INSERT INTO `wp_posts` VALUES (2894,36,'2025-08-22 14:46:36','2025-08-22 14:46:36','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" global_module=\"556\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_heading title=\"CEM\'s Global Reporting Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" width=\"95%\" max_width=\"100%\" custom_margin=\"|14px||||\" custom_padding=\"|28px||||\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<p>CEM\'s Global Reporting Principles (GRP) are a consistent framework for reporting performance, cost, and timing across geographies. Developed through a multi-year initiative that began in 2022 and shaped in collaboration with seven leading global pension funds, the GRP were formally launched in 2024 to bring clarity and alignment to reporting practices worldwide.<o:p></o:p></p>\n<p data-start=\"675\" data-end=\"873\">While standards have existed in countries such as Australia, the Netherlands, and the UK, the GRP extends this work by offering a unified approach for the global institutional investment community.<o:p></o:p></p>\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>\n<p data-start=\"875\" data-end=\"1034\"><span>The complete list of GRP principles can be found below:</span></p>\n<p data-start=\"875\" data-end=\"1034\"></p>[/et_pb_text][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\"][/et_pb_code][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\" theme_builder_area=\"post_content\"][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\" custom_css_free_form=\".fl-table thead {||    background-color: #002563;||    color: #ffffff;||}||.fl-table thead th {||    color: #ffffff;||}||/* Header row */||.fl-table thead {||    background-color: #002563;||    color: #ffffff;||}||||/* All body rows (every cell in tbody) */||.fl-table tbody td {||    background-color: #d9d9d9;||}||\"]<table class=\"fl-table tablemobile\" style=\"text-wrap: wrap;\"><!-- [et_pb_line_break_holder] -->                    <thead><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <th style=\"width: 70%;\"></th><!-- [et_pb_line_break_holder] -->                            <th>Investments</th><!-- [et_pb_line_break_holder] -->                            <th>Pension Administration</th><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                    </thead><!-- [et_pb_line_break_holder] -->                    <tbody><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\" text-align: left;\">1. Disclose asset value on the appropriate basis for<!-- [et_pb_line_break_holder] -->                                calculating costs.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">3. Look through and include costs incurred in all investment<!-- [et_pb_line_break_holder] -->                                tiers.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">4. Disclose costs for the same period in which revenues are<!-- [et_pb_line_break_holder] -->                                earned.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">5. Include indirect taxes that are implicit in the price of a<!-- [et_pb_line_break_holder] -->                                product or service in<!-- [et_pb_line_break_holder] -->                                total<!-- [et_pb_line_break_holder] -->                                costs.</td><!-- [et_pb_line_break_holder] -->                             <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">7. Include costs incurred by related parties in total costs.<!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] --><td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td>                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                           <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">9. Disclose investment costs and performance by composite or<!-- [et_pb_line_break_holder] -->                                mandate.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">10. Disclose if returns are fully gross-of-fees or, if not,<!-- [et_pb_line_break_holder] -->                                disclose what costs are<!-- [et_pb_line_break_holder] -->                                netted<!-- [et_pb_line_break_holder] -->                                from the return.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">13. Returns for less than one year must not be annualized.<!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                           <!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">14. Disclose key member service performance metrics</td><!-- [et_pb_line_break_holder] -->                           <td></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">15. Use and explain estimates when alignment to these principles is neither practical nor timely.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                      <td style=\"text-align: left;\">16. Disclosures should be available for stakeholders in time<!-- [et_pb_line_break_holder] -->                                to fulfill their reporting<!-- [et_pb_line_break_holder] -->                                and<!-- [et_pb_line_break_holder] -->                                decision-making needs.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                    </tbody><!-- [et_pb_line_break_holder] -->                </table>[/et_pb_code][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"]<p><span data-contrast=\"auto\">Based on these principles, CEM has created a scoring methodology to assess the completeness</span><span data-contrast=\"auto\">, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their </span><b><span data-contrast=\"auto\">GRP Scorecard</span></b><span data-contrast=\"auto\">.</span></p>\n<h3><span data-contrast=\"auto\"></span></h3>\n<h3><span data-contrast=\"auto\">CEM offers distinct GRP </span><span>scorecards </span><span data-contrast=\"auto\">for:</span><span data-ccp-props=\"{}\"></span></h3>\n<p><span data-contrast=\"auto\"></span></p>\n<p><span data-contrast=\"auto\"></span></p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:1440,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\"> Investment Benchmarking, which was introduced (beta) in 2024</span><span data-ccp-props=\"{&quot;335559685&quot;:426,&quot;335559991&quot;:142}\"> </span></li>\n</ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:1440,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\"> Defined Contribution Benchmarking, scheduled for launch in 2026</span><span data-ccp-props=\"{&quot;335559685&quot;:426,&quot;335559991&quot;:142}\"> </span></li>\n</ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:1440,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\"> Pension Administration B</span><span>scorecards </span><span data-contrast=\"auto\">enchmarking, also scheduled for launch in 2026</span><span data-ccp-props=\"{&quot;335559685&quot;:426,&quot;335559991&quot;:142}\"> </span></li>\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\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_heading title=\"GRP Scorecard Methodology for Investment Benchmarking \" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||||false|false\" hover_enabled=\"0\" global_colors_info=\"{}\" column_structure=\"1_2,1_2\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"]<p><span data-contrast=\"auto\">The GRP score for data reported directly to CEM for Investment Benchmarking is the weighted sum of the scores received on cost reporting, performance reporting and the timeliness of reporting.</span><span data-ccp-props=\"{}\"> </span></p>\n<p><span data-ccp-props=\"{}\"></span></p>\n<ul>\n<li><strong>Cost reporting</strong><b><span data-contrast=\"auto\"> – </span></b><span data-contrast=\"auto\">The score for cost reporting assesses the percentage of reported costs that can be directly compared to the costs of peers. Each cost line item is weighted based on the percentage of that cost item to total cost. The weight of the cost score in the total GRP score is 50%.</span><span data-ccp-props=\"{}\"> </span></li>\n<li><strong>Performance reporting</strong><b><span data-contrast=\"auto\"> - </span></b><span data-contrast=\"auto\">The score for performance reporting assesses the complete provision of benchmarks and returns, on a time-weighted basis, and benchmark descriptions by asset class. The weight of the performance score in the total GRP score is 25%.</span><span data-ccp-props=\"{}\"> </span></li>\n<li><strong>Timeliness of reporting</strong><b><span data-contrast=\"auto\"> – </span></b><span data-contrast=\"auto\">The score for timeliness determines if the data was provided in a timely manner, useful for your reporting and peer comparisons. The weight of the timeliness score in the total GRP score is 25%.</span><span data-ccp-props=\"{}\"> </span></li>\n</ul>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"]<div class=\"row\">\n<div class=\"benefit-paragraph\"></div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"></div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png\" _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\" title_text=\"GRP Example\"][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"RGBA(255,255,255,0)\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_heading title=\"Guidance on publishing GRP scores & scorecards \" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"]<p><span data-contrast=\"auto\">Institutional Investors receiving scores on their reporting according to CEM’s Global Reporting Principles, are permitted to voluntarily publish their GRP scores in their public disclosures, including their annual reports and websites. </span><span data-ccp-props=\"{}\"> </span></p>\n<p><span data-contrast=\"auto\">All disclosures of a GRP score must include:</span><span data-ccp-props=\"{}\"> </span></p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">The name of the institutional investor</span><span data-ccp-props=\"{}\"> </span></li>\n</ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">The calendar year for which the data is scored, </span><span data-ccp-props=\"{}\"> </span></li>\n</ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">The CEM service for which the score is issued.</span><span data-ccp-props=\"{}\"> </span></li>\n</ul>\n<p><span data-contrast=\"auto\">The example language for such publication is below:</span><span data-ccp-props=\"{}\"> </span></p>\n<p><em>InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service. Details on the methodology can be found at [www.cembenchmarking.com/GRP] </em></p>\n<p><span data-contrast=\"auto\">Alternatively, funds can choose to include the external link to CEM’s Global Reporting Principles in a footnote or endnote. Example below:</span><span data-ccp-props=\"{}\"> </span></p>\n<p><i><span data-contrast=\"auto\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.</span></i><i><span data-contrast=\"auto\">1</span></i><i><span data-contrast=\"auto\"> </span></i><span data-ccp-props=\"{&quot;335559685&quot;:720}\"> </span></p>\n<ol>\n<li aria-setsize=\"-1\" data-leveltext=\"%1.\" data-font=\"\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:0,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769242&quot;:[65533,0],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;%1.&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><i><span data-contrast=\"auto\">Details on the methodology can be found at [www.cembenchmarking.com/GRP]</span></i><i><span data-contrast=\"auto\">.</span></i><span data-ccp-props=\"{}\"> </span></li>\n</ol>\n<p><span data-contrast=\"auto\">Institutional investors choosing to publish their scores or scorecards are not permitted to:</span><span data-ccp-props=\"{}\"> </span></p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Provide qualitative interpretation of the scores without CEM’s input</span><span data-ccp-props=\"{}\"> </span></li>\n</ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Omit any of the following:  name of the institution, year, name of the CEM service and score</span><span data-ccp-props=\"{}\"> </span></li>\n</ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Provide any scenario or what-if analysis </span><span data-ccp-props=\"{}\"> </span></li>\n</ul>\n<p><span data-contrast=\"auto\">For more information or guidance, please contact us at product@cembenchmarking.com</span><span data-ccp-props=\"{}\"> </span></p>\n<p><span data-ccp-props=\"{}\"> </span></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','CEM\'s Global Reporting Principles','','inherit','closed','closed','','2874-revision-v1','','','2025-08-22 14:46:36','2025-08-22 14:46:36','',2874,'https://www.cembenchmarking.com/?p=2894',0,'revision','',0),(2896,36,'2025-08-22 15:28:20','2025-08-22 15:28:20','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" global_module=\"556\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_heading title=\"CEM\'s Global Reporting Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"]<p>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 extends 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>\n<p><span>The complete list of GRP principles can be found below:</span></p>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\" theme_builder_area=\"post_content\"][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\" custom_css_free_form=\".fl-table thead {||    background-color: #002563;||    color: #ffffff;||}||.fl-table thead th {||    color: #ffffff;||}||/* Header row */||.fl-table thead {||    background-color: #002563;||    color: #ffffff;||}||||/* All body rows (every cell in tbody) */||.fl-table tbody td {||    background-color: #d9d9d9;||}||\"]<table class=\"fl-table tablemobile\" style=\"text-wrap: wrap;\"><!-- [et_pb_line_break_holder] -->                    <thead><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <th style=\"width: 70%;\"></th><!-- [et_pb_line_break_holder] -->                            <th>Investments</th><!-- [et_pb_line_break_holder] -->                            <th>Pension Administration</th><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                    </thead><!-- [et_pb_line_break_holder] -->                    <tbody><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\" text-align: left;\">1. Disclose asset value on the appropriate basis for<!-- [et_pb_line_break_holder] -->                                calculating costs.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">3. Look through and include costs incurred in all investment<!-- [et_pb_line_break_holder] -->                                tiers.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">4. Disclose costs for the same period in which revenues are<!-- [et_pb_line_break_holder] -->                                earned.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">5. Include indirect taxes that are implicit in the price of a<!-- [et_pb_line_break_holder] -->                                product or service in<!-- [et_pb_line_break_holder] -->                                total<!-- [et_pb_line_break_holder] -->                                costs.</td><!-- [et_pb_line_break_holder] -->                             <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">7. Include costs incurred by related parties in total costs.<!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] --><td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td>                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                           <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">9. Disclose investment costs and performance by composite or<!-- [et_pb_line_break_holder] -->                                mandate.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">10. Disclose if returns are fully gross-of-fees or, if not,<!-- [et_pb_line_break_holder] -->                                disclose what costs are<!-- [et_pb_line_break_holder] -->                                netted<!-- [et_pb_line_break_holder] -->                                from the return.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">13. Returns for less than one year must not be annualized.<!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                           <!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">14. Disclose key member service performance metrics</td><!