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Global Legal Entity Identifier Foundation
Annual Report 2021
2021 Annual Report
2
Chairman’s Statement
3
CEO’s Statement
4
The LEI in 2021
5
Regulatory Update
7
Strategic Priorities in 2021
8
Financial Statements
13
Notes to the Financial Statements 2021
18
Independent Auditor’s Report
38
Overview of Professional Advisors
41
Abbreviations
42
Contact Us
43
Contents
2021 Annual Report
3
Following a year disrupted by a global pandemic,
many challenges remained despite hopes that 2021
would bring a ‘new normal’. Individuals, businesses
and authorities worldwide continued to operate with
limitations, and against this backdrop I would like to
thank my colleagues at the Global Legal Entity Identifier
Foundation (GLEIF) for pushing forward regardless and
driving notable progress towards our collective vision:
one global identity for each business worldwide, which
includes a digital identity.
In addition to extending regulatory adoption in financial services,
the sector in which the Legal Entity Identifier (LEI) originated,
we created opportunities to boost LEI acceptance among
new audiences. By identifying and creating value for new LEI
registrants and users worldwide, we have been successful in
showcasing how the LEI enables smarter, less costly, and more
reliable business decisions. This is a key advantage during times
of economic, social, and political turmoil.
Continuing the Shift to
Voluntary Adoption
In 2021, efforts were invested in initiatives that will drive
voluntary mass adoption of the LEI. GLEIF continued to build
awareness and support for the Validation Agent model.
Launched in 2020, this model simplifies the LEI issuance process
and delivers efficiencies, driving voluntary LEI adoption across
a broader portfolio of non-regulatory use cases. Expansion of
the Validation Agent Framework this year has provided easier
access for a growing number of organizations to obtain a unique
organizational identifier.
Demonstrating our commitment to enabling trusted digital
identities for legal entities, GLEIF worked with stakeholders from
across the digital economy to develop a proposed governance
and issuance model for the verifiable LEI (vLEI), a secure digital
attestation of a conventional LEI. By pioneering this new form of
digitized organizational identity, GLEIF is meeting the global need
for automated authentication and verification of legal entities
across a range of industries. We are excited to see this evolve
further in 2022.
We worked to expand opportunities for bulk registration and
announced new partnerships to support these efforts. Contour,
a digital trade platform, deployed the LEI as an onboarding
requirement for platform participants, enabling trading parties
to benefit from improved data integrity and reliability, while
generally creating a more transparent trading environment. This
partnership is a showcase for how the LEI can play a critical role
in establishing trusted counterparty identification, regardless of
use case.
Similarly, a collaboration between GLEIF and certification
authorities (CAs) and trust service providers (TSPs) – in the form
of a new GLEIF CA Stakeholder Group – advanced the use of
LEIs within digital certificates and will continue to encourage
a global approach to LEI usage across digital identity products.
We officially welcomed the first commercial demonstration of
LEIs embedded within digital certificates, by China Financial
Certification Authority (CFCA).
Each of these efforts reflects a significant achievement in the
face of complex challenges posed by the pandemic and emerging
geopolitical risks. We expect the strategic investment of time and
effort into these initiatives to pay significant dividends in 2023
and beyond. The strong support they have already received from
private and public sector audiences globally suggest that their
value will increase exponentially. Certainly, 2022 will be a pivotal
year for GLEIF as we continue to build strong foundations in all
of these areas, assess success metrics, and adjust our investment
strategy to optimize our potential returns.
Strengthening GLEIF’s
Regulatory Roots
Our efforts to expand voluntary LEI adoption complemented
our traditional focus of supporting and driving regulatory
requirements and legal mandates across the financial services
ecosystem globally. We continued to invest heavily in operating
and enhancing our work in this area and are extremely
pleased to report growing interest in LEI use cases by U.S.
governmental agencies. Europe too continued to expand and
consolidate the incorporation of the LEI into its financial services
infrastructure, while the growth in LEI interest across Asia has
been phenomenal. At the start of 2021 there was very low LEI
penetration in the region yet momentum has been building.
Both China and India have become major growth engines for LEI
volumes and there is increasing interest in the LEI from Japan.
In partnership with the Regulatory Oversight Committee (ROC),
we laid a foundation to expand our coverage of investment funds
and governmental entities during 2022. And, finally, we began
the process of restructuring our board to align with current
organizational requirements. The goal is to strengthen our board
with experts in technology strategy and key vertical markets.
As such, we have elected new board members with experience in
the airline, telecom, energy, and technology sectors and who are
experts in data management, technology, risk management, and
legal affairs. A board with a broad knowledge and expertise base
will be of benefit to GLEIF staff and the Global LEI System (GLEIS).
Looking Ahead
I am excited to greet the opportunities that 2022 will bring
and feel confident that under its current leadership, GLEIF is
in a strong position to navigate unforeseen challenges. At the
time of publication, emerging geopolitical risks have caused
major disruptions to global commerce. Yet opportunities lie
in the emerging acceptance of COVID-19 as endemic. This
tension between disruption and opportunity highlights the need
for tools and processes that enable efficient and frictionless
global commerce to grow. As a result, the case for the LEI and
its offspring, the vLEI, is becoming clearer to all, and we are
confident this will result in accelerated adoption and growth. 
While we may indeed sustain challenges in our operational
environment in 2022, we are committed to taking further steps
to make the LEI ubiquitous, as a valuable legal entity identity
structure for the public and private sectors.
Chairman’s Statement
Steven Joachim
Chair of the Board of Directors,
Global Legal Entity Identifier
Foundation (GLEIF)
2021 Annual Report
4
Stephan Wolf
Chief Executive Officer,
Global Legal Entity Identifier
Foundation (GLEIF)
CEOs Statement
Despite the pandemic continuing throughout 2021,
GLEIF ended the year on a high, thanks to multiple
successes and milestones marked on both a strategic
and operational level.
The GLEIS: Scaling for Growth
The expansion and enhancement of the GLEIS continued
throughout the year. Annual LEI issuance rose by 15.3%,
bringing the total number of active LEIs globally to 1.95
million. In support of extended LEI issuance services, GLEIF
accredited three new LEI issuers across different geographical
markets: Keler (Hungary), NordLEI (the Nordics) and Tunisie
Clearing (Tunisia).
Furthermore, following the launch of the Validation Agent
program in 2020, GLEIF welcomed partnerships across the
world with China Financial Certification Authority (CFCA);
FinClusive; JP Morgan; NMB Bank Limited; and UBO Service.
The engagement in this initiative by globally representative
stakeholders from the CA and fintech spaces, as well as
banks, is very important as it signals recognition of the LEI’s
value within industries that are not bound by regulatory
obligations to use it. This advances us further along our
strategic path of encouraging voluntary LEI adoption and will
hopefully act as a catalyst for other similar organizations to
become Validation Agents in the future.
Laying Foundations for Mass
LEI Deployment
In its quest to drive voluntary adoption of the LEI, GLEIF
continued to work hard to identify and expand its value in
specific use cases, to drive advocacy and deployment by new
audiences. GLEIF was successful in advancing LEI engagement
with new audiences in many ways:
Digital certificates: Having recognized the benefit that
the LEI can bring to the digital certificate ecosystem,
GLEIF pursued active collaboration with the global CA and
TSP community in 2021 to accelerate the integration of
the LEI within digital certificates. This pursuit resulted in
GLEIF partnering with three CAs, who are now actively
embedding LEIs in digital certificates.
vLEI operational model: GLEIF developed the vLEI
Ecosystem Governance Framework (EGF) in 2021 in full
accordance with the standards and recommendations of
the Trust over IP Foundation (ToIP) after the infrastructure
model was shared at the end of 2020. The vLEI EGF, which
has been designed from the ground up to complement
GLEIF’s existing LEI governance, defines the vLEI
operational model and describes how the new ecosystem’s
range of vLEI issuing stakeholders will qualify for and
perform their roles in the GLEIS.
New digital identity management use cases: GLEIF
invested heavily behind the scenes in driving the
development of a soon-to-be published ISO standard – ISO
5009 – which will enable new digital identity management
use cases. This standard will support uniform inclusion of
‘Official Organizational Roles’ in LEI-based digital tools.
This will extend their utility and value as universally
trusted methods of digitally confirming the authenticity of
people authorized to act on behalf of an organization.
Global business identity initiative, promoting financial
inclusion: In 2021, GLEIF collaborated on an important
initiative with many partners, including the German
Federal Government through the Deutsche Gesellschaft
für Internationale Zusammenarbeit (GIZ) GmbH. The goal
was to promote the Validation Agent Framework as a
means to equip small and medium enterprises (SMEs) in
developing economies with an LEI, to address financial
inclusion challenges and boost their potential for inclusion
in global supply chains. The initiative was such a success
it gained the attention of international business media
channels. Continuing to build this access to LEIs for SMEs in
developing economies remains a priority for GLEIF in 2022.
Regulatory momentum building: Throughout the year,
GLEIF has been encouraged to see an increasing number
of regulatory authorities and organizations across the
globe – outside of GLEIF’s traditional niche financial
services audiences – considering the LEI as a critical
component to enhance transparency and trust within
ecosystems. Throughout the past year alone, regional
regulators in China and India have committed to drive
country-wide LEI issuance through various policies and
mandates. We have seen regulatory authorities pushing
the LEI to be used increasingly in payments use cases,
the European Commission championing its value in Anti-
Money Laundering (AML) and Countering the Financing
of Terrorism (CFT) policy, and supervisors recognizing the
LEI’s benefits in non-financial reporting. It seems word is
certainly getting out and with growing support for further
LEI regulation and adoption across new and emerging
applications, GLEIF welcomes this burgeoning recognition
of the potential value that ‘one global identitycan deliver
for businesses, regardless of sector, worldwide.
GLEIF: Organizational
Best Practice
In 2021, GLEIF successfully recertified and transitioned to
the new version of ISO 20000. This is an international ISO
standard for service management for IT and non-IT services
and our compliance demonstrates GLEIF’s ongoing reliability
and quality of services to all stakeholders.
Elsewhere, our focus has been on developing operational
excellence through investment in our people. As a global
organization it is critical for GLEIF to build an internationally
diverse team. The resulting blend of skills, knowledge and
perspective allows us to optimally support our partner
network and realize GLEIF’s mission: to manage a network
of global partners to provide trusted services and open,
reliable data for unique legal entity identification worldwide.
Diversity also underpins some fundamental GLEIF values –
namely the organization’s operational excellence when it
comes to performance and its commitment to open, global
participation within the GLEIS. We were proud to end 2021
with a team of roughly 60 staff representing over 20 different
countries. We also boosted our on-the-ground presence last
year with the expansion of our global office network from
five to seven. GLEIF opened new offices in Madrid, Spain and
Tokyo, Japan, expanding our geographical footprint, creating
more opportunity for us to recruit diverse staff and bringing
GLEIF team members closer to its partners.
2021 Annual Report
5
The LEI in 2021
Europe
1,342,487
Americas
370,427
Africa
8,735
Asia
202,942
Oceania
29,845
Active LEIs by Region:
LEI issuance increased, resulting
in significant growth globally.
15.3%
annual increase
in active LEIs
250
jurisdictions
with LEI services
261,000
total LEIs issued
in 2021
1.95
million
active LEIs globally
As of 2021, Dec, 31
2021 Annual Report
6
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7
Regulatory Update
In 2021, GLEIF provided responses for...
Growing Regulatory Momentum for ‘One
Global Identity for Business’
The origin of the LEI is firmly rooted in financial services and
regulation. While its future undeniably points to universal
applicability across public and private sectors for organizations
large and small, its widening acceptance and advocacy are fueled
by its early and continuing successes in regulated use cases.
