Annual Report
2024
2024 Annual Report
2
Chair’s Statement
3
CEO’s Statement
4
Consolidated Financial Statements
5
Notes to the Consolidated Financial Statements
10
Independent Auditor’s Report
29
Overview of Professional Advisors
30
Contact Us
31
Contents
2024 Annual Report
3
Chair’s Statement
2024 was a milestone year for the Global Legal Entity
Identifier Foundation (GLEIF). Our tenth anniversary
provided the perfect occasion to reflect on the organization’s
far-reaching successes over the past decade and to recognize
and celebrate many advances in the Legal Entity Identifier
(LEI) and verifiable LEI (vLEI). The year also marked a transition
for GLEIF as we welcomed our new Chief Executive Officer
(CEO) who set out a roadmap for the future that will continue
to evolve and develop GLEIF's progress on many fronts.
Thanks to the contributions of many individuals and
organizations, we can collectively be proud that in just a
decade GLEIF has established a unique proposition - the
Global LEI System (GLEIS) – which is serving as a broad public
good used daily by regulators and market participants
worldwide. In 2024, active LEI volumes hit their highest total
yet, reaching 2.63 million. By providing a global framework
that allows and automates the verification of organizational
identities in both offline and digital environments, GLEIF
has given organizations across the world the opportunity to
benefit from trust and transparency in an ever-growing range
of business transactions. That is certainly an achievement
to celebrate.
Looking ahead
Demand for LEIs and vLEIs continues to build as organizational
identity requirements shape-shift in light of rapid digital
transformation. The urgency for digitized, automated
authentication, and verification of organizations and the
individuals acting on their behalf or engaging with them is
more critical now than ever before. The GLEIS has universal
relevance across a multitude of business use cases and market
sectors. GLEIF’s work has created a strong organizational
identity foundation over the past ten years on which to both
grow and evolve the ecosystem in line with new and emerging
requirements. Our focus remains on driving the LEI and vLEI as
enablers of digital trust across value chains where digital trust
is a central principle.
Unified by a strategic vision
As we look ahead to GLEIF's second decade, the early course
has already been charted by our new CEO, Alexandre Kech,
who officially transitioned into that leadership role in June
2024. Under Alex’s stewardship, GLEIF’s strategic priority
for the years ahead is to continue to expand the utility and
value of the GLEIS as a public good by hardwiring verifiable
organizational identity—and therefore trust—into every
business relationship. GLEIF’s strategy is fully supported by
its Board of Directors and has also been welcomed by the
Regulatory Oversight Committee (ROC). Our overarching
goal is to empower individual organizations to realize new
opportunities while simultaneously supporting solutions to a
range of global macro-economic challenges. I am personally
looking forward to the incredible and progressive journey we
have ahead of us.
Leadership transition
Alex Kech succeeded our previous CEO, Stephan Wolf,
who stepped down in June 2024 . On behalf of the GLEIF
Board, I once again express my gratitude to Stephan for his
important contributions over a decade at the helm of GLEIF.
The organization accomplished remarkable milestones
and innovations under his guidance. Our new CEO, Alex, is
in a strong position to take us forward. He brings a wealth
of leadership and professional experience across finance,
payments and securities infrastructure and standards as
well as blockchain and digital assets, to both ensure GLEIF’s
continued success and drive its growth in the digital space.
GLEIF: Providing tools to support
the fight against financial crime
and corporate fraud
Throughout 2024, GLEIF continued its proactive stance in
the fight against financial crime and corporate fraud. Robust
industry momentum continued with proposed revisions to
the Financial Action Task Force Recommendation 16, which
introduces the LEI as a unique identifier to enhance the
quality of originator and beneficiary information in payment
messages. This aims to improve transparency and traceability
in cross-border payments, helping to combat money
laundering and terrorist financing more effectively.
In addition, two of our tools gained widespread attention
during 2024. They enable organizations to make transparency
a strategic priority and help combat multiple risks by
advancing the identifiability of verified legal entities across
global marketplaces.
The Policy Conformity Flag
The Policy Conformity Flag is a tool for global data users
to determine whether individual LEI records meet certain
ROC policies. An LEI labeled as 'conforming' indicates that
the LEI registration is current and that the legal entity
has reported data on its direct and ultimate parents (or
provided an acceptable reason for not reporting this).