-- [et_pb_line_break_holder] -->                           <td></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">15. Use and explain estimates when alignment to these principles is neither practical nor timely.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                      <td style=\"text-align: left;\">16. Disclosures should be available for stakeholders in time<!-- [et_pb_line_break_holder] -->                                to fulfill their reporting<!-- [et_pb_line_break_holder] -->                                and<!-- [et_pb_line_break_holder] -->                                decision-making needs.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                    </tbody><!-- [et_pb_line_break_holder] -->                </table>[/et_pb_code][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\" custom_padding=\"0px|0px|0px|0px|false|false\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\" theme_builder_area=\"post_content\"][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"][/et_pb_divider][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"]<p><span data-contrast=\"auto\">Based on these principles, CEM has created a scoring methodology to assess the completeness</span><span data-contrast=\"auto\">, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their </span>GRP Scorecard<span data-contrast=\"auto\">.</span></p>\n<h3><span data-contrast=\"auto\"></span></h3>\n<h3><span data-contrast=\"auto\">CEM offers distinct GRP </span><span>scorecards </span><span data-contrast=\"auto\">for:</span><span data-ccp-props=\"{}\"></span></h3>\n<p><span data-contrast=\"auto\"></span></p>\n<p><span data-contrast=\"auto\"></span></p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:1440,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\"> <strong>Investment Benchmarking</strong> - Beta launched in 2024</span></li>\n</ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:1440,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\"> <strong>Defined Contribution Benchmarking</strong> - Launching in 2026</span></li>\n</ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:1440,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\"> <strong>Pension Administration</strong></span><strong> B</strong><span data-contrast=\"auto\"><strong>enchmarking</strong> - Launching in 2026</span><span data-ccp-props=\"{&quot;335559685&quot;:426,&quot;335559991&quot;:142}\"> </span></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\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_heading title=\"GRP Scorecard Methodology for Investment Benchmarking \" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||||false|false\" hover_enabled=\"0\" global_colors_info=\"{}\" column_structure=\"1_2,1_2\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"]<p><span data-contrast=\"auto\">The GRP score for data reported directly to CEM for Investment Benchmarking is the weighted sum of the scores received on cost reporting, performance reporting and the timeliness of reporting.</span><span data-ccp-props=\"{}\"> </span></p>\n<p><span data-ccp-props=\"{}\"></span></p>\n<ul>\n<li><strong>Cost reporting</strong><b><span data-contrast=\"auto\"> – </span></b><span data-contrast=\"auto\">The score for cost reporting assesses the percentage of reported costs that can be directly compared to the costs of peers. Each cost line item is weighted based on the percentage of that cost item to total cost. The weight of the cost score in the total GRP score is 50%.</span><span data-ccp-props=\"{}\"> </span></li>\n<li><strong>Performance reporting</strong><b><span data-contrast=\"auto\"> - </span></b><span data-contrast=\"auto\">The score for performance reporting assesses the complete provision of benchmarks and returns, on a time-weighted basis, and benchmark descriptions by asset class. The weight of the performance score in the total GRP score is 25%.</span><span data-ccp-props=\"{}\"> </span></li>\n<li><strong>Timeliness of reporting</strong><b><span data-contrast=\"auto\"> – </span></b><span data-contrast=\"auto\">The score for timeliness determines if the data was provided in a timely manner, useful for your reporting and peer comparisons. The weight of the timeliness score in the total GRP score is 25%.</span><span data-ccp-props=\"{}\"> </span></li>\n</ul>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"]<div class=\"row\">\n<div class=\"benefit-paragraph\"></div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"></div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png\" _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\" title_text=\"GRP Example\"][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"RGBA(255,255,255,0)\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_heading title=\"Guidance on publishing GRP scores & scorecards \" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"]<p 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.<span data-ccp-props=\"{}\"></span></p>\n<p><span data-ccp-props=\"{}\"> </span></p>[/et_pb_text][et_pb_accordion _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"][et_pb_accordion_item title=\"1. Who can publish\" _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" open=\"on\" hover_enabled=\"0\" 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\" theme_builder_area=\"post_content\" open=\"off\" hover_enabled=\"0\" 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\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"]<p data-start=\"829\" data-end=\"1074\"><em data-start=\"852\" data-end=\"1072\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service. </em></p>\n<p data-start=\"1076\" data-end=\"1338\"><strong data-start=\"1076\" data-end=\"1108\">Alternative:</strong><br data-start=\"1108\" data-end=\"1111\" /><em data-start=\"1111\" data-end=\"1258\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.¹</em></p>[/et_pb_accordion_item][et_pb_accordion_item title=\"4. Restrictions\" _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" 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_column][/et_pb_row][/et_pb_section]','CEM\'s Global Reporting Principles','','inherit','closed','closed','','2874-revision-v1','','','2025-08-22 15:28:20','2025-08-22 15:28:20','',2874,'https://www.cembenchmarking.com/?p=2896',0,'revision','',0),(2898,36,'2025-08-22 15:31:18','2025-08-22 15:31:18','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" global_module=\"556\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_heading title=\"CEM\'s Global Reporting Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"]<p>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 extends 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>\n<p><span>The complete list of GRP principles can be found below:</span></p>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\" theme_builder_area=\"post_content\"][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\" custom_css_free_form=\".fl-table thead {||    background-color: #002563;||    color: #ffffff;||}||.fl-table thead th {||    color: #ffffff;||}||/* Header row */||.fl-table thead {||    background-color: #002563;||    color: #ffffff;||}||||/* All body rows (every cell in tbody) */||.fl-table tbody td {||    background-color: #d9d9d9;||}||\"]<table class=\"fl-table tablemobile\" style=\"text-wrap: wrap;\"><!-- [et_pb_line_break_holder] -->                    <thead><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <th style=\"width: 70%;\"></th><!-- [et_pb_line_break_holder] -->                            <th>Investments</th><!-- [et_pb_line_break_holder] -->                            <th>Pension Administration</th><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                    </thead><!-- [et_pb_line_break_holder] -->                    <tbody><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\" text-align: left;\">1. Disclose asset value on the appropriate basis for<!-- [et_pb_line_break_holder] -->                                calculating costs.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">3. Look through and include costs incurred in all investment<!-- [et_pb_line_break_holder] -->                                tiers.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">4. Disclose costs for the same period in which revenues are<!-- [et_pb_line_break_holder] -->                                earned.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">5. Include indirect taxes that are implicit in the price of a<!-- [et_pb_line_break_holder] -->                                product or service in<!-- [et_pb_line_break_holder] -->                                total<!-- [et_pb_line_break_holder] -->                                costs.</td><!-- [et_pb_line_break_holder] -->                             <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">7. Include costs incurred by related parties in total costs.<!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] --><td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td>                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                           <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">9. Disclose investment costs and performance by composite or<!-- [et_pb_line_break_holder] -->                                mandate.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">10. Disclose if returns are fully gross-of-fees or, if not,<!-- [et_pb_line_break_holder] -->                                disclose what costs are<!-- [et_pb_line_break_holder] -->                                netted<!-- [et_pb_line_break_holder] -->                                from the return.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">13. Returns for less than one year must not be annualized.<!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                           <!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">14. Disclose key member service performance metrics</td><!-- [et_pb_line_break_holder] -->                           <td></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">15. Use and explain estimates when alignment to these principles is neither practical nor timely.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                      <td style=\"text-align: left;\">16. Disclosures should be available for stakeholders in time<!-- [et_pb_line_break_holder] -->                                to fulfill their reporting<!-- [et_pb_line_break_holder] -->                                and<!-- [et_pb_line_break_holder] -->                                decision-making needs.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                    </tbody><!-- [et_pb_line_break_holder] -->                </table>[/et_pb_code][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\" custom_padding=\"0px|0px|0px|0px|false|false\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\" theme_builder_area=\"post_content\"][et_pb_divider _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"][/et_pb_divider][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"]<p><span data-contrast=\"auto\">Based on these principles, CEM has created a scoring methodology to assess the completeness</span><span data-contrast=\"auto\">, comparability and timeliness of all data shared directly with CEM. These scores, with supporting materials, are shared with each CEM benchmarking participant on their </span>GRP Scorecard<span data-contrast=\"auto\">.</span></p>\n<h3><span data-contrast=\"auto\"></span></h3>\n<h3><span data-contrast=\"auto\">CEM offers distinct GRP </span><span>scorecards </span><span data-contrast=\"auto\">for:</span><span data-ccp-props=\"{}\"></span></h3>\n<p><span data-contrast=\"auto\"></span></p>\n<p><span data-contrast=\"auto\"></span></p>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:1440,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\"> <strong>Investment Benchmarking</strong> - Beta launched in 2024</span></li>\n</ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:1440,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\"> <strong>Defined Contribution Benchmarking</strong> - Launching in 2026</span></li>\n</ul>\n<ul>\n<li aria-setsize=\"-1\" data-leveltext=\"\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:1440,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\"> <strong>Pension Administration</strong></span><strong> B</strong><span data-contrast=\"auto\"><strong>enchmarking</strong> - Launching in 2026</span><span data-ccp-props=\"{&quot;335559685&quot;:426,&quot;335559991&quot;:142}\"> </span></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\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_heading title=\"GRP Scorecard Methodology for Investment Benchmarking \" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||||false|false\" hover_enabled=\"0\" global_colors_info=\"{}\" column_structure=\"1_2,1_2\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"]<p><span data-contrast=\"auto\">The GRP score for data reported directly to CEM for Investment Benchmarking is the weighted sum of the scores received on cost reporting, performance reporting and the timeliness of reporting.</span><span data-ccp-props=\"{}\"> </span></p>\n<p><span data-ccp-props=\"{}\"></span></p>\n<ul>\n<li><strong>Cost reporting</strong><b><span data-contrast=\"auto\"> – </span></b><span data-contrast=\"auto\">The score for cost reporting assesses the percentage of reported costs that can be directly compared to the costs of peers. Each cost line item is weighted based on the percentage of that cost item to total cost. The weight of the cost score in the total GRP score is 50%.</span><span data-ccp-props=\"{}\"> </span></li>\n<li><strong>Performance reporting</strong><b><span data-contrast=\"auto\"> - </span></b><span data-contrast=\"auto\">The score for performance reporting assesses the complete provision of benchmarks and returns, on a time-weighted basis, and benchmark descriptions by asset class. The weight of the performance score in the total GRP score is 25%.</span><span data-ccp-props=\"{}\"> </span></li>\n<li><strong>Timeliness of reporting</strong><b><span data-contrast=\"auto\"> – </span></b><span data-contrast=\"auto\">The score for timeliness determines if the data was provided in a timely manner, useful for your reporting and peer comparisons. The weight of the timeliness score in the total GRP score is 25%.</span><span data-ccp-props=\"{}\"> </span></li>\n</ul>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"]<div class=\"row\">\n<div class=\"benefit-paragraph\"></div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"></div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][/et_pb_column][et_pb_column type=\"1_2\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png\" _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\" title_text=\"GRP Example\"][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"RGBA(255,255,255,0)\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_heading title=\"Guidance on publishing GRP scores & scorecards \" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" hover_enabled=\"0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\" sticky_enabled=\"0\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"]<p 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.<span data-ccp-props=\"{}\"></span></p>[/et_pb_text][et_pb_accordion _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\" custom_padding=\"0px||0px||false|false\"][et_pb_accordion_item title=\"1. Who can publish\" _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" open=\"on\" hover_enabled=\"0\" 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\" theme_builder_area=\"post_content\" open=\"off\" hover_enabled=\"0\" 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\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\" open=\"off\"]<p data-start=\"829\" data-end=\"1074\"><em data-start=\"852\" data-end=\"1072\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service. </em></p>\n<p data-start=\"1076\" data-end=\"1338\"><strong data-start=\"1076\" data-end=\"1108\">Alternative:</strong><br data-start=\"1108\" data-end=\"1111\" /><em data-start=\"1111\" data-end=\"1258\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.