At the end of 2021, there were 122 regulations globally mandating
LEI usage across financial services reporting, supervision and
identification use cases worldwide. GLEIF actively participates
in relevant public consultations published by regulators and
organizations to highlight the added value of the LEI. In 2021, GLEIF
responded to 62 public consultations across five jurisdictions.
GLEIF prioritizes this activity to: raise awareness of the LEI
among regulators worldwide; highlight the benefits of using an
established, freely accessible, and globally recognized standard;
and illustrate specific opportunities that exist when the LEI is
harnessed as a required component of an identity management
ecosystem.
public consultations published
by regulatory authorities
and organizations
which were
published in
different
jurisdictions
62
23
covered
17
covered
9
covered
7
covered
6
covered
5
Consultation Focus
Digital
finance,
blockchain,
crypto-assets,
open finance,
digital ID
Trade and
transaction,
supervisory
reporting
AML, CFT,
de-risking
Payments,
VAT related data,
customs
VAT
%
Non-financial
reporting, climate
change mitigation
2021 Annual Report
8
Strategic Priorities in 2021
Introduction
Notable advances were made by GLEIF throughout
2021 towards the organization’s vision of one global
identity, which can be used digitally, for every business
worldwide. GLEIF further strengthened the LEI issuance
ecosystem, while continuing to consolidate the LEI’s
value in the world of digital entity identity management,
particularly in relation to verifiable credentials and
digital certificates. The drive towards global issuance
and adoption of the LEI beyond regulatory mandates
also continued at pace. As a result, the LEI featured in
some high-profile deployments across multiple public
and private sector use cases.
A Strengthened GLEIS
A strong, credible, and globally expansive LEI issuance ecosystem
– overseen by international regulators – is necessary for GLEIF
to progress its vision. The GLEIS provides that infrastructure,
allowing unique identifiers to be issued to legal entities across
the globe.
In 2021, GLEIF was successful in strengthening the GLEIS and
demonstrating best operational practice in a number of ways.
Enhanced Data Governance: New Data
Quality Management Reporting
GLEIF successfully launched its Data Governance Pre-Check
Application Programming Interface (API) in 2021. This
enables LEI issuers to assess data quality prior to publishing
it on the Global LEI Index. The API delivers the results of the
check in a pass/fail format, along with the reasons for failure
if applicable. The new requirement, since August 2021, for
LEI issuers to pre-check the quality of new and updated data
records before upload, together with GLEIF’s introduction
of an additional 18 data quality checks in the same month,
had a measurably positive impact. This was reflected in the
reformatted monthly data quality reports.
After an initial drop in the Data Quality Score (to the daily
average of 99.71 out of 100), which resulted from LEI issuers
updating LEI records to meet the new standards, the score
rose and stabilized at 99.97 by the end of the year.
The number of LEI issuers achieving Expected and Excellent
Quality scores in the monthly data quality reports also
significantly improved throughout 2021.
By the end of the year, the data quality management
information on the GLEIF website was fully updated to reflect
these developments. GLEIF also developed and published
an interactive monitoring dashboard to support LEI issuing
organizations in the daily tasks of data management.
The progress made on data quality initiatives in 2021
– and the resulting increase in data quality standards
within the GLEIS was a result of GLEIF’s continual
improvement program to manage and enhance its data
quality processes. GLEIF is committed to ensuring the
highest quality of LEI data for LEI users to maintain the
trust of market participants in the GLEIS.
What is the GLEIS?
The Global LEI System (GLEIS) is the infrastructure
that enables LEIs to be issued to legal entities
globally. The GLEIS operates in three-tiers:
The ROC is a group of more than 65
financial market regulators and other
public authorities and 19 observers from
more than 50 countries. It promotes
the broad public interest by improving
the quality of data used in financial
data reporting, improving the ability
to monitor financial risk, and lowering
regulatory reporting costs through the
harmonization of these standards across
jurisdictions. It oversees GLEIF to ensure
it upholds the principles of the GLEIS.
GLEIF supports the implementation
and use of the LEI. It makes available
the Global LEI Index which is the only
global online source that provides open,
standardized and high quality legal entity
reference data. It also provides services
that ensure the operational integrity of
the GLEIS, such as the accreditation of
LEI issuing organizations.
LEI issuing organizations are accredited
by GLEIF to supply registration, renewal,
and other services, and act as the
primary interface for legal entities
wishing to obtain an LEI.
2021 Annual Report
9
of women in
managerial roles
Recertification and Transition
to ISO/IEC 20000-1:2018
GLEIF demonstrated ongoing reliability and quality of services
to employees, stakeholders, and customers in 2021 through
its commitment to maintaining compliance with ISO 20000.
This is an international standard for service management for
IT and non-IT services published by ISO.
In 2019 GLEIF obtained an ISO/IEC 20000-1:2011 certificate,
proving that it had met the standards required for planning,
establishing, implementing, operating, monitoring, reviewing,
maintaining, and improving a Service Management System
(SMS). The GLEIF SMS plays a critical role in ensuring GLEIFs
services remain relevant, up to date, effective and operate in
line with best practices.
In July 2021, GLEIF accomplished its latest compliance
milestone by successfully completing the recertification
process and transitioning to the new version of the ISO
standard, ISO/IEC 20000-1:2018. This achievement enables
better integration of the GLEIF SMS with other integrated
management systems, thanks to a common new High-Level
Structure. It also demonstrates GLEIF’s ongoing commitment
to systemic risk analysis to ensure the effectiveness and
resilience of its service delivery alongside its sharp focus on
continual quality improvement.
Diversity, Talent Management
and Sustainability Progress
On the human side, GLEIF has continued to strengthen the
GLEIS by ensuring that those responsible for its development,
maintenance and operation are globally representative.
This ensures that the broadest range of perspectives,
approaches, and requirements are continually considered at
a strategic and operational level.
To serve this purpose, GLEIF is committed to building a
diverse leadership team and workforce, and encouraging a
Strategic Priorities in 2021
corporate culture that welcomes heterogeneity, inclusion,
and a holistic approach to talent management.
At the end of 2021, GLEIFs credibility as a truly diverse
and international entity was well established, thanks to
its employment of roughly 60 staff members from over 20
nations (including staff members with dual citizenship).
While 45% of the workforce was female, women filled 75% of
managerial roles.
As a foundation under Swiss law, GLEIF’s headquarters are
in Basel, Switzerland. Yet it is committed to strong ‘on the
ground’ representation in key regions globally, through its
network of international offices. GLEIF’s largest office is
in Frankfurt, Germany and, as such, approximately 36%
of all employees are German citizens. Permanent offices
also exist in Geneva, Switzerland; Bunnik/Province Utrecht,
The Netherlands; Madrid, Spain; Tokyo, Japan; and
Jersey City/New Jersey, USA.
At an employee level, GLEIF prioritizes professional
progression in a way that takes the needs of the individual
into account. To support this principle, GLEIF deployed a new
HR tool called ‘Evalea’ in 2021. All staff use the platform for
ongoing skills development, individual training requests,
e-learning modules, yearly appraisals, and 360° feedback.
In particular, the 360° platform lays the foundation for
meaningful and lasting behavior change by providing GLEIF
employees with honest and constructive insight into their
strengths and potential opportunities for development. The
platform fosters a culture of open dialogue and respect by
allowing colleagues to provide written feedback to peers,
direct reports, and managers.
In addition to prioritizing a diverse and progressive
workplace, GLEIF made changes to its technical infrastructure
in 2021 to minimize the organization’s environmental impact.
GLEIF uses data hosting service providers who use climate-
neutral data centers, ensuring that renewable energy sources
cover 100% of electricity needs.
Frankfurt
Madrid
Geneva
Tokyo
Jersey City
New Jersey
Bunnik
Province Utrecht
Germany
Basel
GLEIF Headquarters
Switzerland
Spain
Switzerland
Japan USA
The Netherlands
Seven offices across the globe
20+
75%
nations represented
across 3 continents
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10
Strategic Priorities in 2021
Enabling Universal Digital
Identity Management
Throughout 2021, GLEIF worked diligently to advance initiatives
that champion the LEI’s role in enhancing trust in, and adding
value to, the digital identity management systems that power the
public and private sectors worldwide. GLEIF recognized that in a
globalized digital economy, the process of verifying the identity
of customers, partners, and suppliers is business critical, yet it
can be complex and costly especially across international borders.
Since the LEI is the only open and standardized system, overseen
by global regulators, that is capable of establishing digitized trust
between all legal entities everywhere, GLEIF has strongly advocated
for digital identity management tools to be strengthened with
embedded LEIs. GLEIF’s particular focus in the past twelve
months has been on digital certificates and verifiable credentials.
Advanced Trust and Transparency in
Digital Certificates
To accelerate the integration of LEIs in digital certificates, GLEIF
launched a new Certification Authority (CA) Stakeholder Group
in March 2021. CAs and TSPs from across the globe were invited
to collaborate with GLEIF on the development and promotion of
best practice guidelines and use cases for LEI integration across
the digital identity industry. There was strong engagement in the
group from the outset and at the end of 2021 it had support and
participation from China Financial Certification Authority (CFCA),
DigiCert, Entrust Datacard, Guang Dong Certificate Authority
(GDCA), ICAI India, InfoCert, and SwissSign.
The use of the LEI in digital certificates delivers significant
identity management benefits in a digital environment.
Digital certificates with embedded LEIs can be linked to verified
and regularly updated entity reference data online. This
makes certificates easier to manage, aggregate and maintain
and provides greater transparency across the digital identity
management ecosystem.
In April 2021, soon after the launch of the CA Stakeholder Group,
one of the members of the group – CFCA – showcased the first
commercial demonstration of LEIs embedded within digital
certificates. CFCA also became a Validation Agent in the GLEIS
and the inaugural CA to sign up for the Validation Agent role.
CFCAs advances in 2021 are significant as they reflect the earliest
reported successes aligned to GLEIF’s CA Stakeholder Group
initiative. GLEIF considers them to be an important first step
towards achieving a critical mass of LEIs embedded within digital
certificates. The success of CFCA paves the way for more CAs to
do the same in the coming year and beyond.
Verifiable Credentials: Progress Towards
Instant and Automated ID Verification
A notable achievement in 2021 was GLEIF’s unveiling of
its proposed governance and infrastructure models for the
vLEI system. This followed an earlier announcement of plans
to extend the GLEIS to create a fully digitized LEI service
capable of enabling decentralized and automated identity
verification between counterparties operating across all
industry sectors, globally.
The governance model establishes GLEIF as the digital ‘root
of trust’ and enables GLEIF to safeguard the integrity of the
trust chain. Certain vLEI credentials issued to legal entities
and persons who represent their organizations officially must
be issued by a GLEIF-qualified vLEI issuer to a legal entity
client that has an LEI. Once obtained, the vLEI can be used
as a basis to issue additional credentials to members of the
organization. The vLEI issuance, revocation, verification, and key
management processes have been designed in full accordance
with standards of the Linux Foundation-based ToIP, of which
GLEIF is a contributing member.
GLEIF also confirmed that to fulfil its global potential, the
vLEI system will interoperate seamlessly and securely with
all technology models, e.g. blockchain and distributed ledger
consortia, by adopting a ‘network of networks’ approach.
To accomplish this, GLEIF has leveraged the Key Event Receipt
Infrastructure (KERI) protocol to develop the vLEI’s technical
underpinnings in an open source environment.