By empowering entities to demonstrate their own
commitment to transparency and ensure that their
corresponding LEI record registration data is current
and complete with relationship reporting, the Policy
Conformity Flag facilitates enhanced trust and
transparency in transactions. It highlights the importance
of secure and reliable corporate identities in solving a
wide range of problems currently inhibiting trade flows
related to fraud. It acknowledges that data users want
to easily understand complex corporate structures and
supports the quick and easy identification of trusted
entities across borders and jurisdictions. This makes
global trade safer and more transparent.
A legal entity with an LEI that has conforming status
signals to partners and other organizations that their LEI
can be used to reliably streamline due-diligence checks,
onboarding, and other counterparty processes, making
it easier to do business with them as a trusted partner.
vLEI
The vLEI is a form of digitized organizational identity that
meets the global need for automated authentication
and verification of legal entities and their authorized
representatives across a range of industries. It is a
digital solution that cryptographically binds proof of
the legal entity's identity with the identity of authorized
representatives and their specific roles and rights within
a machine-readable credential. As such, the vLEI is a
secure, powerful and interoperable tool for companies
to contract, share data and operate safely in the digital
economy. Since firms can identify verified individuals
acting on behalf of organizations in transactions, it
helps protect against bad actors and identify fraud and
financial crime risks.
Thank you for our collective success
Last, but certainly not least, I want to take this opportunity
to thank all participants of the GLEIS for their unwavering
commitment and relentless pursuit of enabling one global
identity behind every business. My thanks and appreciation
go to all LEI Issuers, Qualified vLEI Issuers (QVIs), Registration
Agents and Validation Agents, the ROC, the GLEIF Board, and
my GLEIF colleagues around the world. GLEIF’s successes are
the collective outcome of your endeavors and, as we look to
the future, your continued support will be more important than
ever as we strive to unlock more opportunities to embed the
LEI and vLEI within global value chains which have trust and
transparency at their core.
Teresa A Glasser
Chair of the Board of Directors,
Global Legal Entity Identifier
Foundation (GLEIF)
2024 Annual Report
4
CEO’s Statement
In June 2024 I stepped into the role of GLEIF CEO as a
long-standing advocate of the LEI, having gained a deep
understanding of GLEIF’s work and the value of the GLEIS early in
my career. While my familiarity with GLEIF helped me assimilate
quickly into my new position, I received extraordinary onboarding
support from the GLEIF team, the Board, the ROC and GLEIF’s
partners. I truly appreciate the warm welcome which helped me
to hit the ground running.
I am particularly grateful for the collaborative handover from
GLEIF’s former CEO, Stephan Wolf. His leadership over the past
decade provided solid foundations for the GLEIS, upon which we
continue building today.
Strategic vision 2030
Working closely with the GLEIF team and the Board, I spent the
latter half of 2024 evolving GLEIF’s strategy in our continued
pursuit of excellence. In 2025 and the following years, the focus
of GLEIF’s leadership and management teams will be on easing
global trade and accelerating economic growth by hardwiring
verifiable organizational identity, and therefore trust, into every
business relationship.
We'll do this by striving for three key outcomes:
•
Achieving broader global LEI coverage across all regions,
to make our solutions more accessible and impactful
worldwide through tailored regional approaches.
•
Growing LEI utility and volume by taking an industry
and product-centric approach to value-creation.
•
Advocating for the vLEI and its supporting infrastructure
to become the prominent protocol for managing verifiable
organizational credentials.
These strategic objectives provide a north star as we prioritize
GLEIF’s future efforts and resources. They also provide a helpful
framework for reflecting on the many successes the organization
enjoyed in 2024.
2024 in review
A growing regional footprint for GLEIF
In line with our strategy to build close engagement with key
markets, GLEIF announced the opening of a Mumbai office in
October 2024. India had the highest rates of LEI growth globally
last year and is a leading market for LEI renewals. LEI demand
has escalated in recent years across the Indian subcontinent
thanks to a proactive regulatory agenda advanced by the
Reserve Bank of India. As a result, the LEI has become a key
tool in enabling trust and transparency across the Indian
financial ecosystem.