¹</em></p>[/et_pb_accordion_item][et_pb_accordion_item title=\"4. Restrictions\" _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\" 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\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"]<p>For more information or guidance, please contact us at <a href=\"mailto:product@cembenchmarking.com\" target=\"_blank\" rel=\"noopener\">product@cembenchmarking.com</a></p>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','CEM\'s Global Reporting Principles','','inherit','closed','closed','','2874-revision-v1','','','2025-08-22 15:31:18','2025-08-22 15:31:18','',2874,'https://www.cembenchmarking.com/?p=2898',0,'revision','',0),(2899,36,'2025-08-22 15:32:36','2025-08-22 15:32:36','','CEM\'s Global Reporting Principles','','inherit','closed','closed','','2874-revision-v1','','','2025-08-22 15:32:36','2025-08-22 15:32:36','',2874,'https://www.cembenchmarking.com/?p=2899',0,'revision','',0),(2900,36,'2025-08-22 15:33:18','2025-08-22 15:33:18','<!-- wp:divi/placeholder /-->','CEM\'s Global Reporting Principles','','inherit','closed','closed','','2874-revision-v1','','','2025-08-22 15:33:18','2025-08-22 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_module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"CEM\'s Data Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Services header banner','','inherit','closed','closed','','556-revision-v1','','','2025-08-22 15:35:26','2025-08-22 15:35:26','',556,'https://www.cembenchmarking.com/?p=2901',0,'revision','',0),(2902,36,'2025-08-22 15:35:26','2025-08-22 15:35:26','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\" template_type=\"section\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"CEM\'s Data Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Services header banner','','inherit','closed','closed','','556-revision-v1','','','2025-08-22 15:35:26','2025-08-22 15:35:26','',556,'https://www.cembenchmarking.com/?p=2902',0,'revision','',0),(2903,36,'2025-08-22 15:35:28','2025-08-22 15:35:28','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" global_module=\"556\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"CEM\'s Data Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\"][/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 column_structure=\"3_5,2_5\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"3_5\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" width=\"95%\" max_width=\"100%\" custom_margin=\"|14px||||\" custom_padding=\"|28px||||\" global_colors_info=\"{}\"]<p>CEM is a leading data and insights firm. For us high data integrity is non-negotiable.</p>\n<p>Our data strategy is built upon the core data principles shared below. These interconnected principles are our north star and, as such, guide all of our efforts. The principles are owned by our internal data governance committee and revisited at least annually.</p>\n<p>Our execution is based on three pillars: industry standards called the Global Reporting Principles (GRP), assessment of data integrity by institutional investor, and investments in our team and internal processes. CEM has an expert team with over 30 years of experience, employing custom systems and processes to identify and rectify data issues and ensure high-quality data for our institutional investors. We also actively seek client input, so that we can improve our practices.</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"2_5\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincplesSwirl.png\" title_text=\"dataPrincplesSwirl\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#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=\"Our Data Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||||false|false\" 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><span>Our data integrity efforts are based on the following interconnected principles:</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Completeness</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p>While our preference is that all data is provided by institutional investors, we recognize that this is not always possible. To be included in the CEM database, the data must be unambiguous. We must be able to interpret the information provided with context. Where we have incomplete data sets, we observe the following:</p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||-10px||false|false\" global_colors_info=\"{}\"]<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>We treat incomplete data as missing, rather than as zero or non-existent. Only where needed, we enrich the data.</li>\n<li>We only construct benchmarks from complete, known, and relevant data points that do not require enrichment.</li>\n</ul>\n</li>\n</ul>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Comparability</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>We present all data and insights in a consistent context, across all key dimensions of comparison. Where there are unavoidable differences, we call them out.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Accuracy</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">We validate all data using a combination of our proprietary tools and expertise. If in our professional judgment specific data points are not of sufficient quality, we do not use them.</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Confidentiality</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>We ensure that individual non-public data cannot be read nor derived from publicly available CEM materials or CEM reporting, current nor legacy. Any non-public, client identifiable information that is shared is only done so with explicit client consent.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Providence</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">While we encourage client commentary, we hold ultimate decision rights on the structure of our analyses and application of data within them.</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Timeliness</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We provide insights on a timely basis, corresponding with the provision of the data from a client and its peers. We take all necessary steps to provide reliable delivery dates.</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Transparency</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We disclose all areas where we have enhanced and/or enriched data, including providing a summary of the approaches, and the sources of the data used for the enhancement/enrichment.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Security</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We take industry-standard precautions to ensure all data is protected from potential threats. If/when there is an incident, we act with pace, discipline, and open communication.</div>\n<div class=\"benefit-paragraph\"></div>\n<div class=\"benefit-paragraph\">These principles are owned by CEM’s Data Governance Committee, which comprises a group of CEM’s senior leaders and data experts. They are reviewed at least once a year.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/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=\"RGBA(255,255,255,0)\" 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=\"Living our Data Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||||false|false\" 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\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>We proactively action our data principles through:</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Global Reporting Principles for the Investment Industry</li>\n<li>Data Integrity Scores for Individual Institutional Investors</li>\n<li>Processes &amp; Experience for CEM Team Members</li>\n</ul>\n</li>\n</ul>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-46px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p>Below, we dive into each application separately.</p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Institutional Investor Industry</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">In 2022, we undertook a multi-year effort to create CEM’s Global Reporting Principles (GRP). These principles were launched in 2024.</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"></div>\n<div class=\"benefit-paragraph\">Prior to creating GRP, we observed that standards and templates exist in specific countries, like Australia, the Netherlands, and the UK. However, the global institutional investment industry lacked a single consistent set of principles that span performance, cost, and timing. We worked with seven leading global pension funds to create these principles. The complete list of GRP principles can be found <a href=\"https://www.cembenchmarking.com/globalReportingPrinciples.html\" target=\"_blank\" rel=\"noopener\">here</a>.</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p>CEM’s Global Reporting Principles will evolve over time. The release schedule was designed to allow for feedback from market participants, and to give institutional investors time to develop the systems, data, and personnel needed to take action. Future releases, currently slated for 2026 and beyond, have been shared <span style=\"font-size: 17px;\"></span><a href=\"https://www.cembenchmarking.com/dataPrinciplesModules.html\" target=\"_blank\" rel=\"noopener\" style=\"font-size: 17px;\">here</a><span style=\"font-size: 17px;\">. </span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<p>The elements of GRP that pertain to public reporting were previously connected to the Global Pension Transparency Benchmark (GPTB). This benchmark assessed the efficacy of public reporting funds in fifteen countries against four factors: performance, cost, responsible investing, and governance. GPTB will conclude in 2025. More details on the GPTB can be found <span style=\"font-size: 17px;\"></span><a href=\"https://global-pension-transparency-benchmark.top1000funds.com/\" target=\"_blank\" rel=\"noopener\" style=\"font-size: 17px;\">here</a><span style=\"font-size: 17px;\">.</span></p>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">Finally, we periodically do bespoke research on data quality-related topics for the benefit of the industry.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Institutional Investors</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>For over 30 years, institutional investors globally have provided fund cost, performance, and structure data to CEM. We carefully assess the quality of the data provided, using a combination of data rules and deep expertise. More detail on the process is available in the “our team” section.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>In 2024, we started quantitatively assessing the quality of the data provided by each CEM-defined benefit pension fund client. We assess each client’s data set using the following rubric and provide a summary of the performance data, cost data and timeliness. Institutional investors are invited to review the data scorecard and make improvements. The data assessment is being beta-tested in 2024. An example of a scorecard can be found </span><a target=\"_blank\" href=\"https://www.cembenchmarking.com/dataPrinciplesScorecard.html\" rel=\"noopener\">here</a><span>.</span></div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Our Team</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>CEM’s data principles have been connected directly to our systems, processes, and training. Here are the seven steps our team takes to validate the data:</span></div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/7steps.jpg\" title_text=\"CEM’s data principles: 7 steps\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>Finally, we retain a leading third-party cybersecurity firm to conduct an annual information security assessment on our systems and processes. All high and medium-risk items identified in the last assessment have been fully addressed.</span></div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>Should you have any questions or comments on our data integrity efforts, please contact us at </span><a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com</a><span>.</span></div>\n</div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Our Approach to Data Integrity','','inherit','closed','closed','','43-revision-v1','','','2025-08-22 15:35:28','2025-08-22 15:35:28','',43,'https://www.cembenchmarking.com/?p=2903',0,'revision','',0),(2904,36,'2025-08-22 15:48:01','0000-00-00 00:00:00','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#fff9f9\" custom_margin=\"||||false|false\" custom_padding=\"30px||30px||true|false\" 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=\"Global Reporting Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_font=\"|300|||||||\" title_text_align=\"center\" global_colors_info=\"{}\"][/et_pb_heading][/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_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p><span>In 2022, we undertook a multi-year effort to create CEM\'s Global Reporting Principles (GRP). These principles were launched in 2024.</span><span></span></p>\n<p><span>Prior to creating GRP, we observed that standards and templates exist in specific countries, like Australia, the Netherlands, and the UK. However, the global institutional investment industry lacked a single, consistent set of principles that span performance, cost, and timing. We worked with seven leading global pension funds to create these principles.</span><span></span></p>\n<p><span>The complete list of GRP principles can be found below:</span><span></span></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_code _builder_version=\"4.27.4\" _module_preset=\"default\" custom_css_free_form=\".fl-table thead th||{||  color: #ffffff;||    background: #6b8fb3;||    font-family: %22barlow%22;||    font-weight: 400;||    font-size: 15px;||  text-align: center;||}||||.fl-table td {||    border-right: 1px solid #e8e8e8;||    font-size: 15px;||    font-family: %22barlow%22;||    font-weight: 500;||    color: rgb(126, 126, 126);||}\" global_colors_info=\"{}\"]<table class=\"fl-table tablemobile\" style=\"text-wrap: wrap;\"><!-- [et_pb_line_break_holder] -->                    <thead><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <th style=\"width: 70%;\"></th><!-- [et_pb_line_break_holder] -->                            <th>Investments</th><!-- [et_pb_line_break_holder] -->                            <th>Pension Administration</th><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                    </thead><!-- [et_pb_line_break_holder] -->                    <tbody><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\" text-align: left;\">1. Disclose asset value on the appropriate basis for<!-- [et_pb_line_break_holder] -->                                calculating costs.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">3. Look through and include costs incurred in all investment<!-- [et_pb_line_break_holder] -->                                tiers.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">4. Disclose costs for the same period in which revenues are<!-- [et_pb_line_break_holder] -->                                earned.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">5. Include indirect taxes that are implicit in the price of a<!-- [et_pb_line_break_holder] -->                                product or service in<!-- [et_pb_line_break_holder] -->                                total<!-- [et_pb_line_break_holder] -->                                costs.</td><!-- [et_pb_line_break_holder] -->                             <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">7. Include costs incurred by related parties in total costs.<!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] --><td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td>                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                           <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">9. Disclose investment costs and performance by composite or<!-- [et_pb_line_break_holder] -->                                mandate.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">10. Disclose if returns are fully gross-of-fees or, if not,<!-- [et_pb_line_break_holder] -->                                disclose what costs are<!-- [et_pb_line_break_holder] -->                                netted<!-- [et_pb_line_break_holder] -->                                from the return.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">13. Returns for less than one year must not be annualized.<!