb_accordion_item][et_pb_accordion_item title=\"4. Restrictions\" _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" global_colors_info=\"{}\" open=\"off\" sticky_enabled=\"0\"]<p data-start=\"1348\" data-end=\"1461\">Institutional investors choosing to publish their scores or scorecards are not permitted to:</p>\n<ul data-start=\"1462\" data-end=\"1653\">\n<li data-start=\"1462\" data-end=\"1534\">\n<p data-start=\"1464\" data-end=\"1534\">Provide qualitative interpretation of the scores without CEM’s input.</p>\n</li>\n<li data-start=\"1535\" data-end=\"1610\">\n<p data-start=\"1537\" data-end=\"1610\">Omit required elements (institution name, year, CEM service, and score).</p>\n</li>\n<li data-start=\"1611\" data-end=\"1653\">\n<p data-start=\"1613\" data-end=\"1653\">Provide scenario or “what-if” analysis.</p>\n</li>\n</ul>[/et_pb_accordion_item][/et_pb_accordion][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" global_colors_info=\"{}\" sticky_enabled=\"0\"]<p>For more information or guidance, please contact us at <a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com.</a></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Global Reporting Principles at CEM','','inherit','closed','closed','','2921-revision-v1','','','2025-08-22 18:37:37','2025-08-22 18:37:37','',2921,'https://www.cembenchmarking.com/?p=2953',0,'revision','',0),(2954,36,'2025-08-22 18:56:55','2025-08-22 18:56:55','[et_pb_section fb_built=\"1\" fullwidth=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_fullwidth_header title=\"CEM\'s Global Reporting Principles\" text_orientation=\"center\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_font=\"--et_global_body_font||||||||\" title_text_align=\"center\" title_font_size=\"45px\" content_text_align=\"center\" background_color=\"RGBA(255,255,255,0)\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|#001e66 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\" custom_padding=\"100px||||false|false\" global_colors_info=\"{}\"][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<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 was formally launched in 2024 to bring clarity and alignment to reporting practices worldwide.<o:p></o:p></p>\n<p data-start=\"675\" data-end=\"873\">While standards have existed in countries such as Australia, the Netherlands, and the UK, the GRP extend this work by offering a unified approach for the global institutional investment community.<o:p></o:p></p>\n<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>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_padding=\"0px||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h3 data-start=\"200\" data-end=\"228\"><strong data-start=\"200\" data-end=\"226\">GRP Principles Overview</strong></h3>\n<p data-start=\"230\" data-end=\"380\">[/et_pb_text][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" custom_css_free_form=\"/* Header row: blue background, white text */||.fl-table thead {||  background-color: #002563;||}||.fl-table thead th {||  color: #ffffff;       /* makes header text white */||  text-align: center;||  font-weight: 700;||}||.fl-table thead th:first-child {||  text-align: left;     /* label column */||}||\" global_colors_info=\"{}\"]<!-- Optional: Font Awesome for check icons --><!-- [et_pb_line_break_holder] --><link rel=\"stylesheet\" href=\"https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.5.0/css/all.min.css\" /><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><style><!-- [et_pb_line_break_holder] -->  /* Base table styling */<!-- [et_pb_line_break_holder] -->  .fl-table {<!-- [et_pb_line_break_holder] -->    width: 100%;<!-- [et_pb_line_break_holder] -->    border-collapse: collapse;<!-- [et_pb_line_break_holder] -->    table-layout: fixed;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table th,<!-- [et_pb_line_break_holder] -->  .fl-table td {<!-- [et_pb_line_break_holder] -->    padding: 10px 12px;<!-- [et_pb_line_break_holder] -->    vertical-align: top;<!-- [et_pb_line_break_holder] -->    word-wrap: break-word;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Header row: blue background, white text */<!-- [et_pb_line_break_holder] -->  .fl-table thead {<!-- [et_pb_line_break_holder] -->    background-color: #002563;<!-- [et_pb_line_break_holder] -->    color: #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th {<!-- [et_pb_line_break_holder] -->    text-align: center;<!-- [et_pb_line_break_holder] -->    font-weight: 700;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* label column */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Body cells: grey background */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td {<!-- [et_pb_line_break_holder] -->    background-color: #d9d9d9;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Alignment helpers */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* principle text */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:not(:first-child) {<!-- [et_pb_line_break_holder] -->    text-align: center; /* checkmarks */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Optional: small visual separators */<!-- [et_pb_line_break_holder] -->  .fl-table tbody tr + tr td {<!-- [et_pb_line_break_holder] -->    border-top: 2px solid #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --></style><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><table class=\"fl-table tablemobile\" aria-label=\"GRP principles applicability\"><!-- [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>1. Disclose asset value on the appropriate basis for calculating costs.</td><!-- [et_pb_line_break_holder] -->      <td><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>2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>3. Look through and include costs incurred in all investment tiers.</td><!-- [et_pb_line_break_holder] -->      <td><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>4. Disclose costs for the same period in which revenues are earned.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        5. Include indirect taxes that are implicit in the price of a product or service in total costs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>7. Include costs incurred by related parties in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>9. Disclose investment costs and performance by composite or mandate.</td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        10. Disclose if returns are fully gross-of-fees or, if not, disclose what costs are netted<!-- [et_pb_line_break_holder] -->        from the return.