Strengthened LEI and vLEI adoption across industries
In 2024, GLEIF developed deeper partnerships with industry
associations, regulators, platforms and other stakeholders.
The goal was to align the value of the LEI and vLEI with new
and emerging requirements of organizational identity
initiatives across sectors and use cases. While many
consultations and pilots are ongoing, some of the tangible
highlights we celebrated last year include:
Cross-border transactions / payments: In its latest
‘Implementation of the Legal Entity Identifier’ progress
report, the Financial Stability Board (FSB) highlighted
the vLEI as a game-changer for digital authentication of
organizational representatives "that can help financial
services organisations to more effectively address
targeted risk areas (e.g. money laundering, fraud in
cross-border payments and in crypto-asset transactions)
while lowering costs.” The FSB also calls on all jurisdictions
to explore ways to promote LEI adoption "outside the
financial sector…to enhance trust in digital exchanges
through verifiable authentication.”
Supply chain: In September, the International Chamber
of Commerce’s Digital Standards Initiative published a
report titled: ‘Key Trade Documents and Data Elements on
the Front Line’. The report showcased multiple case studies
highlighting the digitalization of key supply chain functions.
These include a number of initiatives that are actively
using and endorsing the LEI and vLEI to enhance trust and
security, streamline onboarding and facilitate faster and
more secure transactions.
Digital assets / crypto: In July 2024, GLEIF partnered with
Global Digital Finance, the global member association and
platform for open innovation in digital assets in financial
services. The collaboration raises awareness of the value
of consistent party identification via the LEI, similar to that
described in the EU’s Market in Crypto Assets regulation.
As financial services become increasingly digitized, data
standardization is critical to help build bridges and foster
interoperability between the digital asset ecosystem and
traditional finance.
Business registries: Business registries play a crucial role in
promoting transparency across the global economy. GLEIF
has long promoted the value of the LEI as a central data
connector for business registries across the world. We
welcomed an initiative in December with the Netherlands
Chamber of Commerce (KVK) to provide global data
users with direct access to official registry data within
LEI records, to simplify and accelerate the international
identifiability and discoverability of businesses. GLEIF
expects momentum to build with more business registry
partnerships in 2025, including a similar initiative with UK
business registry, Companies House.
Accelerating the vLEI journey
GLEIF achieved groundbreaking progress in the evolution
of the vLEI infrastructure last year. A solid foundation was
created for the adoption of vLEIs to meet the global need for
automated authentication and verification of legal entities
and their representatives.
In July, GLEIF launched its vLEI Technical Advisory Board. This
cross-industry body, populated by technology experts at global
organizations, was assembled to provide technical, governance,
and developmental support to the growing vLEI stakeholder
ecosystem and to work with GLEIF to facilitate vLEI growth.
In October, ISO expanded the LEI technical standard - ISO
17442-3 – to describe a standard approach for embedding the
LEI in vLEIs. Notably, the standard describes the use of the vLEI
to verify the identity of people that represent an organization
in official or functional roles, both inside and outside of the
organization. This is pivotal in establishing the vLEI as a
universally trusted method of digitally verifying the authenticity
of persons authorized to act on behalf of an organization.
Throughout 2024, GLEIF supported the European Banking
Authority (EBA) as it carried out a pilot project, in collaboration
with 13 banks, which used the vLEI as a decentralized, universal
identity credential to manage and verify banks' submissions
to the EBA under Pillar 3 reporting. The project has already
demonstrated the high security and scalability of the
vLEI solution and it lays the foundations for the further
development and subsequent deployment of decentralized
organizational identity.
GLEIF welcomed Nord vLEI as the first European-based QVI in
2024, and recognized a growing interest from organizations to
become authorized to issue vLEIs to legal entities. As we look
ahead to 2025, there are multiple organizations worldwide
expressing their commitment to trusted organizational digital
identity by undergoing the Qualification Program under the
GLEIF vLEI Ecosystem Framework. Three QVI candidates from
Asia are expected to be qualified in Q1 of 2025.
GLEIF has shown pace and impact in its progress this year.