To recap, GLEIF’s intention for the vLEI is to give government
organizations, companies, and other legal entities worldwide
the capacity to use non-repudiable identification data pertaining
to their legal status, ownership structure and authorized
representatives in a growing number of digital business activities.
These include approving business transactions and contracts,
onboarding customers, transacting within import/export and
supply chain business networks, and submitting regulatory
filings and reports.
The development model for the vLEI was widely welcomed
by industry leaders. Throughout the year, GLEIF engaged in
partnerships and trials with software developers as well as
stakeholders in supply chain, trade, trade finance, telecom,
national identity, industry solutions, and the financial services
sector, with a view to exploring opportunities to leverage vLEI
identity verification in future applications, services and business
models. Significant progress was made on this initiative and
exciting developments – both in terms of the infrastructure
development and broad industry engagement – are expected
to follow as this initiative gains increased momentum in 2022.
Strategic Priorities in 2021
Supporting LEI Adoption
in Public and Private
Sector Initiatives
GLEIF celebrated a number of important partnerships and
LEI deployments in 2021, which collectively show the rapidly
expanding acceptance and advocacy for the LEI across the public
and private sectors, geographies, and use cases.
Strengthening Financial
Inclusion with the LEI
In August 2021, GLEIF was involved in the launch of a widely
reported global business identity initiative, to boost financial
inclusion in developing economies. The initial focus was on
the African continent.
As a Validation Agent,
NMB Bank is now able to offer a
new service to our SME clients
which allows them to save
significant time when partaking
in international transactions
and opens opportunities to access
trade finance. Addressing these
key pain points will help us
deliver an attractive proposition
to SME customers.
A robust global enterprise identity
opens up an under-represented
large base of SMEs and women-
owned businesses to trade across
Africa as well as across global
markets. Cenfri looks forward to
the deepening of LEI usage across
Africa and the inclusion of SME
and women-owned enterprises in
the global economy.
Munyaradzi Kamhozo,
Account Relationship
Manager
Barry Cooper,
Technical Director
We face trade financing challenges
not only because we are a small
company, but because we are unknown
from Zimbabwe. We often receive
unfavourable repayment terms which
result in indirect exclusion. The LEI will
give us greater credibility when we apply
for finance, engage in international
trade, and establish new supplier
relationships for our
manufacturing process.
Second Muguyo,
Finance and Admin
Manager
A Zimbabwean copper and
silver giftware manufacturer
Many small and medium sized enterprises (SMEs) in developing
countries often lack the business credentials needed to access
adequate trade finance, form partnerships, and participate in the
global digital economy. To address this, GLEIF initiated a flagship
project to streamline the LEI issuance process and equip SME
customers, especially on the African continent, with globally
verifiable business identities. NMB Bank Limited of Zimbabwe
became the first African bank to achieve the designation of
Validation Agent. Other partners involved were: LSEG (London
Stock Exchange Group), Cenfri, Cornerstone Advisory, and the
German Federal Government through the Deutsche Gesellschaft
für Internationale Zusammenarbeit (GIZ) GmbH.
It remains a priority for GLEIF in the year ahead to promote the
valuable role Validation Agents and the LEI can play in expanding
SME access to trade finance, broadening SME participation in
domestic and international markets, and ultimately increasing
the flow of inbound capital to developing economies.
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can also be easily accessed by, and integrated with, other
sustainability initiatives, to enhance data modeling, mapping,
and calculations. The recruitment of LEI datasets into ASDI
therefore has the potential to act as a catalyst for innovative
LEI use in sustainability initiatives of the future, including
transparent ESG reporting and data exchanges.
Facilitating Global Trade
A number of developments in 2021 helped to expand recognition
of the LEI’s value in supporting global trade networks.
In August, GLEIF joined the Industry Advisory Board for the
International Chamber of Commerce. The Industry Advisory
Board works under the auspices of the Digital Standards Initiative
(DSI) Governance Board and is comprised of 30 industry leaders
and strategic organizations, such as GS1, WCO, IPCSA, SWIFT,
BIMCO, FIATA, DCSA, freight and logistics, banks, retailers, and
commodity companies. The group is tasked with supporting the
DSI’s growing mandate, which includes solving key challenges
facing international trade digitization efforts and establishing a
global harmonized and digitalized trade environment.
In a separate but complementary development, a partnership
was announced in October between GLEIF and Contour, the
digital trade finance network. This partnership enables Contour
to use the LEI within its own network and to financially support
its members in obtaining their own LEI.
Contour recognized that LEI adoption benefits its members by
increasing confidence amongst their trading counterparties,
lowering data reconciliation costs, reducing transaction
discrepancies, and improving risk management. The integration
of the LEI into Contours digital network also allows trading
parties to benefit from improved data integrity and reliability,
creating a more transparent trading environment.
Contour has committed to deepen its use of the LEI and to
integrate it when working with its partners on new APIs, build it
into its Know-Your-Customer processes, and to collaborate with
GLEIF on the vLEI initiative.
Strategic Priorities in 2021
Enabling Sustainable Finance with LEI Data
In November 2021, GLEIF partnered with OS-Climate and
Amazon to demonstrate how LEI data can play a critical role
in helping businesses assess the climate change-related risks
of their investments. The lack of standardization for entity
identification typically makes it difficult to find, compare, and
consume Environmental, Social and Governance (ESG) data
globally – leading to a lack of transparency and inefficiencies.
The three-way partnership resulted in LEI datasets being
recruited into Amazon’s Sustainability Data Initiative (ASDI)
open-data catalog. While the goal of this particular collaboration
was to drive broader and faster development of climate-aligned
financial applications, the new availability of LEI data within ASDI
has the potential to deliver a much wider-reaching impact on the
global sustainability ecosystem. By making large sustainability
datasets publicly available to anyone, ASDI seeks to accelerate
sustainability research and innovation by minimizing the cost
and time required for data acquisition and analysis. The datasets
Standardization of identity is an
important step in enabling businesses
to seamlessly participate in multiple,
complementary trade networks without
encountering administrative barriers.
Contour’s partnership with GLEIF will help
to make trade finance more accessible by
streamlining connections between trade
participants. It will do this by equipping
users of our network with the
information they need to transact
with confidence.
Sharing LEI data alongside other
important data assets like carbon
emissions and climate projections will
help users all over the world streamline
processes to support environmentally
friendly investments and make
sustainable financial decisions. This
will lead to faster innovation.
Aaron Seabrook,
Chief Operating Officer
The world of corporate
identities and relationships is
dynamic and complex. The OS-Climate
project aims to create a ‘one-stop shop’
for data and analytics tools to enable
breakthrough innovations in the area of
climate-aligned finance. The LEI provides
OS-Climate with an elegant and powerful
architectural solution to this problem, and
the programmatic availability of the
dataset on ASDI simplifies our own
data management and platform
services model greatly.
Michael Tiemann,
Project Lead
Ana Pinheiro Privette,
Global Lead, ASDI
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13
Global Legal Entity Identifier Foundation (GLEIF)
Basel, Switzerland
Consolidated Financial Statements 2021
for the Period from January 1 to December 31, 2021
Notes Jan. to Dec. 2021 Jan. to Dec. 2020
US$ US$
Fee revenue 3.1 13,201,695 11,987,725
Wages and salaries -7,059,042 -5,894,056
Social contributions and expenses for pensions and care -925,652 -780,217
Personnel expenses 3.2 -7,984,694 -6,674,273
Other operating expenses 3.3 -4,773,507 -4,465,448
Other operating income 3.4 162,764 345,590
Amortization and depreciation expense 4.5/4.6/4.7 -1,683,704 -1,070,035
Operating surplus / (loss) -1,077,446 123,559
Subsidies and donations 3.5 111,690 28,811
Financial income / expense 3.6 -239,631 -61,766
Net surplus / (loss) -1,205,387 90,604
Changes of components of net equity from actuarial gains and losses in
pension and similar obligations
3.2 13,996 -6,984
Items that will not be reclassified to net surplus 13,996 -6,984
Other comprehensive income 13,996 -6,984
Total comprehensive income -1,191,391 83,620
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Statement of Comprehensive Income
for the Period from January 1 to December 31, 2021
Assets Notes Dec. 31, 2021 Dec. 31, 2020
US$ US$
Receivables from LEI Issuers 4.1 1,846,734 1,639,591
Current financial assets 4.2 1,840 4,860
Other assets 4.3 374,827 430,412
Cash and cash equivalents 4.4 12,193,789 14,088,580
Current assets 14,417,190 16,163,443
Intangible fixed assets 4.5 1,468,286 1,220,640
Tangible assets 4.6 160,067 174,111
Long-term financial assets 4.2 144,973 157,069
Right-of-use assets 4.7 4,436,334 5,293,914
Non-current assets 6,209,660 6,845,734
20,626,850 23,009,177
Balance Sheet
as at December 31, 2021
Liabilities and equity Notes Dec. 31, 2021 Dec. 31, 2020
US$ US$
Payables due to vendors 4.8 913,290 965,390
Liabilities due to board directors 6.1 96 0
Current financial liabilities 4.9 1,223,308 1,198,379
Other payables 4.10 1,804,330 1,633,227
Deferred subsidies 3.5 5,031 96,222
Current liabilities 3,946,055 3,893,218
Provision for pension costs 3.2 33,611 46,500
Long-term financial liabilities 4.9 3,567,158 4,792,688
Deferred subsidies 3.5 1,217 6,571
Non-current liabilities 3,601,986 4,845,759
Paid-in foundation capital 55,927 55,927
Other reserves 28,428 14,432
Retained surplus 12,994,454 14,199,841
Organizational capital 4.11 13,078,809 14,270,200
20,626,850 23,009,177
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Cash Flow Statement
for the Period from January 1 to December 31, 2021
Notes Jan. to Dec. 2021 Jan. to Dec. 2020
US$ US$
Net surplus / (loss) -1,205,387 90,604
Amortization and depreciation expense 1,683,704 1,070,035
Increase (decrease) of provisions 5,960 9,086
(Gains) / losses from the disposal of fixed assets 72,274 463
Financial income / expense 112,622 24,306
Other non-cash expenses and income 127,173 90,511
Decrease / increase of receivables and other current assets -118,037 -256,953
Increase / decrease of liabilities to vendors and other operating (non-financial) liabilities 184,037 391,566
Interest received 51,737 87,061
Cash flow from operating activities 914,083 1,506,679
Receipts from the disposal of intangible and tangible fixed assets and right-of-use assets 4,311 459
Acquisition of intangible and tangible fixed assets and right-of-use assets 4.5/4.6/4.7 -999,407 -539,387
Acquisition / settlement of financial assets 4.2 4,361 33,509
Cash flow from investing activities -990,735 -505,419
Repayment of lease liabilities -981,940 -362,474
Proceeds from other (non-lease) financial liabilities -18,746 -46,427
Interest paid -164,261 -119,364
Cash flow from financing activities -1,164,947 -528,265
Total cash flow effects on cash and cash equivalents -1,241,599 472,995
Effect of changes in exchange rates on cash and cash equivalents -653,192 359,661
Cash and cash equivalents at beginning of period 14,088,580 13,255,924
Cash and cash equivalents at end of period 4.4 12,193,789 14,088,580
2021 Annual Report
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Statement of Changes in Organizational Capital
Paid-in foundation
capital
Other reserves,
actuarial gains
and losses from
pension obligations
Retained surplus Organizational
capital
US$ US$ US$ US$
Balance as at December 31, 2019 55,927 21,416 14,109,237 14,186,580
Net surplus 0 0 90,604 90,604
Other comprehensive income 0 -6,984 0 -6,984
Total comprehensive income 0 -6,984 90,604 83,620
Balance as at December 31, 2020 55,927 14,432 14,199,841 14,270,200
Net surplus / (loss) 0 0 -1,205,387 -1,205,387
Other comprehensive income 0 13,996 0 13,996
Total comprehensive income 0 13,996 -1,205,387 -1,191,391
Balance as at December 31, 2021 55,927 28,428 12,994,454 13,078,809
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Notes to the Consolidated Financial Statements
1. Information on GLEIF
The accompanying consolidated financial statements present the operations of Global Legal
Entity Identifier Foundation (hereinafter: ‘GLEIF’ or ‘the Foundation’) with its registered office
in Basel, Switzerland and its subsidiary (together referred to as the ‘GLEIF Group’).