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><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>11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->      <td><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>12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->      <td><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>13. Returns for less than one year must not be annualized.</td><!-- [et_pb_line_break_holder] -->      <td><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>14. Disclose key member service performance metrics.</td><!-- [et_pb_line_break_holder] -->      <td></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        15. Use and explain estimates when alignment to these principles is neither practical nor timely.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        16. Disclosures should be available for stakeholders in time to fulfill their reporting and<!-- [et_pb_line_break_holder] -->        decision-making needs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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_line_break_holder] -->[/et_pb_code][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>Based on these principles, CEM has created a scoring methodology to assess the completeness, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their GRP Scorecard.</p>\n<p><strong>CEM offers distinct GRP for:</strong></p>\n<p><strong></strong></p>\n<ul>\n<li><strong>Investment Benchmarking</strong> - Beta launched in 2024</li>\n<li><strong>Defined Contribution Benchmarking</strong> - Launching in 2026</li>\n<li><strong>Pension Administration Benchmarking</strong> - Launching in 2026</li>\n</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\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"GRP Scorecard Methodology for Investment Benchmarking\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row column_structure=\"1_2,1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>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.</p>\n<p><strong style=\"font-size: 17px;\">Cost reporting – </strong><span style=\"font-size: 17px;\">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></p>\n<p><strong>Performance reporting - </strong>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%.</p>\n<p><strong>Timeliness of reporting – </strong>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%.</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png\" title_text=\"GRP Example\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||0px||false|false\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"0px||0px||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p style=\"text-align: left;\"><em>Example GRP scorecard for Investment Benchmarking – beta version for year 2024</em></p>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p><span>CEM’s Global Reporting Principles will evolve over time. The release schedule was designed to allow for both feedback from market participants as well as for institutional investors to develop the systems, data, and personnel to action on. The future releases, currently slated for 2026 and later are shared <a href=\"https://www.cembenchmarking.com/dataPrinciplesModules.html\" target=\"_blank\" rel=\"noopener\">here</a>.</span><span></span></p>\n<p><span>CEM’s benchmarking survey definitions provide detailed guidance on each of these principles.</span></p>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h2>Guidance on Publishing GRP Scores &amp; Scorecards</h2>\n<p data-start=\"175\" data-end=\"430\">Institutional investors who receive GRP scores from CEM may choose to share them publicly in reports or on their websites. The guidelines below outline what information must be included, how the scores may be presented, and the limitations on their use.</p>[/et_pb_text][et_pb_accordion use_icon_font_size=\"on\" icon_font_size=\"28px\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||||false|false\" custom_padding=\"||||false|false\" hover_enabled=\"0\" border_width_all=\"2px\" global_colors_info=\"{}\" sticky_enabled=\"0\"][et_pb_accordion_item title=\"1. Who can publish\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"on\"]<p data-start=\"377\" data-end=\"593\">Institutional investors receiving scores under CEM’s Global Reporting Principles (GRP) may voluntarily publish their GRP scores in public disclosures, including annual reports and websites.</p>[/et_pb_accordion_item][et_pb_accordion_item title=\"2. Required information\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"603\" data-end=\"675\">Any disclosure of a GRP score must include:</p>\n<ul data-start=\"676\" data-end=\"819\">\n<li data-start=\"676\" data-end=\"718\">\n<p data-start=\"678\" data-end=\"718\">The name of the institutional investor.</p>\n</li>\n<li data-start=\"719\" data-end=\"769\">\n<p data-start=\"721\" data-end=\"769\">The calendar year for which the data is scored.</p>\n</li>\n<li data-start=\"770\" data-end=\"819\">\n<p data-start=\"772\" data-end=\"819\">The CEM service for which the score is issued.</p>\n</li>\n</ul>[/et_pb_accordion_item][et_pb_accordion_item title=\"3. Example language\" open=\"off\" _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" global_colors_info=\"{}\" sticky_enabled=\"0\"]<p>Institutional investors may use the below formats to publish their scores on their website with the appropriate linking.</p>\n<p><em>Example 1: 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 <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP.</a></em></p>\n<p><em>Example 2 (using footnotes) : InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.<sup>1</sup> </em></p>\n<ol>\n<li><em> </em><em>Details on the methodology can be found at <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em><em>.</em></li>\n</ol>[/et_pb_accordion_item][et_pb_accordion_item title=\"4. Restrictions\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"1348\" data-end=\"1461\">Institutional investors choosing to publish their scores or scorecards are not permitted to:</p>\n<ul data-start=\"1462\" data-end=\"1653\">\n<li data-start=\"1462\" data-end=\"1534\">\n<p data-start=\"1464\" data-end=\"1534\">Provide qualitative interpretation of the scores without CEM’s input.</p>\n</li>\n<li data-start=\"1535\" data-end=\"1610\">\n<p data-start=\"1537\" data-end=\"1610\">Omit required elements (institution name, year, CEM service, and score).</p>\n</li>\n<li data-start=\"1611\" data-end=\"1653\">\n<p data-start=\"1613\" data-end=\"1653\">Provide scenario or “what-if” analysis.