Our success is the collective outcome of an active and
engaged GLEIS and all actors within it. I wish to thank the entire
ecosystem that supports GLEIF to achieve its mission. I look
forward to working alongside you and playing my part in our
collective success in years to come.
Alexandre Kech
Chief Executive Officer,
Global Legal Entity Identifier
Foundation (GLEIF)
2024 Annual Report
55
2024 Annual Report
Global Legal Entity Identifier Foundation (GLEIF)
Basel, Switzerland
Consolidated
Financial Statements 2024
for the Period from January 1 to December 31, 2024
Notes Jan. to Dec. 2024 Jan. to Dec. 2023
US$ US$
Fee revenue 3.1 1 6 , 2 0 7, 9 8 8 1 5 , 5 26 ,924
Wages and salaries -9, 6 1 8 ,1 2 8 -8,3 44,35 3
Social contributions and expenses for pensions and care -1 ,1 4 4 , 6 8 3 -1, 0 5 5 , 20 7
Personnel expenses 3.2 -1 0, 762 , 8 11 -9, 3 9 9, 5 6 0
Other operating expenses 3.3 -5,061,715 -4,917 ,857
Other operating income 3.4 45 , 6 62 198, 386
Amortization and depreciation expense 4.5/4.6/4.7 -1,54 7 ,0 39 -1,7 12,726
Operating surplus / (loss) -1 ,1 1 7, 9 1 5 -304 ,833
Subsidies and donations 3.5 0 1, 217
Financial income / expense 3.6 929 24 ,7 3 8
Net surplus / (loss) -1 ,1 1 6 ,9 8 6 -278, 878
Changes of components of net equity from actuarial gains and losses in pension
and similar obligations
3.2 -12 0 ,1 4 6 -2 5 , 8 1 4
Items that will not be reclassified to net surplus -12 0 ,1 4 6 -2 5 , 8 1 4
Other comprehensive income -120,146 -2 5 , 8 1 4
Total comprehensive income -1 , 2 3 7,1 3 2 -304 ,692
Statement of Comprehensive Income
for the Period from January 1 to December 31, 2024
2024 Annual Report
6
Assets Notes Dec. 31, 2024 Dec. 31, 2023
US$ US$
Receivables from LEI issuers 4.1 2,09 2, 107 2,010 , 929
Current financial assets 4.2 4 ,42 0 11 ,545
Other assets 4.3 6 42, 33 5 45 6 ,974
Cash and cash equivalents 4.4 10,518,018 11 , 828 ,6 4 9
Current assets 13,25 6,880 14, 308,097
Intangible fixed assets 4.5 1,175,969 1,49 4,9 22
Tangible assets 4.6 436,972 224 , 529
Long-term financial assets 4.2 132, 979 141 , 4 4 0
Right-of-use assets 4.7 3,81 2,08 2 3,0 62,004
Non-current assets 5 , 5 58 , 002 4 ,922 ,8 95
Balance Sheet
as at December 31, 2024
Liabilities and equity Notes Dec. 31, 2024 Dec. 31, 2023
US$ US$
Payables due to vendors 4.8 6 2 7, 5 3 7 5 9 9, 8 3 0
Liabilities due to Board
Directors
6.1 2 3 ,9 62 15 , 395
Deferred revenue 4.9 0 24 4 ,67 3
Current financial liabilities 4.10 1,083,877 6 9 7, 1 2 7
Other payables 4.11 2, 30 6 , 2 24 1 ,9 07, 4 6 0
Current liabilities 4 ,0 41 ,6 0 0 3,464,485
Provision for pension costs 3.2 1 6 9,1 1 3 7 9, 2 13
Long-term financial liabilities 4.10 2,834,4 7 0 2,6 80, 4 63
Non-current liabilities 3,0 03,583 2,759,676
Paid-in Foundation capital 55 ,92 7 55 ,92 7
Other reserves -12 2 , 2 7 1 -2 ,1 2 5
Retained surplus 11,836,04 3 12 ,9 5 3 , 02 9
Organizational capital 4.12 11, 769 ,69 9 13,006,831
2024 Annual Report
7
Cash Flow Statement
for the Period from January 1 to December 31, 2024
Notes Jan. to Dec. 2024 Jan. to Dec. 2023
US$ US$
Net surplus / (loss) -1 ,1 1 6 ,9 8 6 -278, 878
Amortization and depreciation expense 1,54 7 ,0 39 1,7 12,7 26
Increase (decrease) of provisions -2 2 , 6 0 5 75
(Gains) / losses from the disposal of fixed assets 46, 336 -497
Financial income / expense -30,0 84 6, 528
Other non-cash expenses and income 2 9, 0 5 9 -36 ,7 29
Decrease / increase of receivables and other current assets -36 2,360 303 , 5 07
Increase / decrease of liabilities to vendors and other operating (non-financial) liabilities 27 2,785 173 , 37 1