GLEIF is a foundation according to Swiss civil law and registered under no. CHE-200.595.965
in the commercial register of Basel-Stadt, Switzerland. The address of the Foundation is
St. Alban-Vorstadt 5, 4002 Basel, Switzerland. In February 2015, GLEIF began operating a
permanent establishment in Frankfurt am Main, Germany, where the main operating activities
of the Foundation are located.
GLEIF was founded on June 26, 2014, by the Financial Stability Board, an association under
Swiss law. The purpose of GLEIF is to establish, maintain, and monitor the Global Legal Entity
Identifier System (‘GLEIS’), which provides a worldwide unique identification number (the ‘LEI’)
for all parties of financial transactions.
The establishment of this system has been required by the Heads of State and Government of
the Group of Twenty, calling the Financial Stability Board to coordinate the work among the
regulatory bodies. Prior to the foundation of GLEIF, the Financial Stability Board established
the Regulatory Oversight Committee (‘ROC’), which had set forth requirements for the
structure of the GLEIS and for the management, monitoring, and standard-setting functions, as
well as the internal structure and the funding of GLEIF. The ROC has, as stipulated in Article 4
of the GLEIF Statutes, the regulatory oversight of the GLEIS, including the activities of GLEIF in
the broad public interest.
GLEIF is under supervision of the Swiss Supervisory Board of Foundations since the
establishment of GLEIF in June 2014.
The consolidated financial statements were authorized for publication by the GLEIF Board of
Directors on May 13, 2022.
2. Basis of Presentation and Summary of
Significant Accounting Policies
2.1 General
These consolidated financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board
(IASB). GLEIF also prepares a set of statutory financial statements in accordance with the Swiss
Code of Obligations.
These consolidated financial statements are presented in U.S. dollars (US$), with rounding to
the nearest dollar, unless otherwise stated.
The consolidated financial statements are prepared on the historical cost basis, unless
otherwise stated in the accounting policies.
The accounting policies set out below are unchanged from the prior period and have been
applied consistently throughout both periods.
2.2 Basis of consolidation
The consolidated financial statements comprise the financial statements of GLEIF and its
subsidiary as at December 31, 2021. Control is achieved when the GLEIF Group is exposed,
or has rights, to variable returns from its involvement with the investee and has the ability to
affect those returns through its power over the investee. Specifically, the GLEIF Group controls
an investee if, and only if, the GLEIF Group has:
Power over the investee (i.e., existing rights that give it the current ability to direct the
relevant activities of the investee);
Exposure, or rights, to variable returns from its involvement with the investee;
The ability to use its power over the investee to affect its returns.
Generally, there is a presumption that a majority of voting rights results in control. To support
this presumption and when the GLEIF Group has less than a majority of the voting or similar
rights of an investee, the GLEIF Group considers all relevant facts and circumstances in
assessing whether it has power over an investee, including:
2021 Annual Report
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The contractual arrangement(s) with the other vote holders of the investee;
Rights arising from other contractual arrangements;
The Group’s voting rights and potential voting rights.
Based on corporate governance and any additional agreements, companies are analyzed for
their activities and variable returns, and the link between the variable returns and the extent
to which their relevant activities could be influenced.
The GLEIF Group re-assesses whether or not it controls an investee if facts and circumstances
indicate that there are changes to one or more of the three elements of control. Consolidation
of a subsidiary begins when the GLEIF Group obtains control over the subsidiary and ceases
when the GLEIF Group loses control of the subsidiary. Assets, liabilities, income and expenses
of a subsidiary acquired or disposed of during the year are included in the consolidated
financial statements from the date the GLEIF Group gains control until the date the GLEIF
Group ceases to control the subsidiary.
When necessary, adjustments are made to the financial statements of subsidiaries to bring
their accounting policies in line with the GLEIF Group’s accounting policies. All intra-group
assets and liabilities, equity, income, expenses and cash flows relating to transactions between
members of the GLEIF Group are eliminated in full on consolidation.
If the GLEIF Group loses control over a subsidiary, it derecognizes the related assets (including
goodwill), liabilities, non-controlling interest and other components of equity, while any
resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at
fair value.
Scope of consolidation
As of December 31, 2021, the GLEIF Group consists of GLEIF and its subsidiary ‘GLEIF Americas,
a New Jersey nonprofit corporation’ (hereinafter: ‘GLEIF Americas’) with its registered seat
in Jersey City, New Jersey, United States of America. The subsidiary was incorporated on May
1, 2020 and is consolidated since then. Article 3.01 of the bylaws states that at each time the
majority of the board members must be affiliated with GLEIF. The members of initial board of
trustees are officers and employees of GLEIF. Board members are elected or re-elected by the
majority of the existing trustees.
2.3 Foreign currency
The functional currency of GLEIF is the U.S. dollar, as the Foundation generates its revenues and
receives almost all cash flows from the LEI issuers (also referred to as Local Operating Units or
LOUs) in this currency. The functional currency of GLEIF Americas is the U.S. dollar as well.
Transactions that are denominated in a currency other than U.S. dollar are recorded at the
spot exchange rate on the date when the underlying transactions are initially recognized.
At the end of the reporting period, foreign currency-denominated monetary assets and
liabilities are retranslated into U.S. dollars, applying the spot exchange rate prevailing at that
date. Gains and losses arising from these foreign currency revaluations are recognized in
financial income / expense.
The exchange rates of the most significant foreign currencies are:
Dec. 31, 2021 Dec. 31, 2020
US$ US$
Swiss Franc to U.S. dollar 1.0963 1.1360
Euro to U.S. dollar 1.1326 1.2271
2.4 Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable net of
discounts and rebates and excluding taxes or duty. Revenue is recognized over the term of the
license period on an accrual basis.
The revenue of GLEIF is based on arrangements with the LEI issuers to pay to GLEIF a fixed
service fee for each LEI issued and served by the respective issuer.
The license period of an LEI is one year from the date of issuance or renewal. During this
period, the LEI issuers are responsible for managing and maintaining the integrity and accuracy
of the LEI entry data and of the associated changes. The services provided by GLEIF to the LEI
issuers relate to quality assurance, standardization, and certain other work with regard to the
LEI issuers’ management of LEIs. Accordingly, the revenue of GLEIF is related to the service
periods of the LEIs. On a straight-line basis, GLEIF recognizes the revenue over the terms of the
contracts between the LEI issuers and the LEI users, and defers the revenue that is allocated to
the portion of the LEI service periods remaining after the balance sheet date. The outstanding
portion of the LEI service periods is estimated based on quarterly performance reports of each
LEI issuer.
Under the ‘master agreement’ arrangement, the LEI issuer pays a quarterly service fee based
on all active LEIs under its management at the end of the quarter. For service fees under
this agreement, GLEIF only reflects in the balance sheet and as revenue 50% of the quarterly
service fee for new / renewed LEIs during the quarter. The remaining 50% that has neither
been earned nor billed at the end of the quarter is not shown in the balance sheet and only
recognized in the subsequent quarter.
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2.5 Government grants
A government grant or assistance is recognized only when there is reasonable assurance that
the relevant group entity will comply with any conditions attached to the grant and the grant
will be received. The grant is recognized as income over the period necessary to match with
the related costs, for which they are intended to compensate, on a systematic basis. A grant
receivable as compensation for costs already incurred or for immediate financial support, with
no future related costs, is recognized as income in the period in which it is receivable. A grant
relating to assets (capitalized expenditure) is recognized as deferred income (liability), and
released in accordance with the amortization of the related assets.
2.6 Interest
Interest income and expense are recognized using the effective interest method. The effective
interest rate is established on initial recognition of the financial asset or liability and is not
revised subsequently.
2.7 Income taxes
Since 2015, the Foundation’s activities are located in Basel, Switzerland and in Frankfurt am
Main, Germany. GLEIF is free from Swiss income taxes based on an assessment of the tax
authority Basel-Stadt, Switzerland. In Germany, the activities of GLEIF to manage and monitor
the GLEIS are free from corporate and trade tax on income by law.
GLEIF Americas is exempt from federal income tax under Internal Revenue Code (IRC)
Section (c)(3).
2.8 Provisions
A provision is recognized in the balance sheet when a group entity has a present legal or
constructive obligation as a result of a past event, it is probable that an outflow of economic
benefits will be required to settle the obligation, and a reliable estimate can be made of the
amount of the obligation. If the effect is material, provisions are recognized at present value by
discounting the expected future cash flows at a rate that reflects current market assessments
of the time value of money. When a contract becomes onerous, the present obligation under
the contract is recognized as a provision and measured at the lower of the expected cost of
fulfilling the contract and the expected cost of terminating the contract as far as they exceed
the expected economic benefits of the contract. Additions to provisions and reversals are
generally recognized in the income statements.
Provisions for pension obligations are recognized by using the projected unit credit method
based on reasonable assumptions for the long-term expected rate of salary increases and
benefit increases, demographic assumptions, and long-term interest rates as of the balance
sheet date. The related plan assets are recognized at their fair value in accordance with IAS 19.
2.9 Lease commitments
At inception of a contract, the GLEIF Group assesses whether a contract is, or contains, a lease.
A contract is, or contains, a lease if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for consideration.
At commencement or on modification of a contract that contains a lease component, the GLEIF
Group allocates the consideration in the contract to each lease component on the basis of its
relative stand-alone prices. However, for the leases of IT equipment for the GLEIF data centers
the GLEIF Group has elected not to separate non-lease components and account for the lease
and non-lease components as a single lease component.
The GLEIF Group recognizes a right-of-use asset and a lease liability at the lease
commencement date. The right-of-use asset is initially measured at cost, which comprises
the initial amount of the lease liability adjusted for any lease payments made at or before
the commencement date, plus any initial direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to restore the underlying asset or the site on
which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the
commencement date to the end of the lease term, unless the lease transfers ownership of the
underlying asset to the GLEIF Group by the end of the lease term or the cost of the right-of-
use asset reflects that the Group will exercise a purchase option. In that case the right-of-use
asset will be depreciated over the useful life of the underlying asset, which is determined
on the same basis as those of property and equipment. In addition, the right-of-use asset is
periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of
the lease liability.
The lease liability is initially measured at the present value of the lease payments that are
not paid at the commencement date, discounted using the interest rate implicit in the lease
or, if that rate cannot be readily determined, the GLEIF Group’s incremental borrowing rate.
Generally, the GLEIF Group uses its incremental borrowing rate as the discount rate.
The lease liability is measured at amortised cost using the effective interest method. It is
remeasured when there is a change in future lease payments arising from a change in an
index or rate, if there is a change in the GLEIF Group’s estimate of the amount expected to
be payable under a residual value guarantee, if the GLEIF Group changes its assessment of
whether it will exercise a purchase, extension or termination option or if there is a revised in-
substance fixed lease payment.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the
carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount
of the right-of-use asset has been reduced to zero.