</p>\n</li>\n</ul>[/et_pb_accordion_item][/et_pb_accordion][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>For more information or guidance, please contact us at <a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com.</a></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Global Reporting Principles at CEM','','inherit','closed','closed','','2921-revision-v1','','','2025-08-22 18:56:55','2025-08-22 18:56:55','',2921,'https://www.cembenchmarking.com/?p=2954',0,'revision','',0),(2955,36,'2025-08-22 19:43:59','2025-08-22 19:43:59','[et_pb_section fb_built=\"1\" fullwidth=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_fullwidth_header title=\"CEM\'s Global Reporting Principles\" text_orientation=\"center\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_font=\"--et_global_body_font||||||||\" title_text_align=\"center\" title_font_size=\"45px\" content_text_align=\"center\" background_color=\"RGBA(255,255,255,0)\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|#001e66 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\" custom_padding=\"100px||||false|false\" global_colors_info=\"{}\"][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>CEM\'s Global Reporting Principles (GRP) are a 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 was formally launched in 2024 to bring clarity and alignment to reporting practices worldwide.<o:p></o:p></p>\n<p data-start=\"675\" data-end=\"873\">While standards have existed in countries such as Australia, the Netherlands, and the UK, the GRP extend this work by offering a unified approach for the global institutional investment community.<o:p></o:p></p>\n<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>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_padding=\"0px||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h3 data-start=\"200\" data-end=\"228\"><strong data-start=\"200\" data-end=\"226\">GRP Principles Overview</strong></h3>\n<p data-start=\"230\" data-end=\"380\">[/et_pb_text][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" custom_css_free_form=\"/* Header row: blue background, white text */||.fl-table thead {||  background-color: #002563;||}||.fl-table thead th {||  color: #ffffff;       /* makes header text white */||  text-align: center;||  font-weight: 700;||}||.fl-table thead th:first-child {||  text-align: left;     /* label column */||}||\" global_colors_info=\"{}\"]<!-- Optional: Font Awesome for check icons --><!-- [et_pb_line_break_holder] --><link rel=\"stylesheet\" href=\"https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.5.0/css/all.min.css\" /><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><style><!-- [et_pb_line_break_holder] -->  /* Base table styling */<!-- [et_pb_line_break_holder] -->  .fl-table {<!-- [et_pb_line_break_holder] -->    width: 100%;<!-- [et_pb_line_break_holder] -->    border-collapse: collapse;<!-- [et_pb_line_break_holder] -->    table-layout: fixed;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table th,<!-- [et_pb_line_break_holder] -->  .fl-table td {<!-- [et_pb_line_break_holder] -->    padding: 10px 12px;<!-- [et_pb_line_break_holder] -->    vertical-align: top;<!-- [et_pb_line_break_holder] -->    word-wrap: break-word;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Header row: blue background, white text */<!-- [et_pb_line_break_holder] -->  .fl-table thead {<!-- [et_pb_line_break_holder] -->    background-color: #002563;<!-- [et_pb_line_break_holder] -->    color: #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th {<!-- [et_pb_line_break_holder] -->    text-align: center;<!-- [et_pb_line_break_holder] -->    font-weight: 700;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* label column */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Body cells: grey background */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td {<!-- [et_pb_line_break_holder] -->    background-color: #d9d9d9;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Alignment helpers */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* principle text */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:not(:first-child) {<!-- [et_pb_line_break_holder] -->    text-align: center; /* checkmarks */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Optional: small visual separators */<!-- [et_pb_line_break_holder] -->  .fl-table tbody tr + tr td {<!-- [et_pb_line_break_holder] -->    border-top: 2px solid #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --></style><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><table class=\"fl-table tablemobile\" aria-label=\"GRP principles applicability\"><!-- [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>1. Disclose asset value on the appropriate basis for calculating costs.</td><!-- [et_pb_line_break_holder] -->      <td><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>2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>3. Look through and include costs incurred in all investment tiers.</td><!-- [et_pb_line_break_holder] -->      <td><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>4. Disclose costs for the same period in which revenues are earned.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        5. Include indirect taxes that are implicit in the price of a product or service in total costs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>7. Include costs incurred by related parties in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>9. Disclose investment costs and performance by composite or mandate.</td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        10. Disclose if returns are fully gross-of-fees or, if not, disclose what costs are netted<!-- [et_pb_line_break_holder] -->        from the return.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><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>11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->      <td><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>12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->      <td><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>13. Returns for less than one year must not be annualized.</td><!-- [et_pb_line_break_holder] -->      <td><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>14. Disclose key member service performance metrics.</td><!-- [et_pb_line_break_holder] -->      <td></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        15. Use and explain estimates when alignment to these principles is neither practical nor timely.