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                           <!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">14. Disclose key member service performance metrics</td><!-- [et_pb_line_break_holder] -->                           <td></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">15. Use and explain estimates when alignment to these principles is neither practical nor timely.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                      <td style=\"text-align: left;\">16. Disclosures should be available for stakeholders in time<!-- [et_pb_line_break_holder] -->                                to fulfill their reporting<!-- [et_pb_line_break_holder] -->                                and<!-- [et_pb_line_break_holder] -->                                decision-making needs.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                    </tbody><!-- [et_pb_line_break_holder] -->                </table>[/et_pb_code][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" 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><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]','Global Reporting Principles','','draft','closed','closed','','','','','2025-08-22 15:48:01','2025-08-22 15:48:01','',0,'https://www.cembenchmarking.com/?page_id=2904',0,'page','',0),(2905,36,'2025-08-22 15:48:01','2025-08-22 15:48:01','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#fff9f9\" custom_margin=\"||||false|false\" custom_padding=\"30px||30px||true|false\" 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=\"Global Reporting Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_font=\"|300|||||||\" title_text_align=\"center\" global_colors_info=\"{}\"][/et_pb_heading][/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_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<p><span>In 2022, we undertook a multi-year effort to create CEM\'s Global Reporting Principles (GRP). These principles were launched in 2024.</span><span></span></p>\n<p><span>Prior to creating GRP, we observed that standards and templates exist in specific countries, like Australia, the Netherlands, and the UK. However, the global institutional investment industry lacked a single, consistent set of principles that span performance, cost, and timing. We worked with seven leading global pension funds to create these principles.</span><span></span></p>\n<p><span>The complete list of GRP principles can be found below:</span><span></span></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_code _builder_version=\"4.27.4\" _module_preset=\"default\" custom_css_free_form=\".fl-table thead th||{||  color: #ffffff;||    background: #6b8fb3;||    font-family: %22barlow%22;||    font-weight: 400;||    font-size: 15px;||  text-align: center;||}||||.fl-table td {||    border-right: 1px solid #e8e8e8;||    font-size: 15px;||    font-family: %22barlow%22;||    font-weight: 500;||    color: rgb(126, 126, 126);||}\" global_colors_info=\"{}\"]<table class=\"fl-table tablemobile\" style=\"text-wrap: wrap;\"><!-- [et_pb_line_break_holder] -->                    <thead><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <th style=\"width: 70%;\"></th><!-- [et_pb_line_break_holder] -->                            <th>Investments</th><!-- [et_pb_line_break_holder] -->                            <th>Pension Administration</th><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                    </thead><!-- [et_pb_line_break_holder] -->                    <tbody><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\" text-align: left;\">1. Disclose asset value on the appropriate basis for<!-- [et_pb_line_break_holder] -->                                calculating costs.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">2. Disclose costs that are offset against revenues.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">3. Look through and include costs incurred in all investment<!-- [et_pb_line_break_holder] -->                                tiers.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">4. Disclose costs for the same period in which revenues are<!-- [et_pb_line_break_holder] -->                                earned.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">5. Include indirect taxes that are implicit in the price of a<!-- [et_pb_line_break_holder] -->                                product or service in<!-- [et_pb_line_break_holder] -->                                total<!-- [et_pb_line_break_holder] -->                                costs.</td><!-- [et_pb_line_break_holder] -->                             <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">6. Include non-recurring costs in total costs.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">7. Include costs incurred by related parties in total costs.<!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] --><td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td>                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">8. Disclose costs in your local currency.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                           <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">9. Disclose investment costs and performance by composite or<!-- [et_pb_line_break_holder] -->                                mandate.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">10. Disclose if returns are fully gross-of-fees or, if not,<!-- [et_pb_line_break_holder] -->                                disclose what costs are<!-- [et_pb_line_break_holder] -->                                netted<!-- [et_pb_line_break_holder] -->                                from the return.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">11. Disclose time-weighted returns.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">12. Use appropriate benchmarks.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">13. Returns for less than one year must not be annualized.<!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td></td><!-- [et_pb_line_break_holder] -->                           <!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">14. Disclose key member service performance metrics</td><!-- [et_pb_line_break_holder] -->                           <td></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: left;\">15. Use and explain estimates when alignment to these principles is neither practical nor timely.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                      <td style=\"text-align: left;\">16. Disclosures should be available for stakeholders in time<!-- [et_pb_line_break_holder] -->                                to fulfill their reporting<!-- [et_pb_line_break_holder] -->                                and<!-- [et_pb_line_break_holder] -->                                decision-making needs.</td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                            <td style=\"text-align: center;\"><i class=\"fa fa-check\" aria-hidden=\"true\"></i></td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                    </tbody><!-- [et_pb_line_break_holder] -->                </table>[/et_pb_code][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" 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><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]','Global Reporting Principles','','inherit','closed','closed','','2904-revision-v1','','','2025-08-22 15:48:01','2025-08-22 15:48:01','',2904,'https://www.cembenchmarking.com/?p=2905',0,'revision','',0),(2906,36,'2025-08-22 15:51:17','2025-08-22 15:51:17','[et_pb_section fb_built=\"1\" theme_builder_area=\"post_content\" _builder_version=\"4.27.4\" _module_preset=\"default\"][/et_pb_section]','CEM\'s Global Reporting Principles','','inherit','closed','closed','','2874-revision-v1','','','2025-08-22 15:51:17','2025-08-22 15:51:17','',2874,'https://www.cembenchmarking.com/?p=2906',0,'revision','',0),(2907,36,'2025-08-22 16:01:27','2025-08-22 16:01:27','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" global_module=\"556\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"Data Integrity at CEM\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" sticky_enabled=\"0\"]<h4 style=\"text-align: center;\"><span style=\"color: #ffffff;\">Data Principles</span></h4>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\"][/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 column_structure=\"3_5,2_5\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"3_5\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" width=\"95%\" max_width=\"100%\" custom_margin=\"|14px||||\" custom_padding=\"|28px||||\" global_colors_info=\"{}\"]<h1>GRP Scorecard Methodology for Investment Benchmarking</h1>\n<p><o:p></o:p></p>\n<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>\n<p>&nbsp;</p>\n<p>&nbsp;</p>\n<p>&nbsp;</p>\n<p>&nbsp;</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"2_5\" _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=\"{}\" sticky_enabled=\"0\"][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#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=\"Our Data Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||||false|false\" 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><span>Our data integrity efforts are based on the following interconnected principles:</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Completeness</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p>While our preference is that all data is provided by institutional investors, we recognize that this is not always possible. To be included in the CEM database, the data must be unambiguous. We must be able to interpret the information provided with context. Where we have incomplete data sets, we observe the following:</p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||-10px||false|false\" global_colors_info=\"{}\"]<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>We treat incomplete data as missing, rather than as zero or non-existent. Only where needed, we enrich the data.</li>\n<li>We only construct benchmarks from complete, known, and relevant data points that do not require enrichment.</li>\n</ul>\n</li>\n</ul>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Comparability</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>We present all data and insights in a consistent context, across all key dimensions of comparison. Where there are unavoidable differences, we call them out.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Accuracy</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">We validate all data using a combination of our proprietary tools and expertise. If in our professional judgment specific data points are not of sufficient quality, we do not use them.</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Confidentiality</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>We ensure that individual non-public data cannot be read nor derived from publicly available CEM materials or CEM reporting, current nor legacy. Any non-public, client identifiable information that is shared is only done so with explicit client consent.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Providence</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">While we encourage client commentary, we hold ultimate decision rights on the structure of our analyses and application of data within them.</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Timeliness</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We provide insights on a timely basis, corresponding with the provision of the data from a client and its peers. We take all necessary steps to provide reliable delivery dates.</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Transparency</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We disclose all areas where we have enhanced and/or enriched data, including providing a summary of the approaches, and the sources of the data used for the enhancement/enrichment.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Security</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We take industry-standard precautions to ensure all data is protected from potential threats. If/when there is an incident, we act with pace, discipline, and open communication.</div>\n<div class=\"benefit-paragraph\"></div>\n<div class=\"benefit-paragraph\">These principles are owned by CEM’s Data Governance Committee, which comprises a group of CEM’s senior leaders and data experts. They are reviewed at least once a year.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/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=\"RGBA(255,255,255,0)\" 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=\"Living our Data Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||||false|false\" 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\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>We proactively action our data principles through:</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Global Reporting Principles for the Investment Industry</li>\n<li>Data Integrity Scores for Individual Institutional Investors</li>\n<li>Processes &amp; Experience for CEM Team Members</li>\n</ul>\n</li>\n</ul>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-46px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p>Below, we dive into each application separately.</p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Institutional Investor Industry</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">In 2022, we undertook a multi-year effort to create CEM’s Global Reporting Principles (GRP). These principles were launched in 2024.</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"></div>\n<div class=\"benefit-paragraph\">Prior to creating GRP, we observed that standards and templates exist in specific countries, like Australia, the Netherlands, and the UK. However, the global institutional investment industry lacked a single consistent set of principles that span performance, cost, and timing. We worked with seven leading global pension funds to create these principles. The complete list of GRP principles can be found <a href=\"https://www.cembenchmarking.com/globalReportingPrinciples.html\" target=\"_blank\" rel=\"noopener\">here</a>.</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p>CEM’s Global Reporting Principles will evolve over time. The release schedule was designed to allow for feedback from market participants, and to give institutional investors time to develop the systems, data, and personnel needed to take action. Future releases, currently slated for 2026 and beyond, have been shared <span style=\"font-size: 17px;\"></span><a href=\"https://www.cembenchmarking.com/dataPrinciplesModules.html\" target=\"_blank\" rel=\"noopener\" style=\"font-size: 17px;\">here</a><span style=\"font-size: 17px;\">. </span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<p>The elements of GRP that pertain to public reporting were previously connected to the Global Pension Transparency Benchmark (GPTB). This benchmark assessed the efficacy of public reporting funds in fifteen countries against four factors: performance, cost, responsible investing, and governance. GPTB will conclude in 2025. More details on the GPTB can be found <span style=\"font-size: 17px;\"></span><a href=\"https://global-pension-transparency-benchmark.top1000funds.com/\" target=\"_blank\" rel=\"noopener\" style=\"font-size: 17px;\">here</a><span style=\"font-size: 17px;\">.</span></p>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">Finally, we periodically do bespoke research on data quality-related topics for the benefit of the industry.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Institutional Investors</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>For over 30 years, institutional investors globally have provided fund cost, performance, and structure data to CEM. We carefully assess the quality of the data provided, using a combination of data rules and deep expertise. More detail on the process is available in the “our team” section.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>In 2024, we started quantitatively assessing the quality of the data provided by each CEM-defined benefit pension fund client. We assess each client’s data set using the following rubric and provide a summary of the performance data, cost data and timeliness. Institutional investors are invited to review the data scorecard and make improvements. The data assessment is being beta-tested in 2024. An example of a scorecard can be found </span><a target=\"_blank\" href=\"https://www.cembenchmarking.com/dataPrinciplesScorecard.html\" rel=\"noopener\">here</a><span>.