Interest received 185, 575 8 9,1 5 8
Cash flow from operating activities 548 ,759 1 , 9 6 9, 2 6 1
Receipts from the disposal of intangible and tangible fixed assets and right-of-use assets 3,750 3, 587
Acquisition of intangible and tangible fixed assets and right-of-use assets 4.5/4.6/4.7 -5 7 2 ,9 62 -4 3 1 ,94 4
Acquisition / settlement of financial assets 4.2 11 , 3 03 8 ,1 5 7
Cash flow from investing activities -5 5 7, 9 0 9 -420,200
Repayment of lease liabilities -888,266 -1 ,0 9 4 , 59 0
Proceeds from other (non-lease) financial liabilities -65 17,794
Interest paid -15 4,159 -94,767
Cash flow from financing activities -1 ,0 42 , 49 0 -1, 171,563
Total cash flow effects on cash and cash equivalents -1,05 1,640 3 7 7, 4 9 8
Effect of changes in exchange rates on cash and cash equivalents -258,991 175,505
Cash and cash equivalents at beginning of period 11 , 828 ,6 4 9 11, 275,6 4 6
Cash and cash equivalents at end of period 4.4 1 0, 518 ,018 11,8 28,649
2024 Annual Report
8
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 of December 31, 2022 55 ,92 7 23,689 13 ,231,907 13, 311, 523
Net surplus / (loss) 0 0 -278, 878 -278, 878
Other comprehensive income 0 -2 5 , 8 1 4 0 -2 5 , 8 1 4
Total comprehensive income 0 -2 5 , 8 1 4 -278 , 878 -3 04 , 692
Balance as of December 31, 2023 5 5 ,927 -2 ,1 2 5 12 ,9 53 ,02 9 13,006,831
Net surplus / (loss) 0 0 -1 ,11 6 ,9 8 6 -1 ,1 1 6 ,9 8 6
Other comprehensive income 0 -12 0 ,1 4 6 0 -1 2 0,1 4 6
Total comprehensive income 0 -12 0 ,1 4 6 -1 ,11 6 ,9 8 6 -1, 237 , 132
Balance as of December 31, 2024 55 ,927 -122 ,27 1 11,836 ,043 11, 769 ,69 9
2024 Annual Report
9
2024 Annual Report
10
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-
establishment in Frankfurt am Main, Germany, where the main operating activities of the
Foundation are located.
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 (“LEI ROC”), which had set forth requirements for the
structure of the Global LEI System and for the managing, monitoring, and standard-setting
functions, as well as the internal structure and the funding of GLEIF. The LEI ROC has, as
stipulated in Article 4 of the GLEIF Statutes, the regulatory oversight of the Global LEI System,
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 Board of
Directors on
May 20, 2025.
2. Basis of Presentation and Summary
of Material Accounting Policies
2.1 General
These consolidated financial statements have been prepared in accordance with IFRS
Accounting Standards 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 31 December 2024. 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:
2024 Annual Report
11
•
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, 2024, 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
("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, 2024 Dec. 31, 2023
US$ US$
Swiss Franc to U.S. dollar 1.1038 1.1933
Euro to U.S. dollar 1.0389 1.1050
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 a 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. If the arrangement with a LEI issuer is terminated, the LEI issuer is charged the
outstanding service fees until the respective end of the license periods of the managed LEIs.
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.
2024 Annual Report
12
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 Global LEI System 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, assets with a value when new of USD 5,000 or less, 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.
2024 Annual Report
13
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.
