[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 Implementation Timeline" _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" width="90%" max_width="2560px" global_colors_info="{}"][et_pb_column type="4_4" _builder_version="4.27.4" _module_preset="default" global_colors_info="{}"][et_pb_code raw_content_tablet="" raw_content_phone="" raw_content_last_edited="on|desktop" _builder_version="4.27.4" _module_preset="default" hover_enabled="0" 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="{}" raw_content__hover_enabled="on|desktop" sticky_enabled="0"]<table class="fl-table tablemobile"><!-- [et_pb_line_break_holder] -->                    <thead><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <th style="width: 40px; text-align: left; vertical-align: top;"></th><!-- [et_pb_line_break_holder] -->                            <th style="width: 115px; text-align: left; vertical-align: top;"></th><!-- [et_pb_line_break_holder] -->                            <th style="width: 88px; text-align: left; vertical-align: top;"></th><!-- [et_pb_line_break_holder] -->                            <th style="width: 30%; text-align: left; vertical-align: top;">Release 1 (2024)</th><!-- [et_pb_line_break_holder] -->                            <th style="width: 28%; text-align: left; vertical-align: top;">Release 2 (2026)</th><!-- [et_pb_line_break_holder] -->                            <th style="width: 28%; text-align: left; vertical-align: top;">Release 3 (Date TBD)</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="width: 3%; text-align: left; vertical-align: top; text-wrap: wrap;">M1</td><!-- [et_pb_line_break_holder] -->                            <td style="width: 6%; text-align: left; vertical-align: top; text-wrap: wrap;"><!-- [et_pb_line_break_holder] -->                                Investment Management<!-- [et_pb_line_break_holder] -->                                Costs</td><!-- [et_pb_line_break_holder] -->                            <td style="width: 5%; text-align: left; vertical-align: top; text-wrap: wrap;"><!-- [et_pb_line_break_holder] -->                                Private disclosure<!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style="width: 30%; text-align: left; vertical-align: top; text-wrap: wrap;"><!-- [et_pb_line_break_holder] -->                                <ul style="list-style: disc; padding-left: 20px;"><!-- [et_pb_line_break_holder] -->                                    <li>Identify gaps in total investment cost capture and reporting</li><!-- [et_pb_line_break_holder] -->                                    <li>Report total fund and asset class:<!-- [et_pb_line_break_holder] -->                                        <ul style="list-style: circle; padding-left: 20px;"><!-- [et_pb_line_break_holder] -->                                            <li>Base management fees gross of offsets</li><!-- [et_pb_line_break_holder] -->                                            <li>Performance fees on either an accrual or paid basis</li><!-- [et_pb_line_break_holder] -->                                            <li>Underlying base fees</li><!-- [et_pb_line_break_holder] -->                                         <li> Underlying performance fees on either an accrual or paid basis</li><!-- [et_pb_line_break_holder] -->                                        </ul><!-- [et_pb_line_break_holder] -->                                    </li><!-- [et_pb_line_break_holder] -->                                    <li>Attribute all internal asset management costs to asset classes</li><!-- [et_pb_line_break_holder] -->                                    <li>Report costs by implementation style (e.g., internal/external, passive/active,<!-- [et_pb_line_break_holder] -->                                        etc.)</li><!-- [et_pb_line_break_holder] -->                                    <li>Estimate missing asset management costs</li><!-- [et_pb_line_break_holder] -->                                    <li>Report within three months of your year-end</li><!-- [et_pb_line_break_holder] -->                                </ul><!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style="width: 28%; text-align: left; vertical-align: top; text-wrap: wrap;"><!-- [et_pb_line_break_holder] -->                                <ul style="list-style: disc; padding-left: 20px;"><!-- [et_pb_line_break_holder] -->                                    <li>Everything in Release 1</li><!-- [et_pb_line_break_holder] -->                                    <li>Report:<!-- [et_pb_line_break_holder] -->                                        <ul style="list-style: circle; padding-left: 20px;"><!-- [et_pb_line_break_holder] -->                                            <li>Performance fees on accrual basis</li><!