</span></div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Our Team</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>CEM’s data principles have been connected directly to our systems, processes, and training. Here are the seven steps our team takes to validate the data:</span></div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/7steps.jpg\" title_text=\"CEM’s data principles: 7 steps\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>Finally, we retain a leading third-party cybersecurity firm to conduct an annual information security assessment on our systems and processes. All high and medium-risk items identified in the last assessment have been fully addressed.</span></div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>Should you have any questions or comments on our data integrity efforts, please contact us at </span><a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com</a><span>.</span></div>\n</div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','CEM\'s Global Reporting Principles','','trash','closed','closed','','__trashed','','','2025-08-22 16:01:27','2025-08-22 16:01:27','',0,'https://www.cembenchmarking.com/?page_id=2907',0,'page','',0),(2908,36,'2025-08-22 15:52:21','2025-08-22 15:52:21','<!-- wp:divi/placeholder /-->','CEM\'s Global Reporting Principles','','inherit','closed','closed','','2907-revision-v1','','','2025-08-22 15:52:21','2025-08-22 15:52:21','',2907,'https://www.cembenchmarking.com/?p=2908',0,'revision','',0),(2910,36,'2025-08-22 15:53:53','2025-08-22 15:53:53','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" global_module=\"556\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_heading title=\"CEM\'s Data Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_row column_structure=\"3_5,2_5\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_column type=\"3_5\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" width=\"95%\" max_width=\"100%\" custom_margin=\"|14px||||\" custom_padding=\"|28px||||\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<p>CEM is a leading data and insights firm. For us high data integrity is non-negotiable.</p>\n<p>Our data strategy is built upon the core data principles shared below. These interconnected principles are our north star and, as such, guide all of our efforts. The principles are owned by our internal data governance committee and revisited at least annually.</p>\n<p>Our execution is based on three pillars: industry standards called the Global Reporting Principles (GRP), assessment of data integrity by institutional investor, and investments in our team and internal processes. CEM has an expert team with over 30 years of experience, employing custom systems and processes to identify and rectify data issues and ensure high-quality data for our institutional investors. We also actively seek client input, so that we can improve our practices.</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"2_5\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincplesSwirl.png\" title_text=\"dataPrincplesSwirl\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_heading title=\"Our Data Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<p><span>Our data integrity efforts are based on the following interconnected principles:</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<h3>Completeness</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<p>While our preference is that all data is provided by institutional investors, we recognize that this is not always possible. To be included in the CEM database, the data must be unambiguous. We must be able to interpret the information provided with context. Where we have incomplete data sets, we observe the following:</p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||-10px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>We treat incomplete data as missing, rather than as zero or non-existent. Only where needed, we enrich the data.</li>\n<li>We only construct benchmarks from complete, known, and relevant data points that do not require enrichment.</li>\n</ul>\n</li>\n</ul>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<h3>Comparability</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<p><span>We present all data and insights in a consistent context, across all key dimensions of comparison. Where there are unavoidable differences, we call them out.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<h3>Accuracy</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">We validate all data using a combination of our proprietary tools and expertise. If in our professional judgment specific data points are not of sufficient quality, we do not use them.</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<h3>Confidentiality</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<p><span>We ensure that individual non-public data cannot be read nor derived from publicly available CEM materials or CEM reporting, current nor legacy. Any non-public, client identifiable information that is shared is only done so with explicit client consent.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<h3>Providence</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">While we encourage client commentary, we hold ultimate decision rights on the structure of our analyses and application of data within them.</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<h3>Timeliness</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We provide insights on a timely basis, corresponding with the provision of the data from a client and its peers. We take all necessary steps to provide reliable delivery dates.</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<h3>Transparency</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We disclose all areas where we have enhanced and/or enriched data, including providing a summary of the approaches, and the sources of the data used for the enhancement/enrichment.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<h3>Security</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We take industry-standard precautions to ensure all data is protected from potential threats. If/when there is an incident, we act with pace, discipline, and open communication.</div>\n<div class=\"benefit-paragraph\"></div>\n<div class=\"benefit-paragraph\">These principles are owned by CEM’s Data Governance Committee, which comprises a group of CEM’s senior leaders and data experts. They are reviewed at least once a year.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/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=\"RGBA(255,255,255,0)\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_heading title=\"Living our Data Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<p><span>We proactively action our data principles through:</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Global Reporting Principles for the Investment Industry</li>\n<li>Data Integrity Scores for Individual Institutional Investors</li>\n<li>Processes &amp; Experience for CEM Team Members</li>\n</ul>\n</li>\n</ul>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-46px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<p>Below, we dive into each application separately.</p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<h3>Institutional Investor Industry</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">In 2022, we undertook a multi-year effort to create CEM’s Global Reporting Principles (GRP). These principles were launched in 2024.</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"></div>\n<div class=\"benefit-paragraph\">Prior to creating GRP, we observed that standards and templates exist in specific countries, like Australia, the Netherlands, and the UK. However, the global institutional investment industry lacked a single consistent set of principles that span performance, cost, and timing. We worked with seven leading global pension funds to create these principles. The complete list of GRP principles can be found <a href=\"https://www.cembenchmarking.com/globalReportingPrinciples.html\" target=\"_blank\" rel=\"noopener\">here</a>.</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<p>CEM’s Global Reporting Principles will evolve over time. The release schedule was designed to allow for feedback from market participants, and to give institutional investors time to develop the systems, data, and personnel needed to take action. Future releases, currently slated for 2026 and beyond, have been shared <span style=\"font-size: 17px;\"></span><a href=\"https://www.cembenchmarking.com/dataPrinciplesModules.html\" target=\"_blank\" rel=\"noopener\" style=\"font-size: 17px;\">here</a><span style=\"font-size: 17px;\">. </span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<p>The elements of GRP that pertain to public reporting were previously connected to the Global Pension Transparency Benchmark (GPTB). This benchmark assessed the efficacy of public reporting funds in fifteen countries against four factors: performance, cost, responsible investing, and governance. GPTB will conclude in 2025. More details on the GPTB can be found <span style=\"font-size: 17px;\"></span><a href=\"https://global-pension-transparency-benchmark.top1000funds.com/\" target=\"_blank\" rel=\"noopener\" style=\"font-size: 17px;\">here</a><span style=\"font-size: 17px;\">.</span></p>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">Finally, we periodically do bespoke research on data quality-related topics for the benefit of the industry.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<h3>Institutional Investors</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<p><span>For over 30 years, institutional investors globally have provided fund cost, performance, and structure data to CEM. We carefully assess the quality of the data provided, using a combination of data rules and deep expertise. More detail on the process is available in the “our team” section.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>In 2024, we started quantitatively assessing the quality of the data provided by each CEM-defined benefit pension fund client. We assess each client’s data set using the following rubric and provide a summary of the performance data, cost data and timeliness. Institutional investors are invited to review the data scorecard and make improvements. The data assessment is being beta-tested in 2024. An example of a scorecard can be found </span><a target=\"_blank\" href=\"https://www.cembenchmarking.com/dataPrinciplesScorecard.html\" rel=\"noopener\">here</a><span>.</span></div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<h3>Our Team</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>CEM’s data principles have been connected directly to our systems, processes, and training. Here are the seven steps our team takes to validate the data:</span></div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/7steps.jpg\" title_text=\"CEM’s data principles: 7 steps\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>Finally, we retain a leading third-party cybersecurity firm to conduct an annual information security assessment on our systems and processes. All high and medium-risk items identified in the last assessment have been fully addressed.</span></div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\" theme_builder_area=\"post_content\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>Should you have any questions or comments on our data integrity efforts, please contact us at </span><a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com</a><span>.</span></div>\n</div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','CEM\'s Global Reporting Principles','','inherit','closed','closed','','2907-revision-v1','','','2025-08-22 15:53:53','2025-08-22 15:53:53','',2907,'https://www.cembenchmarking.com/?p=2910',0,'revision','',0),(2911,36,'2025-08-22 15:54:24','2025-08-22 15:54:24','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\" template_type=\"section\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"CEM\'s Global Reporting Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Services header banner','','inherit','closed','closed','','556-revision-v1','','','2025-08-22 15:54:24','2025-08-22 15:54:24','',556,'https://www.cembenchmarking.com/?p=2911',0,'revision','',0),(2913,36,'2025-08-22 15:55:41','2025-08-22 15:55:41','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" global_module=\"556\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"CEM\'s Global Reporting Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\"][/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 column_structure=\"3_5,2_5\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"3_5\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" width=\"95%\" max_width=\"100%\" custom_margin=\"|14px||||\" custom_padding=\"|28px||||\" global_colors_info=\"{}\"]<h1>GRP Scorecard Methodology for Investment Benchmarking</h1>\n<p><o:p></o:p></p>\n<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>\n<p>&nbsp;</p>\n<p>&nbsp;</p>\n<p>&nbsp;</p>\n<p>&nbsp;</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"2_5\" _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=\"{}\" sticky_enabled=\"0\"][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#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=\"Our Data Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||||false|false\" 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><span>Our data integrity efforts are based on the following interconnected principles:</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Completeness</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p>While our preference is that all data is provided by institutional investors, we recognize that this is not always possible. To be included in the CEM database, the data must be unambiguous. We must be able to interpret the information provided with context. Where we have incomplete data sets, we observe the following:</p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||-10px||false|false\" global_colors_info=\"{}\"]<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>We treat incomplete data as missing, rather than as zero or non-existent. Only where needed, we enrich the data.</li>\n<li>We only construct benchmarks from complete, known, and relevant data points that do not require enrichment.</li>\n</ul>\n</li>\n</ul>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Comparability</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>We present all data and insights in a consistent context, across all key dimensions of comparison. Where there are unavoidable differences, we call them out.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Accuracy</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">We validate all data using a combination of our proprietary tools and expertise. If in our professional judgment specific data points are not of sufficient quality, we do not use them.</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Confidentiality</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>We ensure that individual non-public data cannot be read nor derived from publicly available CEM materials or CEM reporting, current nor legacy. Any non-public, client identifiable information that is shared is only done so with explicit client consent.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Providence</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">While we encourage client commentary, we hold ultimate decision rights on the structure of our analyses and application of data within them.</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Timeliness</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We provide insights on a timely basis, corresponding with the provision of the data from a client and its peers. We take all necessary steps to provide reliable delivery dates.</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Transparency</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We disclose all areas where we have enhanced and/or enriched data, including providing a summary of the approaches, and the sources of the data used for the enhancement/enrichment.