Short-term leases and low-value leases are recognized as expenses on a straight-line basis.
Lease arrangements with a residual lease term under 12 months on the date of initial
application are treated as short-term leases.
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2.10 Tangible fixed assets
GLEIF Group tangible fixed asset items are initially measured at cost. Cost includes
expenditures that are directly attributable to the acquisition of each item. Tangible fixed
assets are subsequently measured at cost less accumulated depreciation and any accumulated
impairment losses. Depreciation is charged to allocate the cost of assets less their residual
values over their estimated useful lives, using the straight-line method.
The estimated useful lives of all items of tangible fixed assets are as follows:
Technical and computer equipment 3 to 5 years
Motor vehicles 6 years
Office equipment 6 to 10 years
2.11 Intangible fixed assets
Separately acquired intangible fixed asset items are initially measured at cost. Cost includes
expenditures that are directly attributable to the acquisition of each item. After initial
measurement, intangible fixed assets are measured at cost less accumulated amortization and
any accumulated impairment losses. Amortization is charged on a straight-line basis over the
estimated useful lives of the intangible fixed assets.
The estimated useful lives of intangible fixed assets are as follows:
Software 3 to 5 years
As at the end of the current financial year, GLEIF Group did not have intangible fixed assets
with an indefinite useful life.
2.12 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and
a financial liability or equity instrument of another entity. Financial assets of the GLEIF
Group mainly include cash and cash equivalents, long and short-term security deposits, and
receivables from LEI issuers’ fees. Financial liabilities of the GLEIF Group mainly comprise
payables to vendors and to employees and board directors. GLEIF Group does not make use
of the option to designate financial assets or financial liabilities at fair value through profit or
loss at inception (Fair Value Option). Based on their nature, financial instruments are classified
as financial assets, and financial liabilities measured at cost or amortized cost, and financial
assets and financial liabilities measured at fair value.
Financial instruments are recognized on the balance sheet when a group entity becomes a
party to the contractual obligations of the instrument. Regular way purchases or sales of
financial assets, i.e., purchases or sales under a contract whose terms require delivery of the
asset within the time frame established generally by regulation or convention in the market
place concerned, are accounted for at the trade date.
Initially, financial instruments are recognized at their fair value. Transaction costs directly
attributable to the acquisition or issue of financial instruments are only included in
determining the carrying amount if the financial instruments are not measured at fair value
through profit or loss. Subsequently, financial assets and liabilities are measured according to
the category – cash and cash equivalents, loans and receivables, financial liabilities measured
at amortized cost – to which they are assigned.
Cash and cash equivalents
The GLEIF Group considers all highly liquid investments that are readily convertible to known
amounts of cash and that are subject to an insignificant risk of change in value and have less
than three months maturity from the date of acquisition to be cash equivalents. Cash and cash
equivalents are measured at cost.
Loans and receivables
Financial assets classified as loans and receivables are measured at amortized cost using the
effective interest method less any impairment losses. Impairment losses on trade and other
receivables are recognized using separate allowance accounts.
Financial liabilities
The GLEIF Group measures financial liabilities at amortized cost using the effective interest
method.
2021 Annual Report
22
2.13 Accounting pronouncements applied in the financial
statements
GLEIF Group has applied all IFRS accounting pronouncements that are effective for this
reporting period. The GLEIF Group has not adopted any standards that have already been issued
but that are not yet effective for this reporting period. The amendments had no material effect.
Amendments to
standards
Description
Mandatory
application
IFRS 9, IAS 39, IFRS 7,
IFRS 4 and IFRS 16
Interest Rate Benchmark
Reform Phase 2
Jan. 1, 2021
IFRS 4
Amendments to IFRS 4: Insurance
Contracts: Extension of the Temporary
Exemption from Applying IFRS 9
Jan. 1, 2021
IFRS 16
Amendments to IFRS 16 Leases:
COVID-19-Related Rent Concessions
beyond 30 June 2021
April 1, 2021
2.14 Not yet adopted recent accounting pronouncements
The following pronouncements issued by the IASB are not yet effective and have not yet been
adopted by the Foundation:
Pronouncement Description
Mandatory
application
Anticipated
effect
IAS 37
Onerous Contracts – Cost of
Fulfilling a Contract
Jan. 1, 2022
No material
effect
expected
Annual Improvements to
IFRS Standards 2018–2020
Jan. 1, 2022
No material
effect
expected
IAS 16
Property, Plant and
Equipment: Proceeds before
Intended Use
Jan. 1, 2022
No material
effect
expected
IFRS 3
Reference to the
Conceptual Framework
Jan. 1, 2022
No material
effect
expected
IAS 1
Classification of Liabilities
as Current or Non-current
Jan. 1, 2023
Effects
currently
being
evaluated
IAS 1
Presentation of Financial
Statements and IFRS Practice
Statement 2: Disclosure of
Accounting Policies
Jan. 1, 2023
Effects
currently
being
evaluated
IFRS 17
IFRS 17 Insurance Contracts
and amendments to IFRS 17
Insurance Contracts
Jan. 1, 2023
No material
effect
expected
IAS 8
Accounting Policies, Changes
in Accounting Estimates
and Errors: Definition of
Accounting Estimates
Jan. 1, 2023
Effects
currently
being
evaluated
IAS 12
Income Taxes: Deferred
Tax related to Assets and
Liabilities arising from a
Single Transaction
Jan. 1, 2023
No material
effect
expected
2021 Annual Report
23
2.15 Critical accounting estimates
The financial statements are prepared in accordance with IFRS as issued by the IASB. The
significant accounting policies, as described above and in this section, are essential to
understanding the GLEIF Group’s results of operations, financial positions, and cash flows.
Some of these accounting policies require critical accounting estimates that involve complex
and subjective judgments and the use of assumptions. Some of these assumptions may be
for matters that are inherently uncertain and susceptible to change. Such critical accounting
estimates may have a material impact on the results of operations, financial positions, and
cash flows.
Revenue recognition on service contracts
The allocation of revenue relating to the Foundation’s service contracts with LEI issuers to
the appropriate accounting periods is based on reasonable estimates of the timing of the
underlying LEI service contracts between the LEI issuers and the LEI users. The Foundation
receives quarterly reports from the LEI issuers detailing the number of LEIs renewed or newly
issued by the LEI issuers. GLEIF has applied estimates, assuming that the issuance and renewal
of each LEI, as well as the related start of a standard one-year service period, are distributed
on a straight-line basis within the reported quarters. Changes in these estimates may lead to
an increase or decrease of revenue.
3. Statement of Comprehensive Income
3.1 Fee revenue
The revenues split in regions (based on the legal seat of the LEI issuers) as follows:
Jan. to Dec. 2021 Jan. to Dec. 2020
US$ US$
Europe 11,138,827 10,353,807
Asia 947,530 663,161
North and South America 1,041,074 897,333
Other regions 74,264 73,424
Fee revenues 13,201,695 11,987,725
While a significant portion of the overall GLEIF fees are from LEI issuers with a legal seat in
Europe, the underlying cash flows of GLEIF are generated by a very geographically diverse
population of LEI registrants. Within Europe, 42.5% of the revenue is concentrated on three LEI
issuers.
3.2 Personnel expenses
Jan. to Dec. 2021 Jan. to Dec. 2020
US$ US$
Wages and salaries 7,059,042 5,894,056
Social contributions and
expenses for pension and care
925,652 780,217
Personnel expenses 7,984,694 6,674,273
The personnel expenses consist of the fixed and accrued variable remuneration as well as the
bonus accrual for employees employed by the GLEIF Group. Social, pension, and care contribu-
tions are also included as part of these expenses.
As of year-end 2021, GLEIF Group employed 53 (2020: 50) employees. The average headcount
for 2021 is 54 (2020: 46) employees.
2021 Annual Report
24
Pension plan
Under Swiss law, GLEIF has to arrange for an affiliation contract with a pension fund for the
Swiss employees to comply with legal requirements. The pension fund has to provide at least
occupational benefits according to law.
In 2015, GLEIF set up a pension plan in Switzerland with AXA Vorsorgestiftung as a collective
foundation. Based on the plan rules and pension law in Switzerland, the plan qualifies as a
defined benefit scheme under IFRS. The insurance plan is contribution-based and contains a
cash balance benefit formula. Under Swiss law, the pension fund guarantees the vested benefit
amount as confirmed annually to members.
The collective foundation of AXA guarantees a 40% coverage of the retirement accounts
covered by an insurance policy. The other assets are pooled for all affiliated companies. The
collective foundation can adjust risk and cost contributions according to the circumstances.
The employer has to cover at least half of all contributions. The collective foundation is able
to withdraw from the contract with the employer. In that case, the company needs to affiliate
with another pension institution.
GLEIF recognized pension cost of US$ 15,971 (2020: US$ 11,480) within personnel expenses
and net interest expenses of US$ 95 (2020: US$ 107), and paid employer and employee
contributions of US$ 10,007 (2020: US$ 10,360) to the scheme.
Actuarial gains of US$ 11,657 (2020: actuarial losses of US$ 3,909) from the defined benefit
obligation plus US$ 2,339 gains (2020: plus US$ 3,075 losses) from the return on plan assets
have been recognized as other comprehensive income.
The defined benefit obligation amounted to US$ 128,227 on December 31, 2021 (December
31, 2020: US$ 117,798), net of the plan assets of US$ 94,616 (December 31, 2020: US$
71,298). A net pension liability of US$ 33,611 (December 31, 2020: US$ 46,500) was recognized
in the balance sheet as of December 31, 2021.
The weighted average duration of the obligation is 17.5 (2020: 18.9) years. The employee and
employer contributions expected for the next fiscal year are US$ 10,047 each.
For the calculation of the defined benefit obligation, a discount rate of 0.25% (2020: 0.2%) and
a long-term salary increase rate of 1.0% (2020: 1.0%) is used. Mortality, risk of disability, and
turnover rates are set in accordance with the statistical database BVG 2020.
A sensitivity analysis was performed for the most important parameters that influence the
pension obligation of the employer. The discount rate and the assumption for salary increases
are modified by a certain percentage. Sensitivity on mortality is calculated by changing the
mortality with a constant factor for all age groups, resulting in a change of the longevity for the
ages by one year longer or shorter as the baseline value. The sensitivity analysis results are as
follows:
Dec. 31, 2021 Dec. 31, 2021
US$ US$
Defined benefit obligation with a change of
Discounting rate by +0.25 % / -0.25 % 122,880 134,095
Interest rate by +0.25 % / -0.25 % 130,523 126,011
Future salary increases by -0.25 % / +0.25 % 128,077 128,383
Life expectancy -1 year / +1 year 126,995 129,470
Pension increase by +0.25 % / -0.25 % 130,728 125,876
Investment of assets is carried out by the governing bodies of AXA Vorsorgestiftung or by
mandated parties. The structure of the plan assets by classes is as follows:
Dec. 31, 2021 Dec. 31, 2020
US$ US$
Cash and cash equivalents 977 1,434
Equity instruments 22,582 16,848
Debt instruments 9,095 7,286
Real estate 14,418 10,709
Other 10,335 7,821
Total plan assets at fair value
(quoted market price)
57,407 44,098
Total plan assets at fair value
(non-quoted market price)
33,903 27,200
Plan assets 91,310 71,298
2021 Annual Report
25
3.3 Other operating expenses
Jan. to Dec. 2021 Jan. to Dec. 2020
US$ US$
Rental 168,393 195,466
Contractors 440,137 337,168
Travel and entertainment 37,522 129,746
IT consulting and development 382,373 217,221
IT service and maintenance 763,449 924,397
Website translation expenses 171,376 175,759
Telephone and communication,
office expenses
122,609 138,907
Consulting and advice 905,064 858,914
Public relation advice 955,369 567,114
Legal advice 251,991 306,963
Tax advice, accounting and audit 196,387 327,666
Advertising 103,370 135,930
Staff training expenses 92,052 70,313
Insurance premiums 59,085 25,753
Disposal of fixed assets 76,585 966
Other 47,745 53,165
Other operating expenses 4,773,507 4,465,448
The consulting and advice item includes US$ 244,774 (2020: US$ 453,538) of research costs.