-- [et_pb_line_break_holder] -->                                            <li>Underlying performance fees on accrual basis</li><!-- [et_pb_line_break_holder] -->                                        </ul><!-- [et_pb_line_break_holder] -->                                    </li><!-- [et_pb_line_break_holder] -->                                <!-- [et_pb_line_break_holder] -->                                </ul><!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style="width: 28%; text-align: left; vertical-align: top; text-wrap: wrap;"><!-- [et_pb_line_break_holder] -->                                <ul style="list-style: disc; padding-left: 20px;"><!-- [et_pb_line_break_holder] -->                                    <li>Everything in Release 2</li><!-- [et_pb_line_break_holder] -->                                 <li>Report:<!-- [et_pb_line_break_holder] -->    <ul style="list-style: circle; padding-left: 20px;"><!-- [et_pb_line_break_holder] -->        <li>All non-invoiced asset management and transaction costs incurred inside investment vehicles</li><!-- [et_pb_line_break_holder] -->        <li>All underlying costs</li><!-- [et_pb_line_break_holder] -->        <li>Implicit bid/ask spreads for fixed income</li><!-- [et_pb_line_break_holder] -->        <li>Explicit transaction costs<!-- [et_pb_line_break_holder] -->            <ul style="list-style: disc; padding-left: 20px;"><!-- [et_pb_line_break_holder] -->                <li>Estimate missing transaction costs.</li><!-- [et_pb_line_break_holder] -->            </ul><!-- [et_pb_line_break_holder] -->        </li><!-- [et_pb_line_break_holder] -->    </ul><!-- [et_pb_line_break_holder] --></li><!-- [et_pb_line_break_holder] -->                                </ul><!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="width: 3%; text-align: left; vertical-align: top; text-wrap: wrap;"></td><!-- [et_pb_line_break_holder] -->                            <td style="width: 6%; text-align: left; vertical-align: top; text-wrap: wrap;"></td><!-- [et_pb_line_break_holder] -->                            <td style="width: 5%; text-align: left; vertical-align: top; text-wrap: wrap;">Public<!-- [et_pb_line_break_holder] -->                                disclosure</td><!-- [et_pb_line_break_holder] -->                            <td style="width: 30%; text-align: left; vertical-align: top; text-wrap: wrap;"><!-- [et_pb_line_break_holder] -->                                <ul style="list-style: disc; padding-left: 20px;"><!-- [et_pb_line_break_holder] -->                                    <li>Disclose total fund and asset class asset management costs and transaction costs<!-- [et_pb_line_break_holder] -->                                        (as a % of<!-- [et_pb_line_break_holder] -->                                        assets)</li><!-- [et_pb_line_break_holder] -->                                    <li>Disclose total fund internal operating expenses, base fees, and performance fees<!-- [et_pb_line_break_holder] -->                                    </li><!-- [et_pb_line_break_holder] -->                                    <li>Report prior year costs</li><!-- [et_pb_line_break_holder] -->                                    <li>Explain whether reported costs comply with the above</li><!-- [et_pb_line_break_holder] -->                                    <li>Disclose estimates and the basis of estimates</li><!-- [et_pb_line_break_holder] -->                                </ul><!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style="width: 28%; text-align: left; vertical-align: top; text-wrap: wrap;"><!-- [et_pb_line_break_holder] -->                                <ul style="list-style: disc; padding-left: 20px;"><!-- [et_pb_line_break_holder] -->                                    <li>Everything in Release 1</li><!-- [et_pb_line_break_holder] -->                                    <li>NB: Explain whether reported costs comply with the above</li><!-- [et_pb_line_break_holder] -->                                </ul><!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style="width: 28%; text-align: left; vertical-align: top; text-wrap: wrap;"><!-- [et_pb_line_break_holder] -->                                <ul style="list-style: disc; padding-left: 20px;"><!-- [et_pb_line_break_holder] -->                                    <li>Everything in Release 2</li><!-- [et_pb_line_break_holder] -->                                    <li>NB: Explain whether reported costs comply with the above</li><!-- [et_pb_line_break_holder] -->                                </ul><!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="width: 3%; text-align: left; vertical-align: top; text-wrap: wrap;">M2</td><!-- [et_pb_line_break_holder] -->                            <td style="width: 6%; text-align: left; vertical-align: top; text-wrap: wrap;"><!