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Security</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We take industry-standard precautions to ensure all data is protected from potential threats. If/when there is an incident, we act with pace, discipline, and open communication.</div>\n<div class=\"benefit-paragraph\"></div>\n<div class=\"benefit-paragraph\">These principles are owned by CEM’s Data Governance Committee, which comprises a group of CEM’s senior leaders and data experts. They are reviewed at least once a year.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/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=\"RGBA(255,255,255,0)\" 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=\"Living our Data Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||||false|false\" 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\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>We proactively action our data principles through:</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Global Reporting Principles for the Investment Industry</li>\n<li>Data Integrity Scores for Individual Institutional Investors</li>\n<li>Processes &amp; Experience for CEM Team Members</li>\n</ul>\n</li>\n</ul>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-46px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p>Below, we dive into each application separately.</p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Institutional Investor Industry</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">In 2022, we undertook a multi-year effort to create CEM’s Global Reporting Principles (GRP). These principles were launched in 2024.</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"></div>\n<div class=\"benefit-paragraph\">Prior to creating GRP, we observed that standards and templates exist in specific countries, like Australia, the Netherlands, and the UK. However, the global institutional investment industry lacked a single consistent set of principles that span performance, cost, and timing. We worked with seven leading global pension funds to create these principles. The complete list of GRP principles can be found <a href=\"https://www.cembenchmarking.com/globalReportingPrinciples.html\" target=\"_blank\" rel=\"noopener\">here</a>.</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p>CEM’s Global Reporting Principles will evolve over time. The release schedule was designed to allow for feedback from market participants, and to give institutional investors time to develop the systems, data, and personnel needed to take action. Future releases, currently slated for 2026 and beyond, have been shared <span style=\"font-size: 17px;\"></span><a href=\"https://www.cembenchmarking.com/dataPrinciplesModules.html\" target=\"_blank\" rel=\"noopener\" style=\"font-size: 17px;\">here</a><span style=\"font-size: 17px;\">. </span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<p>The elements of GRP that pertain to public reporting were previously connected to the Global Pension Transparency Benchmark (GPTB). This benchmark assessed the efficacy of public reporting funds in fifteen countries against four factors: performance, cost, responsible investing, and governance. GPTB will conclude in 2025. More details on the GPTB can be found <span style=\"font-size: 17px;\"></span><a href=\"https://global-pension-transparency-benchmark.top1000funds.com/\" target=\"_blank\" rel=\"noopener\" style=\"font-size: 17px;\">here</a><span style=\"font-size: 17px;\">.</span></p>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">Finally, we periodically do bespoke research on data quality-related topics for the benefit of the industry.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Institutional Investors</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>For over 30 years, institutional investors globally have provided fund cost, performance, and structure data to CEM. We carefully assess the quality of the data provided, using a combination of data rules and deep expertise. More detail on the process is available in the “our team” section.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>In 2024, we started quantitatively assessing the quality of the data provided by each CEM-defined benefit pension fund client. We assess each client’s data set using the following rubric and provide a summary of the performance data, cost data and timeliness. Institutional investors are invited to review the data scorecard and make improvements. The data assessment is being beta-tested in 2024. An example of a scorecard can be found </span><a target=\"_blank\" href=\"https://www.cembenchmarking.com/dataPrinciplesScorecard.html\" rel=\"noopener\">here</a><span>.</span></div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Our Team</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>CEM’s data principles have been connected directly to our systems, processes, and training. Here are the seven steps our team takes to validate the data:</span></div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/7steps.jpg\" title_text=\"CEM’s data principles: 7 steps\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>Finally, we retain a leading third-party cybersecurity firm to conduct an annual information security assessment on our systems and processes. All high and medium-risk items identified in the last assessment have been fully addressed.</span></div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>Should you have any questions or comments on our data integrity efforts, please contact us at </span><a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com</a><span>.</span></div>\n</div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','CEM\'s Global Reporting Principles','','inherit','closed','closed','','2907-revision-v1','','','2025-08-22 15:55:41','2025-08-22 15:55:41','',2907,'https://www.cembenchmarking.com/?p=2913',0,'revision','',0),(2915,36,'2025-08-22 15:56:32','2025-08-22 15:56:32','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\" template_type=\"section\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"Data Integrity at CEM\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Services header banner','','inherit','closed','closed','','556-revision-v1','','','2025-08-22 15:56:32','2025-08-22 15:56:32','',556,'https://www.cembenchmarking.com/?p=2915',0,'revision','',0),(2916,36,'2025-08-22 15:56:32','2025-08-22 15:56:32','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\" template_type=\"section\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"Data Integrity at CEM\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Services header banner','','inherit','closed','closed','','556-revision-v1','','','2025-08-22 15:56:32','2025-08-22 15:56:32','',556,'https://www.cembenchmarking.com/?p=2916',0,'revision','',0),(2917,36,'2025-08-22 15:56:55','2025-08-22 15:56:55','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\" template_type=\"section\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"Data Integrity at CEM\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" sticky_enabled=\"0\"]<p>Data Principles</p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Services header banner','','inherit','closed','closed','','556-revision-v1','','','2025-08-22 15:56:55','2025-08-22 15:56:55','',556,'https://www.cembenchmarking.com/?p=2917',0,'revision','',0),(2918,36,'2025-08-22 15:57:12','2025-08-22 15:57:12','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\" template_type=\"section\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"Data Integrity at CEM\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" sticky_enabled=\"0\"]<p><span style=\"color: #ffffff;\">Data Principles</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Services header banner','','inherit','closed','closed','','556-revision-v1','','','2025-08-22 15:57:12','2025-08-22 15:57:12','',556,'https://www.cembenchmarking.com/?p=2918',0,'revision','',0),(2919,36,'2025-08-22 15:57:33','2025-08-22 15:57:33','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\" template_type=\"section\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"Data Integrity at CEM\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" sticky_enabled=\"0\"]<h4 style=\"text-align: center;\"><span style=\"color: #ffffff;\">Data Principles</span></h4>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Services header banner','','inherit','closed','closed','','556-revision-v1','','','2025-08-22 15:57:33','2025-08-22 15:57:33','',556,'https://www.cembenchmarking.com/?p=2919',0,'revision','',0),(2920,36,'2025-08-22 15:57:40','2025-08-22 15:57:40','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" global_module=\"556\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"Data Integrity at CEM\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" sticky_enabled=\"0\"]<h4 style=\"text-align: center;\"><span style=\"color: #ffffff;\">Data Principles</span></h4>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\"][/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 column_structure=\"3_5,2_5\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"3_5\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" width=\"95%\" max_width=\"100%\" custom_margin=\"|14px||||\" custom_padding=\"|28px||||\" global_colors_info=\"{}\"]<h1>GRP Scorecard Methodology for Investment Benchmarking</h1>\n<p><o:p></o:p></p>\n<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>\n<p>&nbsp;</p>\n<p>&nbsp;</p>\n<p>&nbsp;</p>\n<p>&nbsp;</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"2_5\" _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=\"{}\" sticky_enabled=\"0\"][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#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=\"Our Data Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||||false|false\" 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><span>Our data integrity efforts are based on the following interconnected principles:</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Completeness</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p>While our preference is that all data is provided by institutional investors, we recognize that this is not always possible. To be included in the CEM database, the data must be unambiguous. We must be able to interpret the information provided with context. Where we have incomplete data sets, we observe the following:</p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||-10px||false|false\" global_colors_info=\"{}\"]<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>We treat incomplete data as missing, rather than as zero or non-existent. Only where needed, we enrich the data.</li>\n<li>We only construct benchmarks from complete, known, and relevant data points that do not require enrichment.</li>\n</ul>\n</li>\n</ul>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Comparability</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>We present all data and insights in a consistent context, across all key dimensions of comparison. Where there are unavoidable differences, we call them out.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Accuracy</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">We validate all data using a combination of our proprietary tools and expertise. If in our professional judgment specific data points are not of sufficient quality, we do not use them.</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Confidentiality</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>We ensure that individual non-public data cannot be read nor derived from publicly available CEM materials or CEM reporting, current nor legacy. Any non-public, client identifiable information that is shared is only done so with explicit client consent.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Providence</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">While we encourage client commentary, we hold ultimate decision rights on the structure of our analyses and application of data within them.</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Timeliness</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We provide insights on a timely basis, corresponding with the provision of the data from a client and its peers. We take all necessary steps to provide reliable delivery dates.</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Transparency</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We disclose all areas where we have enhanced and/or enriched data, including providing a summary of the approaches, and the sources of the data used for the enhancement/enrichment.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Security</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We take industry-standard precautions to ensure all data is protected from potential threats. If/when there is an incident, we act with pace, discipline, and open communication.</div>\n<div class=\"benefit-paragraph\"></div>\n<div class=\"benefit-paragraph\">These principles are owned by CEM’s Data Governance Committee, which comprises a group of CEM’s senior leaders and data experts. They are reviewed at least once a year.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/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=\"RGBA(255,255,255,0)\" 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=\"Living our Data Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||||false|false\" 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\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>We proactively action our data principles through:</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Global Reporting Principles for the Investment Industry</li>\n<li>Data Integrity Scores for Individual Institutional Investors</li>\n<li>Processes &amp; Experience for CEM Team Members</li>\n</ul>\n</li>\n</ul>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-46px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p>Below, we dive into each application separately.</p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Institutional Investor Industry</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">In 2022, we undertook a multi-year effort to create CEM’s Global Reporting Principles (GRP). These principles were launched in 2024.</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"></div>\n<div class=\"benefit-paragraph\">Prior to creating GRP, we observed that standards and templates exist in specific countries, like Australia, the Netherlands, and the UK. However, the global institutional investment industry lacked a single consistent set of principles that span performance, cost, and timing. We worked with seven leading global pension funds to create these principles. The complete list of GRP principles can be found <a href=\"https://www.cembenchmarking.com/globalReportingPrinciples.html\" target=\"_blank\" rel=\"noopener\">here</a>.</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p>CEM’s Global Reporting Principles will evolve over time. The release schedule was designed to allow for feedback from market participants, and to give institutional investors time to develop the systems, data, and personnel needed to take action. Future releases, currently slated for 2026 and beyond, have been shared <span style=\"font-size: 17px;\"></span><a href=\"https://www.cembenchmarking.com/dataPrinciplesModules.html\" target=\"_blank\" rel=\"noopener\" style=\"font-size: 17px;\">here</a><span style=\"font-size: 17px;\">. </span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<p>The elements of GRP that pertain to public reporting were previously connected to the Global Pension Transparency Benchmark (GPTB). This benchmark assessed the efficacy of public reporting funds in fifteen countries against four factors: performance, cost, responsible investing, and governance. GPTB will conclude in 2025. More details on the GPTB can be found <span style=\"font-size: 17px;\"></span><a href=\"https://global-pension-transparency-benchmark.top1000funds.com/\" target=\"_blank\" rel=\"noopener\" style=\"font-size: 17px;\">here</a><span style=\"font-size: 17px;\">.</span></p>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">Finally, we periodically do bespoke research on data quality-related topics for the benefit of the industry.