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        16. Disclosures should be available for stakeholders in time to fulfill their reporting and<!-- [et_pb_line_break_holder] -->        decision-making needs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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_line_break_holder] -->[/et_pb_code][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>Based on these principles, CEM has created a scoring methodology to assess the completeness, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their GRP Scorecard.</p>\n<p><strong>CEM offers distinct GRP for:</strong></p>\n<p><strong></strong></p>\n<ul>\n<li><strong>Investment Benchmarking</strong> - Beta launched in 2024</li>\n<li><strong>Defined Contribution Benchmarking</strong> - Launching in 2026</li>\n<li><strong>Pension Administration Benchmarking</strong> - Launching in 2026</li>\n</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\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"GRP Scorecard Methodology for Investment Benchmarking\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row column_structure=\"1_2,1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>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.</p>\n<p><strong style=\"font-size: 17px;\">Cost reporting – </strong><span style=\"font-size: 17px;\">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></p>\n<p><strong>Performance reporting - </strong>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%.</p>\n<p><strong>Timeliness of reporting – </strong>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%.</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png\" title_text=\"GRP Example\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||0px||false|false\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"0px||0px||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p style=\"text-align: left;\"><em>Example GRP scorecard for Investment Benchmarking – beta version for year 2024</em></p>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p><span>CEM’s Global Reporting Principles will evolve over time. The release schedule was designed to allow for both feedback from market participants as well as for institutional investors to develop the systems, data, and personnel to action on. The future releases, currently slated for 2026 and later are shared <a href=\"https://www.cembenchmarking.com/dataPrinciplesModules.html\" target=\"_blank\" rel=\"noopener\">here</a>.</span><span></span></p>\n<p><span>CEM’s benchmarking survey definitions provide detailed guidance on each of these principles.</span></p>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h2>Guidance on Publishing GRP Scores &amp; Scorecards</h2>\n<p data-start=\"175\" data-end=\"430\">Institutional investors who receive GRP scores from CEM may choose to share them publicly in reports or on their websites. The guidelines below outline what information must be included, how the scores may be presented, and the limitations on their use.</p>[/et_pb_text][et_pb_accordion use_icon_font_size=\"on\" icon_font_size=\"28px\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||||false|false\" custom_padding=\"||||false|false\" border_width_all=\"2px\" global_colors_info=\"{}\"][et_pb_accordion_item title=\"1. Who can publish\" open=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p data-start=\"377\" data-end=\"593\">Institutional investors receiving scores under CEM’s Global Reporting Principles (GRP) may voluntarily publish their GRP scores in public disclosures, including annual reports and websites.</p>[/et_pb_accordion_item][et_pb_accordion_item title=\"2. Required information\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"603\" data-end=\"675\">Any disclosure of a GRP score must include:</p>\n<ul data-start=\"676\" data-end=\"819\">\n<li data-start=\"676\" data-end=\"718\">\n<p data-start=\"678\" data-end=\"718\">The name of the institutional investor.</p>\n</li>\n<li data-start=\"719\" data-end=\"769\">\n<p data-start=\"721\" data-end=\"769\">The calendar year for which the data is scored.</p>\n</li>\n<li data-start=\"770\" data-end=\"819\">\n<p data-start=\"772\" data-end=\"819\">The CEM service for which the score is issued.</p>\n</li>\n</ul>[/et_pb_accordion_item][et_pb_accordion_item title=\"3. Example language\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p>Institutional investors may use the below formats to publish their scores on their website with the appropriate linking.</p>\n<p><em>Example 1: 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 <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP.</a></em></p>\n<p><em>Example 2 (using footnotes) : InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.<sup>1</sup> </em></p>\n<ol>\n<li><em> </em><em>Details on the methodology can be found at <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em><em>.</em></li>\n</ol>[/et_pb_accordion_item][et_pb_accordion_item title=\"4. Restrictions\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"1348\" data-end=\"1461\">Institutional investors choosing to publish their scores or scorecards are not permitted to:</p>\n<ul data-start=\"1462\" data-end=\"1653\">\n<li data-start=\"1462\" data-end=\"1534\">\n<p data-start=\"1464\" data-end=\"1534\">Provide qualitative interpretation of the scores without CEM’s input.</p>\n</li>\n<li data-start=\"1535\" data-end=\"1610\">\n<p data-start=\"1537\" data-end=\"1610\">Omit required elements (institution name, year, CEM service, and score).</p>\n</li>\n<li data-start=\"1611\" data-end=\"1653\">\n<p data-start=\"1613\" data-end=\"1653\">Provide scenario or “what-if” analysis.</p>\n</li>\n</ul>[/et_pb_accordion_item][/et_pb_accordion][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>For more information or guidance, please contact us at <a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com.