-- [et_pb_line_break_holder] -->                                Pension Administration<!-- [et_pb_line_break_holder] -->                                Costs</td><!-- [et_pb_line_break_holder] -->                            <td style="width: 5%; text-align: left; vertical-align: top; text-wrap: wrap;"><!-- [et_pb_line_break_holder] -->                                Private disclosure<!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style="width: 30%; text-align: left; vertical-align: top; text-wrap: wrap;"><!-- [et_pb_line_break_holder] -->                                <ul style="list-style: disc; padding-left: 20px;"><!-- [et_pb_line_break_holder] -->                                    <li>Report total pension administration costs (per active member and annuitant)</li><!-- [et_pb_line_break_holder] -->                                    <li>Provide a breakdown of material administration costs</li><!-- [et_pb_line_break_holder] -->                                    <li>Report within three months of your year-end</li><!-- [et_pb_line_break_holder] -->                                </ul><!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style="width: 28%; text-align: left; vertical-align: top; text-wrap: wrap; background-color: #f2f2f2;"><!-- [et_pb_line_break_holder] -->                                Not<!-- [et_pb_line_break_holder] -->                                necessary</td><!-- [et_pb_line_break_holder] -->                            <td style="width: 28%; text-align: left; vertical-align: top; text-wrap: wrap; background-color: #f2f2f2;"><!-- [et_pb_line_break_holder] -->                                Not<!-- [et_pb_line_break_holder] -->                                necessary</td><!-- [et_pb_line_break_holder] -->                        </tr><!-- [et_pb_line_break_holder] -->                        <tr><!-- [et_pb_line_break_holder] -->                            <td style="width: 3%; text-align: left; vertical-align: top; text-wrap: wrap;"></td><!-- [et_pb_line_break_holder] -->                            <td style="width: 6%; text-align: left; vertical-align: top; text-wrap: wrap;"></td><!-- [et_pb_line_break_holder] -->                            <td style="width: 5%; text-align: left; vertical-align: top; text-wrap: wrap;">Public<!-- [et_pb_line_break_holder] -->                                disclosure</td><!-- [et_pb_line_break_holder] -->                            <td style="width: 30%; text-align: left; vertical-align: top; text-wrap: wrap;"><!-- [et_pb_line_break_holder] -->                                <ul style="list-style: disc; padding-left: 20px;"><!-- [et_pb_line_break_holder] -->                                    <li>Same as private disclosure (above)</li><!-- [et_pb_line_break_holder] -->                                    <li>Report prior year costs</li><!-- [et_pb_line_break_holder] -->                                </ul><!-- [et_pb_line_break_holder] -->                            </td><!-- [et_pb_line_break_holder] -->                            <td style="width: 28%; text-align: left; vertical-align: top; text-wrap: wrap; background-color: #f2f2f2;"><!-- [et_pb_line_break_holder] -->                                Not<!-- [et_pb_line_break_holder] -->                                necessary</td><!-- [et_pb_line_break_holder] -->                            <td style="width: 28%; text-align: left; vertical-align: top; text-wrap: wrap;background-color: #f2f2f2;"><!-- [et_pb_line_break_holder] -->                                Not<!-- [et_pb_line_break_holder] -->                                necessary</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" width="90%" max_width="2560px" 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" text_font_size="12px" global_colors_info="{}"]<div>
<div><span>1. We will recommend implementation objectives before 2026.</span></div>
<div>
<p data-ccp-props="{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:0,&quot;335559685&quot;:0,&quot;335559731&quot;:0,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:0.9,&quot;335562766&quot;:4,&quot;335562767&quot;:10,&quot;335562768&quot;:4,&quot;335562769&quot;:0}"><span data-usefontface="false" data-contrast="none">2. On July 1, 2025, the following changes were made to the Module ‘M1’ for private disclosures.</span><span>​</span></p>
<ul>
<li><span data-usefontface="false" data-contrast="none">Scoring for performance fees on an accrual basis different from cash basis was added to Release 2.</span><span>​ </span></li>
<li><span data-usefontface="false" data-contrast="none">Including transaction costs in the private reporting was moved from Release 2 to Release 3 based on the </span><span data-usefontface="false" data-contrast="none">feedback from clients.</span></li>
</ul>
</div>
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