In order to refine the presentation within other operating expenses, US$ 462,504 has been
reclassified from IT consulting and development to IT service and maintenance for 2020.
3.4 Other operating income
Jan. to Dec. 2021 Jan. to Dec. 2020
US$ US$
Release of prior year liabilities 153,565 91,891
Refunds and reimbursements 2,537 28,766
Income from subsequent
capitalization
834 168,855
Other 5,828 56,078
Other operating income 162,764 345,590
3.5 Subsidies and donations
Jan. to Dec. 2021 Jan. to Dec. 2020
US$ US$
Subsidy granted in 2015 17 5,194
Subsidy granted in 2016 13,943 17,846
GIZ grant 97,730 5,771
Income from subsidies and
donations
111,690 28,811
In 2016 and 2015, GLEIF received assistance from a government authority of the region of
Hesse, Germany (‘Hessisches Ministerium für Wirtschaft, Verkehr und Landesentwicklung’).
The assistance was limited to a maximum of EUR 250,000 each year. In order to receive the
assistance, GLEIF was required to incur certain qualifying expenditures. GLEIF complied fully
with the terms of the subsidy and in turn received the full amount of EUR 250,000 (US$ 260,725
in 2016 and US$ 274,400 in 2015).
In 2020, GLEIF received a grant from the Deutsche Gesellschaft für Internationale Zusammenarbeit
(GIZ) GmbH. The grant is limited up to a maximum of EUR 80,000 and made available for the
period from Nov 01, 2020 – Apr 30, 2021. GLEIF received the pre-financing instalment in the
amount of EUR 72,000 (US$ 87,595) in 2020. In order to receive the grant, GLEIF is required to
incur certain qualifying expenditures during the aforementioned period. In 2021, the grant period
was extended to June 30, 2021 and increased to a maximum amount of EUR 86,684.57.
2021 Annual Report
26
The portions of the subsidies attributable to capital expenditures (tangible and intangible fixed
assets), advance payments, and deferred expenses have been deferred and are amortized
over the useful life of the associated fixed assets. The portions of the subsidies attributable to
future costs have been deferred and will be recognized in profit or loss in the same period as
the relevant expenses.
GLEIF Group has not benefited from any other form of government assistance. No unfulfilled
conditions or other contingencies attached to government assistance have been recognized.
3.6 Financial income / expense
Jan. to Dec. 2021 Jan. to Dec. 2020
US$ US$
Interest income 51,737 87,061
Interest expense -164,359 -111,367
Currency translation gains 1,221,100 1,073,433
Currency translation losses -1,348,109 -1,110,893
Financial result -239,631 -61,766
The net currency translation losses result from payment of invoices in foreign currency as well as the
translation of monetary balances as at the end of 2021.
4. Balance Sheets
4.1 Receivables from LEI issuers’ fees
As in the prior year, all receivables from LEI issuers’ fees are due after the balance sheet date.
As of the balance sheet date, there are no indications that the receivables will not be settled
and thus, allowances are not considered material and therefore not recorded.
4.2 Current and non-current financial assets
Dec. 31, 2021 Dec. 31, 2020
US$ US$
Receivables due from vendors 1,341 4,860
Other current financial assets 499 0
Current financial assets 1,840 4,860
Dec. 31, 2021 Dec. 31, 2020
US$ US$
Deposit due later than one year
Office premises 144,973 157,069
Non-current financial assets 144,973 157,069
The balance outstanding as of December 31, 2021, relates to a security deposit for the lease
contract that the Foundation entered into in 2015.
The outstanding deposits receivable analysis is as follows:
Dec. 31, 2021 Dec. 31, 2020
US$ US$
Deposits receivable later than five
years
144,973 157,069
Total deposits receivable 144,973 157,069
GLEIF Group management has assessed the fair value of the security deposit balances to be
equal to their carrying amounts as the market deposit rates are as low as 0%.
2021 Annual Report
27
4.3 Other current assets
Dec. 31, 2021 Dec. 31, 2020
US$ US$
VAT refunds
Germany 114,604 119,811
Switzerland 29,624 3,909
Prepaid IT licenses and
maintenance
110,653 122,622
Annual newsletter subscriptions 28,973 29,103
Prepaid insurances 26,341 16,321
Prepaid travel expenses 1,148 5,484
Prepaid public relation advice 27,782 95,427
Prepaid training costs 152 10,073
Other prepaid expenses 11,935 18,370
Receivables due from employees 9,176 9,292
Reimbursements due from social
organizations
1,406 0
Other 13,033 0
Other current assets 374,827 430,412
4.4 Cash and cash equivalents
The position consists of current bank accounts, call money and cash on hand.
Dec. 31, 2021 Dec. 31, 2020
US$ US$
UBS Group AG 910,211 3,335,183
Sparkasse Langen-Seligenstadt 10,566,634 10,569,675
TD bank 716,899 183,437
Cash on hand 45 285
Cash and cash equivalents 12,193,789 14,088,580
2021 Annual Report
28
4.5 Intangible fixed assets
The carrying amounts of all intangible fixed assets are as follows:
GLEIS IT
Solutions
Other
intangible
assets
Prepay-
ments
Total
US$ US$ US$ US$
2020
Accumulated cost 1,613,656 276,056 346,357 2,236,069
Accumulated
depreciation
-836,245 -179,184 0 -1,015,429
Carrying amount as of
Dec. 31, 2020
777,411 96,872 346,357 1,220,640
Reconciliation
Carrying amount as of
Jan. 1, 2020
621,365 141,700 395,375 1,158,440
Additions 262,028 0 224,724 486,752
Transfer -
Accumulated cost
270,315 3,427 -273,742 0
Depreciation -376,297 -48,255 0 -424,552
Carrying amount as of
Dec. 31, 2020
777,411 96,872 346,357 1,220,640
GLEIS IT
Solutions
Other
intangible
assets
Prepay-
ments
Total
US$ US$ US$ US$
2021
Accumulated cost 1,983,483 276,056 581,775 2,841,314
Accumulated
depreciation
-1,145,408 -227,620 0 -1,373,028
Carrying amount as of
Dec. 31, 2021
838,075 48,436 581,775 1,468,286
Reconciliation
Carrying amount as of
Jan. 1, 2021
777,411 96,872 346,357 1,220,640
Additions 106,525 0 700,267 806,792
Transfer -
Accumulated cost
464,849 0 -464,849 0
Disposal -
Accumulated cost
-201,547 0 0 -201,547
Depreciation -434,729 -48,436 0 -483,165
Disposal -
Accumulated
depreciation
125,566 0 0 125,566
Carrying amount as of
Dec. 31, 2021
838,075 48,436 581,775 1,468,286
The GLEIS IT solutions contain specific developed software for the maintenance and quality
assurance of the GLEIS databases as well as data exchange tools for the communication
between GLEIF Group and the LEI issuers.
The other intangible assets contain standard software licenses and the ERP system.
All intangible fixed assets stem from external developments or purchases.
2021 Annual Report
29
4.6 Tangible fixed assets
The carrying amounts of all tangible fixed assets are as follows:
Technical and
computer
equipment
Office equipment Motor vehicles Prepayments Total
US$ US$ US$ US$ US$
2020
Accumulated cost 507,629 220,645 70,466 0 798,740
Accumulated depreciation -417,153 -142,881 -64,595 0 -624,629
Carrying amount as of Dec. 31, 2020 90,476 77,764 5,871 0 174,111
Reconciliation
Carrying amount as of Jan. 1, 2020 111,133 106,297 17,614 0 235,044
Additions 66,822 10,121 0 0 76,943
Disposal - Accumulated cost -14,898 -10,121 0 0 -25,019
Depreciation -86,254 -38,654 -11,743 0 -136,651
Disposal - Accumulated depreciation 13,673 10,121 0 0 23,794
Carrying amount as of Dec. 31, 2020 90,476 77,764 5,871 0 174,111
2021
Accumulated cost 543,453 220,645 70,466 10,515 845,079
Accumulated depreciation -445,302 -169,244 -70,466 0 -685,012
Carrying amount as of Dec. 31, 2021 98,151 51,401 0 10,515 160,067
Reconciliation
Carrying amount as of Jan. 1, 2021 90,476 77,764 5,871 0 174,111
Additions 86,995 0 0 10,515 97,510
Disposal - Accumulated cost -51,171 0 0 0 -51,171
Depreciation -78,716 -26,363 -5,871 0 -110,950
Disposal - Accumulated depreciation 50,567 0 0 0 50,567
Carrying amount as of Dec. 31, 2021 98,151 51,401 0 10,515 160,067
No asset is pledged as security for liabilities of the GLEIF Group. Nevertheless, in accordance with general purchase conditions in Germany, most vendors will withhold the legal ownership of
assets delivered until the purchase price is fully paid.
2021 Annual Report
30
4.7 Leases
Leases are accounted for as described in section 2.9. As a lessee, GLEIF Group has concluded
contracts for real estate and technical and computer equipment.
The carrying amounts of all right-of-use assets are as follows:
Land and
buildings
Technical and
computer
equipment
Total
US$ US$ US$
2020
Accumulated cost 3,978,110 2,068,675 6,046,785
Accumulated depreciation -656,470 -96,401 -752,871
Carrying amount as of Dec. 31, 2020 3,321,640 1,972,274 5,293,914
Reconciliation
Carrying amount as of Jan. 1, 2020 3,656,595 123,186 3,779,781
Additions 0 2,046,454 2,046,454
Disposal - Accumulated cost 0 -223,410 -223,410
Depreciation -334,955 -173,877 -508,832
Disposal - Accumulated depreciation 0 199,921 199,921
Carrying amount as of Dec. 31, 2020 3,321,640 1,972,274 5,293,914
2021
Accumulated cost 4,016,266 2,262,528 6,278,794
Accumulated depreciation -995,274 -847,186 -1,842,460
Carrying amount as of Dec. 31, 2021 3,020,992 1,415,342 4,436,334
Reconciliation
Carrying amount as of Jan. 1, 2021 3,321,640 1,972,274 5,293,914
Additions 38,156 193,853 232,009
Depreciation -338,804 -750,785 -1,089,589
Carrying amount as of Dec. 31, 2021 3,020,992 1,415,342 4,436,334
In October 2019, GLEIF agreed to an adjustment of the rental contract with the lessor of the
Frankfurt office premises. The new minimum lease term runs until December 2025. An option
to extend the lease term until December 2030 was agreed upon. GLEIF considers it as highly
probable that this option will be used by GLEIF.