</a></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Global Reporting Principles at CEM','','inherit','closed','closed','','2921-revision-v1','','','2025-08-22 19:43:59','2025-08-22 19:43:59','',2921,'https://www.cembenchmarking.com/?p=2955',0,'revision','',0),(2956,36,'2025-08-22 19:49:22','0000-00-00 00:00:00',' ','','','draft','closed','closed','','','','','2025-08-22 19:49:22','0000-00-00 00:00:00','',0,'https://www.cembenchmarking.com/?p=2956',1,'nav_menu_item','',0),(2957,36,'2025-08-22 19:50:31','2025-08-22 19:50:31','','Global Reporting Principles','','publish','closed','closed','','global-reporting-principles','','','2025-08-22 19:50:31','2025-08-22 19:50:31','',0,'https://www.cembenchmarking.com/?p=2957',14,'nav_menu_item','',0),(2958,36,'2025-08-22 20:36:41','2025-08-22 20:36:41','[et_pb_section fb_built=\"1\" fullwidth=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_fullwidth_header title=\"CEM\'s Global Reporting Principles\" text_orientation=\"center\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_font=\"--et_global_body_font||||||||\" title_text_align=\"center\" title_font_size=\"45px\" content_text_align=\"center\" background_color=\"RGBA(255,255,255,0)\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|#001e66 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\" custom_padding=\"100px||||false|false\" global_colors_info=\"{}\"][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>CEM\'s Global Reporting Principles (GRP) are a 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 was formally launched in 2024 to bring clarity and alignment to reporting practices worldwide.<o:p></o:p></p>\n<p data-start=\"675\" data-end=\"873\">While standards have existed in countries such as Australia, the Netherlands, and the UK, the GRP extend this work by offering a unified approach for the global institutional investment community.<o:p></o:p></p>\n<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>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_padding=\"0px||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h3 data-start=\"200\" data-end=\"228\"><strong data-start=\"200\" data-end=\"226\">GRP Principles Overview</strong></h3>\n<p data-start=\"230\" data-end=\"380\">[/et_pb_text][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" custom_css_free_form=\"/* Header row: blue background, white text */||.fl-table thead {||  background-color: #002563;||}||.fl-table thead th {||  color: #ffffff;       /* makes header text white */||  text-align: center;||  font-weight: 700;||}||.fl-table thead th:first-child {||  text-align: left;     /* label column */||}||\" global_colors_info=\"{}\" sticky_enabled=\"0\"]<!-- Optional: Font Awesome for check icons --><!-- [et_pb_line_break_holder] --><link rel=\"stylesheet\" href=\"https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.5.0/css/all.min.css\" /><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><style><!-- [et_pb_line_break_holder] -->  /* Base table styling */<!-- [et_pb_line_break_holder] -->  .fl-table {<!-- [et_pb_line_break_holder] -->    width: 100%;<!-- [et_pb_line_break_holder] -->    border-collapse: collapse;<!-- [et_pb_line_break_holder] -->    table-layout: fixed;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table th,<!-- [et_pb_line_break_holder] -->  .fl-table td {<!-- [et_pb_line_break_holder] -->    padding: 10px 12px;<!-- [et_pb_line_break_holder] -->    vertical-align: top;<!-- [et_pb_line_break_holder] -->    word-wrap: break-word;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Header row: blue background, white text */<!-- [et_pb_line_break_holder] -->  .fl-table thead {<!-- [et_pb_line_break_holder] -->    background-color: #002563;<!-- [et_pb_line_break_holder] -->    color: #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th {<!-- [et_pb_line_break_holder] -->    text-align: center;<!-- [et_pb_line_break_holder] -->    font-weight: 700;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* label column */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Body cells: grey background */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td {<!-- [et_pb_line_break_holder] -->    background-color: #F0F0F0;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Alignment helpers */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* principle text */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:not(:first-child) {<!-- [et_pb_line_break_holder] -->    text-align: center; /* checkmarks */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Optional: small visual separators */<!-- [et_pb_line_break_holder] -->  .fl-table tbody tr + tr td {<!-- [et_pb_line_break_holder] -->    border-top: 2px solid #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --></style><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><table class=\"fl-table tablemobile\" aria-label=\"GRP principles applicability\"><!-- [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>1. Disclose asset value on the appropriate basis for calculating costs.</td><!-- [et_pb_line_break_holder] -->      <td><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>2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>3. Look through and include costs incurred in all investment tiers.</td><!-- [et_pb_line_break_holder] -->      <td><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>4. Disclose costs for the same period in which revenues are earned.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        5. Include indirect taxes that are implicit in the price of a product or service in total costs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>7. Include costs incurred by related parties in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>9. Disclose investment costs and performance by composite or mandate.</td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        10. Disclose if returns are fully gross-of-fees or, if not, disclose what costs are netted<!-- [et_pb_line_break_holder] -->        from the return.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><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>11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->      <td><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>12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->      <td><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>13. Returns for less than one year must not be annualized.</td><!-- [et_pb_line_break_holder] -->      <td><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>14. Disclose key member service performance metrics.</td><!-- [et_pb_line_break_holder] -->      <td></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        15. Use and explain estimates when alignment to these principles is neither practical nor timely.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        16. Disclosures should be available for stakeholders in time to fulfill their reporting and<!-- [et_pb_line_break_holder] -->        decision-making needs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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_line_break_holder] -->[/et_pb_code][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>Based on these principles, CEM has created a scoring methodology to assess the completeness, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their GRP Scorecard.