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Institutional Investors</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>For over 30 years, institutional investors globally have provided fund cost, performance, and structure data to CEM. We carefully assess the quality of the data provided, using a combination of data rules and deep expertise. More detail on the process is available in the “our team” section.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>In 2024, we started quantitatively assessing the quality of the data provided by each CEM-defined benefit pension fund client. We assess each client’s data set using the following rubric and provide a summary of the performance data, cost data and timeliness. Institutional investors are invited to review the data scorecard and make improvements. The data assessment is being beta-tested in 2024. An example of a scorecard can be found </span><a target=\"_blank\" href=\"https://www.cembenchmarking.com/dataPrinciplesScorecard.html\" rel=\"noopener\">here</a><span>.</span></div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Our Team</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>CEM’s data principles have been connected directly to our systems, processes, and training. Here are the seven steps our team takes to validate the data:</span></div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/7steps.jpg\" title_text=\"CEM’s data principles: 7 steps\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>Finally, we retain a leading third-party cybersecurity firm to conduct an annual information security assessment on our systems and processes. All high and medium-risk items identified in the last assessment have been fully addressed.</span></div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>Should you have any questions or comments on our data integrity efforts, please contact us at </span><a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com</a><span>.</span></div>\n</div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','CEM\'s Global Reporting Principles','','inherit','closed','closed','','2907-revision-v1','','','2025-08-22 15:57:40','2025-08-22 15:57:40','',2907,'https://www.cembenchmarking.com/?p=2920',0,'revision','',0),(2921,36,'2025-08-22 17:00:28','2025-08-22 17:00:28','[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 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','','publish','closed','closed','','grp','','','2025-08-22 21:28:56','2025-08-22 21:28:56','',0,'https://www.cembenchmarking.com/?page_id=2921',0,'page','',0),(2922,36,'2025-08-22 16:02:12','2025-08-22 16:02:12','<!-- wp:paragraph -->\n<p>The 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.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>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.</p>\n<!-- /wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Grounded in transparency and comparability, the Global Reporting Principles provide a shared foundation for meaningful insights and informed decision-making.</p>\n<!-- /wp:paragraph -->','Global Reporting Principles at CEM','','inherit','closed','closed','','2921-revision-v1','','','2025-08-22 16:02:12','2025-08-22 16:02:12','',2921,'https://www.cembenchmarking.com/?p=2922',0,'revision','',0),(2923,36,'2025-08-22 16:02:30','2025-08-22 16:02:30','<!-- wp:divi/placeholder /-->','Global Reporting Principles at CEM','','inherit','closed','closed','','2921-revision-v1','','','2025-08-22 16:02:30','2025-08-22 16:02:30','',2921,'https://www.cembenchmarking.com/?p=2923',0,'revision','',0),(2925,36,'2025-08-22 16:16:36','2025-08-22 16:16:36','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" hover_enabled=\"0\" global_module=\"556\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\" sticky_enabled=\"0\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"Data Integrity at CEM\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h4 style=\"text-align: center;\"><span style=\"color: #ffffff;\">Data Principles</span></h4>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\"][/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 column_structure=\"3_5,2_5\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_column type=\"3_5\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" width=\"95%\" max_width=\"100%\" custom_margin=\"|14px||||\" custom_padding=\"|28px||||\" global_colors_info=\"{}\"]<p>CEM is a leading data and insights firm. For us high data integrity is non-negotiable.</p>\n<p>Our data strategy is built upon the core data principles shared below. These interconnected principles are our north star and, as such, guide all of our efforts. The principles are owned by our internal data governance committee and revisited at least annually.</p>\n<p>Our execution is based on three pillars: industry standards called the Global Reporting Principles (GRP), assessment of data integrity by institutional investor, and investments in our team and internal processes. CEM has an expert team with over 30 years of experience, employing custom systems and processes to identify and rectify data issues and ensure high-quality data for our institutional investors. We also actively seek client input, so that we can improve our practices.</p>[/et_pb_text][/et_pb_column][et_pb_column type=\"2_5\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincplesSwirl.png\" title_text=\"dataPrincplesSwirl\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#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=\"Our Data Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||||false|false\" 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><span>Our data integrity efforts are based on the following interconnected principles:</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Completeness</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p>While our preference is that all data is provided by institutional investors, we recognize that this is not always possible. To be included in the CEM database, the data must be unambiguous. We must be able to interpret the information provided with context. Where we have incomplete data sets, we observe the following:</p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||-10px||false|false\" global_colors_info=\"{}\"]<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>We treat incomplete data as missing, rather than as zero or non-existent. Only where needed, we enrich the data.</li>\n<li>We only construct benchmarks from complete, known, and relevant data points that do not require enrichment.</li>\n</ul>\n</li>\n</ul>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Comparability</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>We present all data and insights in a consistent context, across all key dimensions of comparison. Where there are unavoidable differences, we call them out.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Accuracy</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">We validate all data using a combination of our proprietary tools and expertise. If in our professional judgment specific data points are not of sufficient quality, we do not use them.</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Confidentiality</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>We ensure that individual non-public data cannot be read nor derived from publicly available CEM materials or CEM reporting, current nor legacy. Any non-public, client identifiable information that is shared is only done so with explicit client consent.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Providence</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">While we encourage client commentary, we hold ultimate decision rights on the structure of our analyses and application of data within them.</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Timeliness</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We provide insights on a timely basis, corresponding with the provision of the data from a client and its peers. We take all necessary steps to provide reliable delivery dates.</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Transparency</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We disclose all areas where we have enhanced and/or enriched data, including providing a summary of the approaches, and the sources of the data used for the enhancement/enrichment.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Security</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">We take industry-standard precautions to ensure all data is protected from potential threats. If/when there is an incident, we act with pace, discipline, and open communication.</div>\n<div class=\"benefit-paragraph\"></div>\n<div class=\"benefit-paragraph\">These principles are owned by CEM’s Data Governance Committee, which comprises a group of CEM’s senior leaders and data experts. They are reviewed at least once a year.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div class=\"row\"></div>[/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=\"RGBA(255,255,255,0)\" 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=\"Living our Data Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_level=\"h2\" title_font_size=\"28px\" global_colors_info=\"{}\"][/et_pb_heading][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-10px||||false|false\" 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\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>We proactively action our data principles through:</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Global Reporting Principles for the Investment Industry</li>\n<li>Data Integrity Scores for Individual Institutional Investors</li>\n<li>Processes &amp; Experience for CEM Team Members</li>\n</ul>\n</li>\n</ul>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-46px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p>Below, we dive into each application separately.</p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Institutional Investor Industry</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">In 2022, we undertook a multi-year effort to create CEM’s Global Reporting Principles (GRP). These principles were launched in 2024.</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"></div>\n<div class=\"benefit-paragraph\">Prior to creating GRP, we observed that standards and templates exist in specific countries, like Australia, the Netherlands, and the UK. However, the global institutional investment industry lacked a single consistent set of principles that span performance, cost, and timing. We worked with seven leading global pension funds to create these principles. The complete list of GRP principles can be found <a href=\"https://www.cembenchmarking.com/globalReportingPrinciples.html\" target=\"_blank\" rel=\"noopener\">here</a>.</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p>CEM’s Global Reporting Principles will evolve over time. The release schedule was designed to allow for feedback from market participants, and to give institutional investors time to develop the systems, data, and personnel needed to take action. Future releases, currently slated for 2026 and beyond, have been shared <span style=\"font-size: 17px;\"></span><a href=\"https://www.cembenchmarking.com/dataPrinciplesModules.html\" target=\"_blank\" rel=\"noopener\" style=\"font-size: 17px;\">here</a><span style=\"font-size: 17px;\">. </span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<p>The elements of GRP that pertain to public reporting were previously connected to the Global Pension Transparency Benchmark (GPTB). This benchmark assessed the efficacy of public reporting funds in fifteen countries against four factors: performance, cost, responsible investing, and governance. GPTB will conclude in 2025. More details on the GPTB can be found <span style=\"font-size: 17px;\"></span><a href=\"https://global-pension-transparency-benchmark.top1000funds.com/\" target=\"_blank\" rel=\"noopener\" style=\"font-size: 17px;\">here</a><span style=\"font-size: 17px;\">.</span></p>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\">Finally, we periodically do bespoke research on data quality-related topics for the benefit of the industry.</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Institutional Investors</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<p><span>For over 30 years, institutional investors globally have provided fund cost, performance, and structure data to CEM. We carefully assess the quality of the data provided, using a combination of data rules and deep expertise. More detail on the process is available in the “our team” section.</span></p>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>In 2024, we started quantitatively assessing the quality of the data provided by each CEM-defined benefit pension fund client. We assess each client’s data set using the following rubric and provide a summary of the performance data, cost data and timeliness. Institutional investors are invited to review the data scorecard and make improvements. The data assessment is being beta-tested in 2024. An example of a scorecard can be found </span><a target=\"_blank\" href=\"https://www.cembenchmarking.com/dataPrinciplesScorecard.html\" rel=\"noopener\">here</a><span>.</span></div>\n</div>\n<div class=\"row\"></div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" header_3_font_size=\"20px\" custom_padding=\"||0px||false|false\" global_colors_info=\"{}\"]<h3>Our Team</h3>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>CEM’s data principles have been connected directly to our systems, processes, and training. Here are the seven steps our team takes to validate the data:</span></div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/7steps.jpg\" title_text=\"CEM’s data principles: 7 steps\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>Finally, we retain a leading third-party cybersecurity firm to conduct an annual information security assessment on our systems and processes. All high and medium-risk items identified in the last assessment have been fully addressed.</span></div>\n</div>\n</div>\n</div>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"-22px||||false|false\" custom_padding=\"0px||0px||false|false\" global_colors_info=\"{}\"]<div class=\"row\">\n<div class=\"benefit-paragraph\">\n<div class=\"row\">\n<div class=\"benefit-paragraph\"><span>Should you have any questions or comments on our data integrity efforts, please contact us at </span><a href=\"mailto:product@cembenchmarking.com\">product@cembenchmarking.com</a><span>.