The outstanding discounted lease payments have the following maturities:
Dec. 31, 2020
US$
Dec. 31, 2020
US$
Land and buildings
Technical and
computer equipment
Maturities of discounted lease payments
Not later than one year 424,191 703,202
Later than one year and not later than five years 1,599,601 1,395,738
Later than five years 1,797,349 0
Total lease payments 3,821,141 2,098,940
Dec. 31, 2021
US$
Dec. 31, 2021
US$
Land and buildings
Technical and
computer equipment
Maturities of discounted lease payments
Not later than one year 395,439 783,991
Later than one year and not later than five years 1,491,154 719,895
Later than five years 1,356,109 0
Total lease payments 3,242,702 1,503,886
In addition, the following amounts were recognized in the statement of comprehensive income
in 2020 and 2021:
Jan. to Dec. 2020
US$
Jan. to Dec. 2020
US$
Land and buildings
Technical and
computer equipment
Impact on the Statement of
Comprehensive Income
Interest expense -87,756 -6,981
Expenses for variable lease payments -62,528 0
Expenses for short-term leases -397 0
Total -150,681 -6,981
Jan. to Dec. 2021
US$
Jan. to Dec. 2021
US$
Land and buildings
Technical and
computer equipment
Impact on the Statement of
Comprehensive Income
Interest expense -83,634 -48,548
Expenses for variable lease payments -19,405 0
Total -103,039 -48,548
Cash outflows related to lessee activities in 2021 amounted
to US$ 1,325,182 (2020: US$ 923,027).
2021 Annual Report
31
4.8 Payables to vendors
The current payables to vendors, including accrued payables, are due or will become due within three months after the balance sheet date.
Normal payment terms agreed with the vendors range between 7 and 30 days after invoicing.
4.9 Financial liabilities
Dec. 31, 2021 Dec. 31, 2020
US$ US$
Leasing liabilities falling due later than one year and not later than five years 2,211,049 2,995,339
Leasing liabilities falling due later than five years 1,356,109 1,797,349
Long-term financial liabilities 3,567,158 4,792,688
Leasing liability portion falling due within one year after the balance sheet date 1,179,430 1,127,393
Short-term bank liabilities 7,812 27,772
Liabilities due to LEI issuers 36,066 43,214
Current financial liabilities 1,223,308 1,198,379
Total financial liabilities 4,790,466 5,991,067
The short-term bank liabilities reflect the balances on the GLEIF Group’s credit card accounts.
The liabilities due to LEI issuers arise from the annual true up of the volume of LEIs managed by the LEI issuers.
If the effective annual fee is lower than the amounts paid in advance, GLEIF issues a credit for such an overpayment.
Further details of lease liabilities are provided in section 4.7.
The reconciliation of the changes in liabilities arising from financing activities with the related cash flows is shown in the following table:
Jan. to Dec. 2021 Jan. to Dec. 2020
Leasing liabilities
Short-term bank
liabilities
Liabilities from financing
activities
Leasing liabilities
Short-term bank
liabilities
Liabilities from financing
activities
US$ US$ US$ US$ US$ US$
Carrying amount as of Jan. 1 5,920,081 27,772 5,947,853 3,871,589 71,590 3,943,179
Additions 230,242 0 230,242 2,045,663 0 2,045,663
Changes from financing cash flows -1,114,122 -18,747 -1,132,869 -457,210 -46,461 -503,671
Disposal 0 0 0 -32,511 0 -32,511
Interest accrued 132,182 0 132,182 94,735 0 94,735
Currency revaluation -421,795 -1,213 -423,008 397,815 2,643 400,458
Carrying amount as of Dec. 31 4,746,588 7,812 4,754,400 5,920,081 27,772 5,947,853
2021 Annual Report
32
4.10 Other payables
Dec. 31, 2021 Dec. 31, 2020
US$ US$
Wage and church tax payables 105,021 89,553
Social security liabilities 43,642 53,337
Outstanding vacation 183,845 216,378
VAT payable
Russia 593 586
Variable salary 614,906 577,756
Bonuses 652,833 597,981
Other liabilities due to employees 203,490 97,172
Other 0 464
Other payables 1,804,330 1,633,227
The variable remuneration to GLEIF Group employees is accrued for in 2021 in accordance with
the employment contracts. The bonuses to employees are accrued in accordance with board
and management decisions.
The outstanding vacation liability in 2021 reflects the accrued salary and social contribution
payments for the respective time.
4.11 Organizational capital
The Foundation’s initial paid-in foundation capital in an amount of CHF 50,000 was contributed
by the Financial Stability Board, according to Article 7 of the GLEIF Statutes. With the consent
of the GLEIF Board of Directors, the Financial Stability Board is permitted, but not obliged, to
make additional contributions.
According to Article 10 of the GLEIF Statutes, any surplus generated by GLEIF is dedicated to
pursue the purposes of the Foundation. Any distribution payment to directors, employees, or
third parties, other than those made with the consent of the GLEIF Board of Directors and in
accordance with the Foundation’s purpose, is not permitted.
The Foundation’s capital does not entitle the founder to receive distributions or any repayment
of the capital contributed.
According to the Statutes, GLEIF must operate on a not-for-profit basis. In order to ensure
the sustainable performance of the Foundation, the GLEIF Board of Directors and GLEIF
management believe that a reasonable level of total capital reserve is necessary.
The consolidated total comprehensive income generated in 2021 will be allocated to the GLEIF
Group’s reserves. Together with the retained surplus and other reserves, the consolidated total
organizational capital is US$ 13,078,809.
2021 Annual Report
33
5. Financial Instruments
5.1 Additional disclosures on financial instruments
The following table presents carrying amounts of each category of financial assets and
financial liabilities:
Dec. 31, 2021 Dec. 31, 2020
Carrying amount Carrying amount
US$ US$
Financial assets measured at cost or
amortized cost
Long-term security deposits 144,973 157,069
Receivables from LEI issuers fees 1,846,734 1,639,590
Cash and cash equivalents 12,193,789 14,088,580
Receivables due to vendors 1,341 4,860
Other non-derivative financial assets 499 0
14,187,336 15,890,099
Financial liabilities measured at cost
or amortized cost
Payables due to vendors 913,290 965,390
Liabilities due to Board Directors 96 0
Leasing liabilities 4,746,588 5,920,081
Liabilities due to banks 7,812 27,772
Liabilities due to LEI issuers 36,066 43,213
5,703,852 6,956,456
All financial assets and liabilities are measured at cost or amortized cost.
The carrying amounts of cash and cash equivalents, LEI issuers’ fee and other receivables, and
vendor payables with a remaining term of up to twelve months, other current financial assets
and liabilities represent a reasonable approximation of their fair values, mainly due to the
short-term maturities of these instruments. The carrying amount of the long-term security
deposit represents a reasonable approximation of its fair value, as the current market deposit
rates are as low as 0%.
The realization and valuation of the financial assets and liabilities mentioned above generated
a net foreign currency loss of US$ 219,737 (2020: net foreign currency gain of US$ 385,108).
Total interest income / expense and bank transaction expenses from financial instruments are:
Jan. to Dec. 2021 Jan. to Dec. 2020
US$ US$
Total interest income 51,189 86,081
Total interest expense 164,219 111,218
Total bank transaction expenses 6,406 6,002
The bank transaction expenses are presented under the operating expenses.
2021 Annual Report
34
5.2 Financial risk management
The GLEIF Group’s operating business as well as its intended future investment and financing activities are affected by changes
in foreign exchange rates and interest rates. GLEIF Group identifies, analyzes, and manages the associated market risks in order
to optimize the allocation of the financial resources. The GLEIF Group seeks to manage and control these risks primarily through
its regular operating and financing activities.
Foreign currency exchange rate risk
The operating structure of GLEIF Group exposes the GLEIF Group to foreign currency exchange rate risks, particularly regarding
fluctuations between the U.S. dollar and the Swiss franc as well as the Euro, in the ordinary course of business. Based on an
annual budget and monthly interim statements, the GLEIF Group plans the future financial disbursements in each significant
transaction currency to mitigate the risk exposure to unpredicted and unwanted currency exchange expenses.
IFRS 7 requires the presentation of the effects of hypothetical changes of currency relations on surplus and equity using
a sensitivity analysis. The changes of currency prices are related to all financial instruments outstanding at the end of the
reporting period. To determine the net foreign currency risk, the financial instruments are categorized according to their foreign
currency, and a 10% increase or decrease is assumed for the transaction currency.
The following table shows the effect for the two main foreign transaction currencies.
2020 2020
Effect on equity Effect on surplus
US$ US$
10% Increase of transaction currency
Swiss Franc 4,738 4,738
Euro -226,229 -226,229
-221,491 -221,491
10% Decrease of transaction currency
Swiss Franc -4,738 -4,738
Euro 226,229 226,229
221,491 221,491
2021 2021
Effect on equity Effect on surplus
US$ US$
10% Increase of transaction currency
Swiss Franc 17,693 17,693
Euro 521,441 521,441
539,134 539,134
10% Decrease of transaction currency
Swiss Franc -17,693 -17,693
Euro -521,441 -521,441
-539,134 -539,134
Interest rate risk
Interest rate risk is the risk that the fair value or future cash
flows of a financial instrument will fluctuate because of
changes in market interest rates. This risk arises whenever
interest terms of financial assets and liabilities are different.
The interest rate risk exposure of GLEIF Group is low due to
the short-term structure of a majority of financial assets and
liabilities in the balance sheet as of December 31, 2021.
Liquidity risk
Liquidity risk results from the GLEIF Group’s potential inability
to meet its financial liabilities, in particular for ongoing cash
requirements from operating activities.
The GLEIF Group management is able to mitigate liquidity
risks due to the quarterly instalments and quarterly invoicing
agreed in both kinds of arrangements with the LEI issuers and
the repeating cash structure of the most operating expenses.
Credit risk
Credit risk from fee receivables and other financial receivables
includes the risk that receivables will be collected late or
not at all. These risks are analyzed and monitored by the
management. The GLEIF Group mitigates the default risks
by assessing the financial strength of an LEI issuer candidate
during the accrediting and monitoring processes.
However, default risk cannot be excluded with absolute
certainty. The maximum default risk amount is the carrying
amount of the financial asset. No collateral or insurance is
agreed with regard to the default risk.
GLEIF Group has two major banking relationships. The majority
of its cash holdings is concentrated within one of these banks.
2021 Annual Report
35
6. Other Information and Disclosures
6.1 Related party transactions
Related individuals of GLEIF Group include the members of the GLEIF Board of Directors,
the Chief Executive Officer and the senior management, as well as the members of the ROC.
Related organizations include the Financial Stability Board.
The following table discloses the current and prior year transactions with related parties and
payables due by December 31, 2021, and December 31, 2020:
Jan. to
Dec. 2021
Dec. 31,
2021
Jan. to
Dec. 2020
Dec. 31,
2020
Expenses Liabilities Expenses Liabilities
US$ US$ US$ US$
Board directors
Travel expense
reimbursement
16,667 96 53,340 0
Key management
personnel
Fixed remuneration 1,108,890 5,434 1,109,144 0
Variable remuneration
and bonus
409,461 394,949 394,508 424,817
Travel expense
reimbursement
392 0 13,540 523
Other related parties
Remuneration 0 0 47,400 0
1,535,410 400,479 1,617,932 425,340
The directors did not receive remuneration for their services as directors of the GLEIF Board,
with the exception of the reimbursement of their travel costs.
The 2021 and 2020 travel reimbursement expenses and liabilities for the board directors
include claimed expenses as well as accrued expenses for outstanding reimbursement.
The key management personnel of GLEIF consist of the CEO, the CFO, the Head of Business
Operations, the Head of Service Management, and the General Counsel.
The expenses for the pension scheme for Swiss employees in the favor of the senior
management were US$ 15,971 (2020: US$ 11,480)
Other related parties consist of a U.S. consulting firm which provides consulting services
to GLEIF. The owner and managing director was a member of the board of directors until
June 2020.