</p>\n<p><strong>CEM offers distinct GRP for:</strong></p>\n<p><strong></strong></p>\n<ul>\n<li><strong>Investment Benchmarking</strong> - Beta launched in 2024</li>\n<li><strong>Defined Contribution Benchmarking</strong> - Launching in 2026</li>\n<li><strong>Pension Administration Benchmarking</strong> - Launching in 2026</li>\n</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\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"GRP Scorecard Methodology for Investment Benchmarking\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row column_structure=\"1_2,1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>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.</p>\n<p><strong style=\"font-size: 17px;\">Cost reporting – </strong><span style=\"font-size: 17px;\">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></p>\n<p><strong>Performance reporting - </strong>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%.</p>\n<p><strong>Timeliness of reporting – </strong>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%.</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png\" title_text=\"GRP Example\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||0px||false|false\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"0px||0px||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p style=\"text-align: left;\"><em>Example GRP scorecard for Investment Benchmarking – beta version for year 2024</em></p>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p><span>CEM’s Global Reporting Principles will evolve over time. The release schedule was designed to allow for both feedback from market participants as well as for institutional investors to develop the systems, data, and personnel to action on. The future releases, currently slated for 2026 and later are shared <a href=\"https://www.cembenchmarking.com/dataPrinciplesModules.html\" target=\"_blank\" rel=\"noopener\">here</a>.</span><span></span></p>\n<p><span>CEM’s benchmarking survey definitions provide detailed guidance on each of these principles.</span></p>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h2>Guidance on Publishing GRP Scores &amp; Scorecards</h2>\n<p data-start=\"175\" data-end=\"430\">Institutional investors who receive GRP scores from CEM may choose to share them publicly in reports or on their websites. The guidelines below outline what information must be included, how the scores may be presented, and the limitations on their use.</p>[/et_pb_text][et_pb_accordion use_icon_font_size=\"on\" icon_font_size=\"28px\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||||false|false\" custom_padding=\"||||false|false\" border_width_all=\"2px\" global_colors_info=\"{}\"][et_pb_accordion_item title=\"1. Who can publish\" open=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p data-start=\"377\" data-end=\"593\">Institutional investors receiving scores under CEM’s Global Reporting Principles (GRP) may voluntarily publish their GRP scores in public disclosures, including annual reports and websites.</p>[/et_pb_accordion_item][et_pb_accordion_item title=\"2. Required information\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"603\" data-end=\"675\">Any disclosure of a GRP score must include:</p>\n<ul data-start=\"676\" data-end=\"819\">\n<li data-start=\"676\" data-end=\"718\">\n<p data-start=\"678\" data-end=\"718\">The name of the institutional investor.</p>\n</li>\n<li data-start=\"719\" data-end=\"769\">\n<p data-start=\"721\" data-end=\"769\">The calendar year for which the data is scored.</p>\n</li>\n<li data-start=\"770\" data-end=\"819\">\n<p data-start=\"772\" data-end=\"819\">The CEM service for which the score is issued.</p>\n</li>\n</ul>[/et_pb_accordion_item][et_pb_accordion_item title=\"3. Example language\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p>Institutional investors may use the below formats to publish their scores on their website with the appropriate linking.</p>\n<p><em>Example 1: 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 <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP.</a></em></p>\n<p><em>Example 2 (using footnotes) : InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.<sup>1</sup> </em></p>\n<ol>\n<li><em> </em><em>Details on the methodology can be found at <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em><em>.</em></li>\n</ol>[/et_pb_accordion_item][et_pb_accordion_item title=\"4. Restrictions\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"1348\" data-end=\"1461\">Institutional investors choosing to publish their scores or scorecards are not permitted to:</p>\n<ul data-start=\"1462\" data-end=\"1653\">\n<li data-start=\"1462\" data-end=\"1534\">\n<p data-start=\"1464\" data-end=\"1534\">Provide qualitative interpretation of the scores without CEM’s input.</p>\n</li>\n<li data-start=\"1535\" data-end=\"1610\">\n<p data-start=\"1537\" data-end=\"1610\">Omit required elements (institution name, year, CEM service, and score).</p>\n</li>\n<li data-start=\"1611\" data-end=\"1653\">\n<p data-start=\"1613\" data-end=\"1653\">Provide scenario or “what-if” analysis.</p>\n</li>\n</ul>[/et_pb_accordion_item][/et_pb_accordion][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>For more information or guidance, please contact us at <a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com.</a></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Global Reporting Principles at CEM','','inherit','closed','closed','','2921-revision-v1','','','2025-08-22 20:36:41','2025-08-22 20:36:41','',2921,'https://www.cembenchmarking.com/?p=2958',0,'revision','',0),(2959,36,'2025-08-22 21:26:20','2025-08-22 21:26:20','','GRP Scorecard highres','','inherit','','closed','','grp-scorecard-highres','','','2025-08-22 21:26:20','2025-08-22 21:26:20','',0,'https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Scorecard-highres.png',0,'attachment','image/png',0),(2960,36,'2025-08-22 21:28:56','2025-08-22 21:28:56','[et_pb_section fb_built=\"1\" fullwidth=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_fullwidth_header title=\"CEM\'s Global Reporting Principles\" text_orientation=\"center\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_font=\"--et_global_body_font||||||||\" title_text_align=\"center\" title_font_size=\"45px\" content_text_align=\"center\" background_color=\"RGBA(255,255,255,0)\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|#001e66 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\" custom_padding=\"100px||||false|false\" global_colors_info=\"{}\"][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>CEM\'s Global Reporting Principles (GRP) are a 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 was formally launched in 2024 to bring clarity and alignment to reporting practices worldwide.