</span></div>\n</div>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Our Approach to Data Integrity','','inherit','closed','closed','','43-revision-v1','','','2025-08-22 16:16:36','2025-08-22 16:16:36','',43,'https://www.cembenchmarking.com/?p=2925',0,'revision','',0),(2926,36,'2025-08-22 16:23:43','2025-08-22 16:23:43','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" hover_enabled=\"0\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\" sticky_enabled=\"0\" template_type=\"section\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"Data Integrity at CEM\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h4 style=\"text-align: center;\"><span style=\"color: #ffffff;\">Data Principles</span></h4>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Services header banner','','inherit','closed','closed','','556-revision-v1','','','2025-08-22 16:23:43','2025-08-22 16:23:43','',556,'https://www.cembenchmarking.com/?p=2926',0,'revision','',0),(2927,36,'2025-08-22 16:23:43','2025-08-22 16:23:43','[et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" use_background_color_gradient=\"on\" background_color_gradient_stops=\"rgba(0,45,91,0.84) 0%|rgba(0,25,63,0.83) 100%\" background_color_gradient_overlays_image=\"on\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" height=\"370px\" hover_enabled=\"0\" saved_tabs=\"all\" locked=\"off\" global_colors_info=\"{}\" sticky_enabled=\"0\" template_type=\"section\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"50px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"0px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" global_colors_info=\"{}\"][et_pb_column type=\"4_4\" _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"][et_pb_heading title=\"Data Integrity at CEM\" _builder_version=\"4.27.4\" _module_preset=\"default\" title_text_align=\"center\" title_text_color=\"#ffffff\" title_font_size=\"46px\" title_letter_spacing=\"2px\" custom_margin=\"0px||||false|false\" custom_margin_tablet=\"\" custom_margin_phone=\"30px||||false|false\" custom_margin_last_edited=\"on|phone\" custom_padding=\"||||false|false\" title_font_size_tablet=\"\" title_font_size_phone=\"40px\" title_font_size_last_edited=\"on|phone\" title_text_shadow_style=\"preset3\" global_colors_info=\"{}\"][/et_pb_heading][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" global_colors_info=\"{}\"]<h4 style=\"text-align: center;\"><span style=\"color: #ffffff;\">Data Principles</span></h4>[/et_pb_text][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" text_text_color=\"#ffffff\" text_font_size=\"21px\" global_colors_info=\"{}\"][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Services header banner','','inherit','closed','closed','','556-revision-v1','','','2025-08-22 16:23:43','2025-08-22 16:23:43','',556,'https://www.cembenchmarking.com/?p=2927',0,'revision','',0),(2928,36,'2025-08-22 16:59:36','2025-08-22 16:59:36','[et_pb_section fb_built=\"1\" fullwidth=\"on\" theme_builder_area=\"post_content\" _builder_version=\"4.27.4\" _module_preset=\"default\"][et_pb_fullwidth_header title=\"CEM\'s Global Reporting Principles\" _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" 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%\" title_text=\"Forex diagrams and stock market rising lines with numbers\" background_image=\"https://www.cembenchmarking.com/wp-content/uploads/2024/12/dataPrincples-cover.jpg\" background_position=\"top_center\" background_vertical_offset=\"31%\" background_color_gradient_overlays_image=\"on\" height=\"370px\" title_font_size=\"45px\" title_text_align=\"center\" content_text_align=\"center\" title_font=\"--et_global_body_font||||||||\" hover_enabled=\"0\" sticky_enabled=\"0\" text_orientation=\"center\" custom_padding=\"100px||||false|false\"][/et_pb_fullwidth_header][/et_pb_section][et_pb_section fb_built=\"1\" theme_builder_area=\"post_content\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" hover_enabled=\"0\" sticky_enabled=\"0\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"]<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\" theme_builder_area=\"post_content\" _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" sticky_enabled=\"0\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"]<p><span style=\"font-size: 17px;\">The complete list of GRP principles can be found below:</span></p>[/et_pb_text][et_pb_code _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\" custom_css_free_form=\"/* 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 */||}||\"]<!-- 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_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" theme_builder_area=\"post_content\" _builder_version=\"4.27.4\" _module_preset=\"default\" background_color=\"#F0F0F0\" hover_enabled=\"0\" sticky_enabled=\"0\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" column_structure=\"1_2,1_2\" hover_enabled=\"0\" sticky_enabled=\"0\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"1_2\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"]<h2>GRP Scorecard Methodology for Investment Benchmarking</h2>\n<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 _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"1_2\" theme_builder_area=\"post_content\"][et_pb_image src=\"https://www.cembenchmarking.com/wp-content/uploads/2025/08/GRP-Example.png\" _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" title_text=\"GRP Example\" hover_enabled=\"0\" sticky_enabled=\"0\"][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" theme_builder_area=\"post_content\" _builder_version=\"4.27.4\" _module_preset=\"default\"][et_pb_row _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\"][et_pb_column _builder_version=\"4.27.4\" _module_preset=\"default\" type=\"4_4\" theme_builder_area=\"post_content\"][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"]<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\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\" custom_padding=\"||0px||false|false\" custom_margin=\"||0px||false|false\"][et_pb_accordion_item title=\"1. Who can publish\" _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" open=\"on\" hover_enabled=\"0\" 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\" theme_builder_area=\"post_content\" open=\"off\" hover_enabled=\"0\" 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\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"]<p data-start=\"829\" data-end=\"1074\"><em data-start=\"852\" data-end=\"1072\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service. </em></p>\n<p data-start=\"1076\" data-end=\"1338\"><strong data-start=\"1076\" data-end=\"1108\">Alternative </strong><br data-start=\"1108\" data-end=\"1111\" /><em data-start=\"1111\" data-end=\"1258\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.</em></p>[/et_pb_accordion_item][et_pb_accordion_item title=\"4. Restrictions\" _builder_version=\"4.27.4\" _module_preset=\"default\" theme_builder_area=\"post_content\" hover_enabled=\"0\" 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\" theme_builder_area=\"post_content\" hover_enabled=\"0\" sticky_enabled=\"0\"]<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 16:59:36','2025-08-22 16:59:36','',2921,'https://www.cembenchmarking.com/?p=2928',0,'revision','',0),(2929,36,'2025-08-22 17:00:28','2025-08-22 17:00:28','[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\" 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><span style=\"font-size: 17px;\">The complete list of GRP principles can be found below:</span></p>[/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_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 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=\"{}\"]<h2>GRP Scorecard Methodology for Investment Benchmarking</h2>\n<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\" global_colors_info=\"{}\"][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" 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=\"||0px||false|false\" custom_padding=\"||0px||false|false\" 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 data-start=\"829\" data-end=\"1074\"><em data-start=\"852\" data-end=\"1072\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service. </em></p>\n<p data-start=\"1076\" data-end=\"1338\"><strong data-start=\"1076\" data-end=\"1108\">Alternative </strong><br data-start=\"1108\" data-end=\"1111\" /><em data-start=\"1111\" data-end=\"1258\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.</em></p>[/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 17:00:28','2025-08-22 17:00:28','',2921,'https://www.cembenchmarking.com/?p=2929',0,'revision','',0),(2930,36,'2025-08-22 17:31:57','2025-08-22 17:31:57','[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\" 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><span style=\"font-size: 17px;\">The complete list of GRP principles can be found below:</span></p>[/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_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 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=\"{}\"]<h2>GRP Scorecard Methodology for Investment Benchmarking</h2>\n<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\" global_colors_info=\"{}\"][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=\"1\" _builder_version=\"4.27.4\" _module_preset=\"default\" 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=\"||0px||false|false\" custom_padding=\"||0px||false|false\" 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 data-start=\"829\" data-end=\"1074\"><em data-start=\"852\" data-end=\"1072\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service. </em></p>\n<p data-start=\"1076\" data-end=\"1338\"><strong data-start=\"1076\" data-end=\"1108\">Alternative </strong><br data-start=\"1108\" data-end=\"1111\" /><em data-start=\"1111\" data-end=\"1258\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.</em></p>[/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 17:31:57','2025-08-22 17:31:57','',2921,'https://www.cembenchmarking.com/?p=2930',0,'revision','',0),(2932,36,'2025-08-22 17:36:55','2025-08-22 17:36:55','[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 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\" hover_enabled=\"0\" global_colors_info=\"{}\" custom_padding=\"0px||||false|false\" sticky_enabled=\"0\"][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\" hover_enabled=\"0\" global_colors_info=\"{}\" sticky_enabled=\"0\"]<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_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 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=\"{}\"]<h2>GRP Scorecard Methodology for Investment Benchmarking</h2>\n<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=\"{}\" sticky_enabled=\"0\"][/et_pb_image][et_pb_text _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" sticky_enabled=\"0\" custom_padding=\"0px||0px||false|false\" custom_margin=\"0px||0px||false|false\"]<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=\"||0px||false|false\" custom_padding=\"||0px||false|false\" hover_enabled=\"0\" 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\" 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\" 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 data-start=\"829\" data-end=\"1074\"><em data-start=\"852\" data-end=\"1072\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service. </em></p>\n<p data-start=\"1076\" data-end=\"1338\"><strong data-start=\"1076\" data-end=\"1108\">Alternative </strong><br data-start=\"1108\" data-end=\"1111\" /><em data-start=\"1111\" data-end=\"1258\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.</em></p>[/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 17:36:55','2025-08-22 17:36:55','',2921,'https://www.cembenchmarking.com/?p=2932',0,'revision','',0),(2933,36,'2025-08-22 17:38:24','2025-08-22 17:38:24','[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\" 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_text _builder_version=\"4.27.4\" _module_preset=\"default\" hover_enabled=\"0\" sticky_enabled=\"0\"]<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 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=\"{}\"]<h2>GRP Scorecard Methodology for Investment Benchmarking</h2>\n<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\" 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 _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||0px||false|false\" custom_padding=\"||0px||false|false\" 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 data-start=\"829\" data-end=\"1074\"><em data-start=\"852\" data-end=\"1072\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service. </em></p>\n<p data-start=\"1076\" data-end=\"1338\"><strong data-start=\"1076\" data-end=\"1108\">Alternative </strong><br data-start=\"1108\" data-end=\"1111\" /><em data-start=\"1111\" data-end=\"1258\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.</em></p>[/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 17:38:24','2025-08-22 17:38:24','',2921,'https://www.cembenchmarking.com/?p=2933',0,'revision','',0),(2934,36,'2025-08-22 17:38:34','2025-08-22 17:38:34','[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\" 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>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 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=\"{}\"]<h2>GRP Scorecard Methodology for Investment Benchmarking</h2>\n<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\" 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 _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||0px||false|false\" custom_padding=\"||0px||false|false\" 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 data-start=\"829\" data-end=\"1074\"><em data-start=\"852\" data-end=\"1072\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service. </em></p>\n<p data-start=\"1076\" data-end=\"1338\"><strong data-start=\"1076\" data-end=\"1108\">Alternative </strong><br data-start=\"1108\" data-end=\"1111\" /><em data-start=\"1111\" data-end=\"1258\">InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.</em></p>[/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 17:38:34','2025-08-22 17:38:34','',2921,'https://www.cembenchmarking.com/?p=2934',0,'revision','',0),(2935,36,'2025-08-22 17:42:35','2025-08-22 17:42:35','<blockquote class=\"wp-embedded-content\" data-secret=\"xIUxZE1Tem\"><a href=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/\">Global Reporting Principles at CEM</a></blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Global Reporting Principles at CEM&#8221; &#8212; CEM Benchmarking\" src=\"https://www.cembenchmarking.com/global-reporting-principles-at-cem/embed/#?secret=Sifo9HaJSg#?secret=xIUxZE1Tem\" data-secret=\"xIUxZE1Tem\" width=\"540\" height=\"304\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"></iframe>','','','publish','closed','closed','','496ddfc7dfa2fd94d58ea624d7c1c0ea','','','2025-08-22 17:42:35','2025-08-22 17:42:35','',0,'https://www.cembenchmarking.com/research/496ddfc7dfa2fd94d58ea624d7c1c0ea/',0,'oembed_cache','',0),(2936,36,'2025-08-22 17:42:59','2025-08-22 17:42:59','[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 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 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=\"{}\"]<h2>GRP Scorecard Methodology for Investment Benchmarking</h2>\n<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\" 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 _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_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\" hover_enabled=\"0\" global_colors_info=\"{}\" open=\"off\" 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>Alternatively, funds can choose to include the external link to CEM’s Global Reporting Principles in a footnote or endnote. Example below:</p>\n<p><em>InvestorABC received a 2023 score of 83 based on CEM’s Global Reporting Principles for their reporting in CEM’s Investment Benchmarking Service.<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 17:42:59','2025-08-22 17:42:59','',2921,'https://www.cembenchmarking.com/?p=2936',0,'revision','',0),(2937,36,'2025-08-22 17:44:04','2025-08-22 17:44:04','[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 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=\"{}\"]<h2>GRP Scorecard Methodology for Investment Benchmarking</h2>\n<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\" 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 _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_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\" hover_enabled=\"0\" global_colors_info=\"{}\" open=\"off\" 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>&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 17:44:04','2025-08-22 17:44:04','',2921,'https://www.cembenchmarking.com/?p=2937',0,'revision','',0),(2939,36,'2025-08-22 17:48:07','2025-08-22 17:48:07','[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\"][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\" 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 _builder_version=\"4.27.4\" _module_preset=\"default\" custom_margin=\"||0px||false|false\" custom_padding=\"||0px||false|false\" 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>&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 17:48:07','2025-08-22 17:48:07','',2921,'https://www.cembenchmarking.com/?p=2939',0,'revision','',0),(2940,36,'2025-08-22 17:49:13','2025-08-22 17:49:13','[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\"][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=\"||0px||false|false\" custom_padding=\"||0px||false|false\" 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>&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 17:49:13','2025-08-22 17:49:13','',2921,'https://www.cembenchmarking.com/?p=2940',0,'revision','',0),(2941,36,'2025-08-22 17:53:38','2025-08-22 17:53:38','[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=\"||0px||false|false\" custom_padding=\"||0px||false|false\" 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>&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 17:53:38','2025-08-22 17:53:38','',2921,'https://www.cembenchmarking.com/?p=2941',0,'revision','',0),