6.2 Observance of the GLEIF Statutes’ requirements
The purpose of GLEIF is to act as the operational arm of a GLEIS and thereby to support on
a not-for-profit basis the implementation of a global LEI in the form of a reference code to
identify uniquely legally distinct entities that engage in financial transactions, as per Article 3
of the GLEIF Statutes. The board of directors observed that all expenses and disbursements of
GLEIF were made to pursue the purpose of the Foundation, in accordance with Swiss law and
the GLEIF Statutes.
6.3 Auditor fees
US$ 35,086 audit fees related to professional services rendered by the Foundation’s
independent auditors, Ernst & Young Ltd, Zurich, Switzerland, were accrued for fiscal
year 2021.
6.4 Subsequent events
GLEIF is not aware of any significant subsequent event after the balance sheet date that would
require disclosure. Referring to the Coronavirus crisis and the related restrictions, the whole
organization works from home and the business could run as usual without any issues.
2021 Annual Report
36
7. Board of Directors, Secretary, and Chief Executive Officer
Sandra Boswell
Sydney, Australia
Partner, Grant Thornton Australia
Changmin Chun
Goyangsi, South Korea
Professor of Law, Seoul National University
of Science and Technology, College of
Business and Technology, Department of
Business Administration (GTM Program)
Amy A. Kabia
Chappaqua, United States of America
Managing Director, Party Reference
Data Operations, JP Morgan Chase
Hany Choueiri
Hampton, United Kingdom
Chief Data Officer, Aldermore Bank
Jacques Demaël
Aubonne, Switzerland
Senior VP, Strategy & Business Services, SITA
T. Dessa Glasser
Palm Beach Gardens, United
States of America
Principal, Financial Risk Group
Alfredo Reyes Krafft
Mexico City, Mexico
Founding Partner, Reyes Krafft Solís SA
DE CV (LEX INF IT LEGAL ADVISORY)
Javier Santamaría
Pozuelo de Alarcón, Spain
Chair, European Payments Council
Daniel Cotti
Surses, Switzerland
Managing Director, TradeIX,
Center of Excellence, Banking &
Trade, Marco Polo Network
Salil Kumar Jha
New Delhi, India
Independent Director, Indian Bank
Humaid Mudhaffr
Riyadh, Saudi Arabia
Chief Executive Officer (CEO) and Partner,
Manning Business Company Ltd.
Hendus Venter
Dubai, The United Arab Emirates
Group Chief Information Officer (CIO)
Kaoru Mochizuki
Tokyo, Japan
General Manager, Settlement
Planning, Mizuho Financial Group
Zaiyue Xu
Shanghai, China
CEO, China International Payment
Service Corp. (CIPS)
Steven A. Joachim
Basking Ridge, United States of America
Chairman, GLEIF
Nassib Abou-Khalil
Dubai, The United Arab Emirates
Chief Legal Office, Nokia
Vivienne Artz
Headcorn, United Kingdom
Chief Privacy Officer, London
Stock Exchange Group
GLEIF’s Board of Directors consisted of the following individuals during the fiscal year 2021:
2021 Annual Report
37
Departures from the GLEIF Board of Directors
The first directors were nominated in December 2013 by the founder, the Financial Stability Board, and appointed at the inception of the Foundation on June 26, 2014, as per Article 14 of the GLEIF Statutes.
Article 17 of the GLEIF Statutes stipulates that directors are eligible for a term of three years, renewable (with consent of the board of directors) for an additional term of three years.
The nomination procedure for new members of the board of directors is coordinated by the Chairman of the Board. Irrespective of this procedure, the founder has the right to remove or nominate a director
of the board based on a recommendation of the ROC, as defined in Article 15 of the GLEIF Statutes.
The Chief Executive Officer is Stephan Wolf, residing in Wiesbaden, Germany. He started in his role in October 2014.
The board of directors appointed Thomas Sprecher, Zurich, Switzerland, as Secretary of the Board on June 26, 2014.
Signing authorities have been established as per GLEIF Statute Article 35 ‘Signatures’.
Basel, May 13, 2022.
Hiroshi Nakatake
Tokyo, Japan
Resigned in June 2021
Daniel L. Goroff
New York, United States of America
Resigned in June 2021
Monica Singer
Cape Town, South Africa
Resigned in June 2021
Elemér Terták
Brussels, Belgium
Resigned in February 2021
Kam Keung Tse
Hong Kong, China
Resigned in June 2021
2021 Annual Report
38
Independent
Auditors Report
Ernst & Young Ltd
Aeschengraben 9
P.O. Box
CH
-4002 Basel
+41 58 286 86 00
To the Board of Directors of
Global Legal Enti
ty Identifier Foundation, Basel
Basel, 1 June 2022
Independent auditor’s report on the audit of the
consolidated financial statements
Opinion
In accordance with the terms of our engagement, we have audited the consolidated financial statements
of the Global Legal Entity Identifier Foundation (GLEIF) and its subsidiaries (“the Group”), which
comprise the consolidated statement of financial position as of 31 December 2021 and the consolidated
statement of comprehensive income, consolidated statement of changes in organizational capital and
consolidated statement of cash flows for the year then ended 2021, and notes to the consolidated
financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying consolidated financial statements give a true and fair view of the
consolidated financial position of the Group as of 31 December 2021, and its consolidated financial
performance and its consolidated cash flows for the year then ended in accordance with International
Financial Reporting Standards (IFRS).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs).
Our responsibilities under those standards are further described in the Auditor’s responsibilities
for the audit of the consolidated financial statements section of our report.
We are independent of the Group in accordance with the Code of Ethics for Professional Accountants
issued by the International Ethics Standards Board for Accountants (IESBA Code) and the requirements
of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the IESBA Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Other information included in the GLEIF’s 2021 Annual Report
Other information consists of the information included in the Annual Report, other than the consolidated
financial statements and our auditor’s report thereon. The Board of Directors is responsible for the other
information. Our opinion on the consolidated financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon.
2021 Annual Report
39
Independent
Auditors Report
2
In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent with
the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Board of Directors for the consolidated financial statements
The Board of Directors is responsible for the preparation of consolidated financial statements that give
a true and fair view in accordance with IFRS and for such internal control as the Board of Directors
determines is necessary to enable the preparation of consolidated financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Board of Directors is responsible for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Board of Directors either intends
to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a
guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these consolidated financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the GLEIF’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the GLEIF’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or conditions may cause the GLEIF to
cease to continue as a going concern.
2021 Annual Report
40
Independent
Auditors Report
3
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
Ernst & Young Ltd
Licensed audit expert
Licensed audit expert
(Auditor in charge)
Enclosure
Consolidated financial statements (the statement of comprehensive income, balance sheet,
cash flow statement, statement of changes in organizational capital and notes)
Armin Imoberdorf
(Qualified
Signature)
Jan Marxfeld
(Qualified
Signature)
Advisor Country of Origin Type of Service
Abogado Frank Müller Spain Legal services
AD &M Abogados y Consultores S.L.P. Spain Payroll services
Adm In Swiss Sarl Switzerland Payroll services
ADP USA Payroll services
A&S Financial Advisory Firm Japan Payroll services
Avelino Law LLP USA Legal services
Briner Legal Switzerland Legal services
Brix & Partners LLC USA Legal and tax services
CMS von Erlach Partners Ltd Switzerland
Legal services trademark
LEI issuer contracts
Ernst & Young AG (EY) Switzerland Statutory audit
Joanknecht BV The Netherlands Payroll services
mediadefine GmbH Germany GLEIF’s Data Protection Officer
Niederer Kraft Frey Ltd Switzerland
Legal services
Board Secretary
White & Case LLP USA Legal and tax advice
WP StB Christian Hecht Germany Accounting & tax services
2021 Annual Report
41
Overview of Professional Advisors
2021 Annual Report
42
Abbreviations
AML Anti-Money Laundering
API Application Programming Interface
ASDI Amazon’s Sustainability Data Initiative
BIMCO Baltic and International Maritime Council
CA Certification Authority
CFCA China Financial Certification Authority
CFT Countering the Financing of Terrorism
DCSA Digital Container Shipping Association
DSI Digital Standards Initiative
EGF Ecosystem Governance Framework
ERP Enterprise Resource Planning
ESG Environmental, Social and Governance
FIATA International Federation of Freight Forwarders
Association (Fédération Internationale des
Associations de Transitaires et Assimilés)
FSO Swiss Federal Statistical Office
GDCA Guang Dong Certificate Authority
GIZ Deutsche Gesellschaft für Internationale
Zusammenarbeit GmbH
GLEIF Global Legal Entity Identifier Foundation
GLEIS Global LEI System
GS1 Global Standards 1
IAS International Accounting Standards
IASB International Accounting Standards Board
IEC International Electrotechnical Commission
IFRS International Financial Reporting Standards
IPCSA International Port Community Systems
Association
IRC Internal Revenue Code
ISO International Organization for Standardization
KERI Key Event Receipt Infrastructure
LEI Legal Entity Identifier
LOU Local Operating Units
LSEG London Stock Exchange Group
ROC Regulatory Oversight Committee
SME Small and Medium Sized Enterprise
SMS Service Management System
SWIFT Society for Worldwide Interbank Financial
Telecommunications
ToIP Trust over IP Foundation
TSP Trust Service Provider
vLEI Verifiable LEI
WCO World Customs Organization
2021 Annual Report
43
Website:
https://www.gleif.org/en/
Email:
info@gleif.org
LinkedIn:
https://www.linkedin.com/company/global-
legal-entity-identifier-foundation-gleif-/?trk=biz-
companies-cym
Twitter:
https://twitter.com/GLEIF
YouTube:
https://www.youtube.com/channel/
UCP2xdWOFG7dWNaFIBKyejhg
Blog:
https://www.gleif.org/en/newsroom/blog
Contact Us
GLEIF Locations
Headquarters:
Global Legal Entity Identifier Foundation
(GLEIF)
St. Alban-Vorstadt 5
4052 Basel
Switzerland
German office:
GLEIF
Bleichstrasse 59
60313 Frankfurt am Main
Germany
US office:
GLEIF Americas
2500 Plaza 5
25th floor
Harborside Financial Center
Jersey City
New Jersey 07311
USA
Acknowledgements
GLEIF thanks the following organizations for their
support with the GLEIF Annual Report 2021:
Partners
AMANA consulting GmbH
Veronikastraße 36
45131 Essen
Germany
XBRL International, Inc
Ste 103
100 Walnut Ave
Clark, NJ 07066
United States of America
LEI: 254900ARU0VC1WY6GJ71
iseepr
6, The Dockside
Leeds Dock
LS10 1EG
United Kingdom
LEI: 213800L1Y3SPQ7155828
Raw Creative Ltd
Royal House
110 Station Parade
Harrogate
HG1 1EP
United Kingdom
2021 Annual Report
44
Terms and conditions
The GLEIF Website Terms
Graphics, layout and typesetting
Raw Creative Ltd.
Harrogate
United Kingdom
CGI
Staudt Medienproduktion
Kriftel
Germany
Images
www.shutterstock.com
Publishing Information
Published by Global Legal Entity
Identifier Foundation (GLEIF)
St. Alban-Vorstadt 5
4002 Basel
Switzerland
Company number
CHE-200.595.965
LEI of GLEIF
506700GE1G29325QX363
LEI issuer
Swiss Federal Statistical Office (FSO)
Supervision
Swiss Federal Supervisory Authority for Foundations, Bern
External auditor
Ernst & Young Ltd (EY), Basel
© 2022 – GLEIF
gleif.org
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