<o:p></o:p></p>\n<p data-start=\"675\" data-end=\"873\">While standards have existed in countries such as Australia, the Netherlands, and the UK, the GRP extend this work by offering a unified approach for the global institutional investment community.<o:p></o:p></p>\n<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>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_padding=\"0px||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h3 data-start=\"200\" data-end=\"228\"><strong data-start=\"200\" data-end=\"226\">GRP Principles Overview</strong></h3>\n<p data-start=\"230\" data-end=\"380\">[/et_pb_text][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" custom_css_free_form=\"/* Header row: blue background, white text */||.fl-table thead {||  background-color: #002563;||}||.fl-table thead th {||  color: #ffffff;       /* makes header text white */||  text-align: center;||  font-weight: 700;||}||.fl-table thead th:first-child {||  text-align: left;     /* label column */||}||\" global_colors_info=\"{}\"]<!-- Optional: Font Awesome for check icons --><!-- [et_pb_line_break_holder] --><link rel=\"stylesheet\" href=\"https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.5.0/css/all.min.css\" /><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><style><!-- [et_pb_line_break_holder] -->  /* Base table styling */<!-- [et_pb_line_break_holder] -->  .fl-table {<!-- [et_pb_line_break_holder] -->    width: 100%;<!-- [et_pb_line_break_holder] -->    border-collapse: collapse;<!-- [et_pb_line_break_holder] -->    table-layout: fixed;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table th,<!-- [et_pb_line_break_holder] -->  .fl-table td {<!-- [et_pb_line_break_holder] -->    padding: 10px 12px;<!-- [et_pb_line_break_holder] -->    vertical-align: top;<!-- [et_pb_line_break_holder] -->    word-wrap: break-word;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Header row: blue background, white text */<!-- [et_pb_line_break_holder] -->  .fl-table thead {<!-- [et_pb_line_break_holder] -->    background-color: #002563;<!-- [et_pb_line_break_holder] -->    color: #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th {<!-- [et_pb_line_break_holder] -->    text-align: center;<!-- [et_pb_line_break_holder] -->    font-weight: 700;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table thead th:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* label column */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Body cells: grey background */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td {<!-- [et_pb_line_break_holder] -->    background-color: #F0F0F0;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Alignment helpers */<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:first-child {<!-- [et_pb_line_break_holder] -->    text-align: left; /* principle text */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] -->  .fl-table tbody td:not(:first-child) {<!-- [et_pb_line_break_holder] -->    text-align: center; /* checkmarks */<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] -->  /* Optional: small visual separators */<!-- [et_pb_line_break_holder] -->  .fl-table tbody tr + tr td {<!-- [et_pb_line_break_holder] -->    border-top: 2px solid #ffffff;<!-- [et_pb_line_break_holder] -->  }<!-- [et_pb_line_break_holder] --></style><!-- [et_pb_line_break_holder] --><!-- [et_pb_line_break_holder] --><table class=\"fl-table tablemobile\" aria-label=\"GRP principles applicability\"><!-- [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>1. Disclose asset value on the appropriate basis for calculating costs.</td><!-- [et_pb_line_break_holder] -->      <td><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>2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>3. Look through and include costs incurred in all investment tiers.</td><!-- [et_pb_line_break_holder] -->      <td><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>4. Disclose costs for the same period in which revenues are earned.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        5. Include indirect taxes that are implicit in the price of a product or service in total costs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>7. Include costs incurred by related parties in total costs.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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>9. Disclose investment costs and performance by composite or mandate.</td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        10. Disclose if returns are fully gross-of-fees or, if not, disclose what costs are netted<!-- [et_pb_line_break_holder] -->        from the return.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><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>11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->      <td><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>12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->      <td><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>13. Returns for less than one year must not be annualized.</td><!-- [et_pb_line_break_holder] -->      <td><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>14. Disclose key member service performance metrics.</td><!-- [et_pb_line_break_holder] -->      <td></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        15. Use and explain estimates when alignment to these principles is neither practical nor timely.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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><!-- [et_pb_line_break_holder] -->        16. Disclosures should be available for stakeholders in time to fulfill their reporting and<!-- [et_pb_line_break_holder] -->        decision-making needs.<!-- [et_pb_line_break_holder] -->      </td><!-- [et_pb_line_break_holder] -->      <td><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->      <td><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_line_break_holder] -->[/et_pb_code][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>Based on these principles, CEM has created a scoring methodology to assess the completeness, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their GRP Scorecard.</p>\n<p><strong>CEM offers distinct GRP for:</strong></p>\n<p><strong></strong></p>\n<ul>\n<li><strong>Investment Benchmarking</strong> - Beta launched in 2024</li>\n<li><strong>Defined Contribution Benchmarking</strong> - Launching in 2026</li>\n<li><strong>Pension Administration Benchmarking</strong> - Launching in 2026</li>\n</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\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"GRP Scorecard Methodology for Investment Benchmarking\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row column_structure=\"1_2,1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>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.</p>\n<p><strong style=\"font-size: 17px;\">Cost reporting – </strong><span style=\"font-size: 17px;\">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></p>\n<p><strong>Performance reporting - </strong>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%.</p>\n<p><strong>Timeliness of reporting – </strong>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%.</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Scorecard-highres.png\" title_text=\"GRP Scorecard highres\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||0px||false|false\" custom_padding=\"||0px||false|false\" hover_enabled=\"0\" global_colors_info=\"{}\" sticky_enabled=\"0\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"0px||0px||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p style=\"text-align: left;\"><em>Example GRP scorecard for Investment Benchmarking – beta version for year 2024</em></p>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_divider][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p><span>CEM’s Global Reporting Principles will evolve over time. The release schedule was designed to allow for both feedback from market participants as well as for institutional investors to develop the systems, data, and personnel to action on. The future releases, currently slated for 2026 and later are shared <a href=\"https://www.cembenchmarking.com/dataPrinciplesModules.html\" target=\"_blank\" rel=\"noopener\">here</a>.</span><span></span></p>\n<p><span>CEM’s benchmarking survey definitions provide detailed guidance on each of these principles.</span></p>[/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=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h2>Guidance on Publishing GRP Scores &amp; Scorecards</h2>\n<p data-start=\"175\" data-end=\"430\">Institutional investors who receive GRP scores from CEM may choose to share them publicly in reports or on their websites. The guidelines below outline what information must be included, how the scores may be presented, and the limitations on their use.</p>[/et_pb_text][et_pb_accordion use_icon_font_size=\"on\" icon_font_size=\"28px\" _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||||false|false\" custom_padding=\"||||false|false\" border_width_all=\"2px\" global_colors_info=\"{}\"][et_pb_accordion_item title=\"1. Who can publish\" open=\"on\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p data-start=\"377\" data-end=\"593\">Institutional investors receiving scores under CEM’s Global Reporting Principles (GRP) may voluntarily publish their GRP scores in public disclosures, including annual reports and websites.</p>[/et_pb_accordion_item][et_pb_accordion_item title=\"2. Required information\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"603\" data-end=\"675\">Any disclosure of a GRP score must include:</p>\n<ul data-start=\"676\" data-end=\"819\">\n<li data-start=\"676\" data-end=\"718\">\n<p data-start=\"678\" data-end=\"718\">The name of the institutional investor.</p>\n</li>\n<li data-start=\"719\" data-end=\"769\">\n<p data-start=\"721\" data-end=\"769\">The calendar year for which the data is scored.</p>\n</li>\n<li data-start=\"770\" data-end=\"819\">\n<p data-start=\"772\" data-end=\"819\">The CEM service for which the score is issued.</p>\n</li>\n</ul>[/et_pb_accordion_item][et_pb_accordion_item title=\"3. Example language\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p>Institutional investors may use the below formats to publish their scores on their website with the appropriate linking.</p>\n<p><em>Example 1: 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 <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP.</a></em></p>\n<p><em>Example 2 (using footnotes) : InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.<sup>1</sup> </em></p>\n<ol>\n<li><em> </em><em>Details on the methodology can be found at <a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">www.cembenchmarking.com/GRP</a></em><em>.</em></li>\n</ol>[/et_pb_accordion_item][et_pb_accordion_item title=\"4. Restrictions\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" open=\"off\"]<p data-start=\"1348\" data-end=\"1461\">Institutional investors choosing to publish their scores or scorecards are not permitted to:</p>\n<ul data-start=\"1462\" data-end=\"1653\">\n<li data-start=\"1462\" data-end=\"1534\">\n<p data-start=\"1464\" data-end=\"1534\">Provide qualitative interpretation of the scores without CEM’s input.</p>\n</li>\n<li data-start=\"1535\" data-end=\"1610\">\n<p data-start=\"1537\" data-end=\"1610\">Omit required elements (institution name, year, CEM service, and score).</p>\n</li>\n<li data-start=\"1611\" data-end=\"1653\">\n<p data-start=\"1613\" data-end=\"1653\">Provide scenario or “what-if” analysis.</p>\n</li>\n</ul>[/et_pb_accordion_item][/et_pb_accordion][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p>For more information or guidance, please contact us at <a 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class=\"owl-content-des header-tit\">\n<div class=\"home-page-titles\">\n<p class=\"summary animated-item-1\" style=\"text-align: center;\">Original research from CEM Benchmarking</p>\n</div>\n</div>\n</div>\n</div>\n</header>\n<div class=\"theme-corporate\">\n<section id=\"about\" class=\"about bg-gray\">\n<div class=\"container\">\n<div class=\"tabs-container\">\n<ul class=\"nav nav-tabs\"></ul>\n</div>\n</div>\n</section>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"login-modal\"></div>\n</header>\n<section class=\" about tiles-module module bg-gray\">\n<div class=\"container text-justify\">\n<div class=\"row\">\n<div class=\"col-md-12\"></div>\n</div>\n</div>\n</section>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" admin_label=\"Blog\" _builder_version=\"4.25.2\" _module_preset=\"default\" locked=\"off\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" width=\"70%\" module_alignment=\"center\" 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