2024 Annual Report
14
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 16
Amendments to IFRS 16 Leases: Lease
Liability in a Sale and Leaseback
Jan. 1, 2024
IAS 1
Amendments to IAS 1 Presentation of
Financial Statements: Classification of
Liabilities as Current or Non-current,
including Deferral of Effective Date,
as well as Non-current Liabilities with
Covenants
Jan. 1, 2024
IAS 7, IFRS 7
Amendments to IAS 7 Statements of
Cash Flows, IFRS 7 Financial Instruments
– Disclosures: ‘Supplier Finance
Arrangements’
Jan. 1, 2024
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 21
Amendments to IAS 21
The Effects of Changes in
Foreign Exchange Rates:
Lack of Exchangeability
Jan. 1, 2025
No material
effect
expected
IFRS 9, IFRS 7
Amendments to IFRS 9
(Financial Instruments)
and IFRS 7 (Financial
Instruments – Disclosures):
Amendments to the
Classification and
Measurement of Financial
Instruments
Jan. 1, 2026
No material
effect
expected
IFRS 9, IFRS 7
Amendments to IFRS 9
(Financial Instruments)
and IFRS 7 (Financial
Instruments – Disclosures):
Contracts Referencing
Naturedependent
Electricity
Jan. 1, 2026
No material
effect
expected
Annual Improvements of
IFRS Accounting Standards
– Volume 11
Jan. 1, 2026
No material
effect
expected
IFRS 19
Subsidiaries without Public
Accountability: Disclosures
Jan. 1, 2027
No material
effect
expected
IFRS 18
Presentation and Disclosure
in Financial Statements
Jan. 1, 2027
Effects
currently
being
evaluated
2024 Annual Report
15
2.15 Critical accounting estimates
The financial statements are prepared in accordance with IFRS as issued by the IASB.
The material 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. 2024 Jan. to Dec. 2023
US$ US$
Europe 13,293,703 12,921,327
Asia 940,466 1,206,216
North and South America 1,894,401 1,323,969
Other regions 79,418 75,412
Fee revenues 16,207,988 15,526,924
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, 47.1% of the revenue is concentrated on four LEI
issuers.
3.2 Personnel expenses
Jan. to Dec. 2024 Jan. to Dec. 2023
US$ US$
Wages and salaries 9,618,128 8,344,353
Social contributions and
expenses for pension and care
1,144,683 1,055,207
Personnel expenses 10,762,811 9,399,560
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
contributions are also included as part of these expenses.
As of year-end 2024, GLEIF Group employed 66 (2023: 62) employees. The average headcount
for 2024 is 64 (2023: 61) employees.
2024 Annual Report
16
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, taken over by
Columna Collective Foundation Group Invest, 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 Columna Group Invest 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$ 4,089 (2023: US$ 16,260) within personnel expenses
and net interest expenses of US$ 1,078 (2023: US$ 1,173), and paid employer and employee
contributions of US$ 26,701 (2023: US$ 15,743) to the scheme.
Actuarial losses of US$ 126,888 (2023: US$ 20,041 losses) from the defined benefit obligation,
less gains of US$ 6,742 (2023: plus US$ 5,773 losses) from the return on plan assets have been
recognized as other comprehensive income.
The defined benefit obligation amounted to US$ 585,021 on December 31, 2024 (December 31,
2023: US$ 279,499), net of the plan assets of US$ 415,908 (December 31, 2023: US$ 200,286). A
net pension liability of US$ 169,113 (December 31, 2023: US$ 79,213) was recognized in the balance
sheet as of December 31, 2024.
The weighted average duration of the obligation is 16.7 (2023: 16.0) years. The employee and
employer contributions expected for the next fiscal year are US$ 31,031 each.
For the calculation of the defined benefit obligation, a discount rate of 1.00% (2023: 1.50%) and
a long-term salary increase rate of 2.0% (2023: 2.0%) 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:
Investment of assets is carried out by the governing bodies of Columna Collective Foundation
Group Invest or by mandated parties. The structure of the plan assets by classes is as follows:
Dec. 31, 2024 Dec. 31, 2023
US$ US$
Cash and cash equivalents 21,670 8,151
Equity instruments 128,474 63,631
Debt instruments 119,365 61,108
Real estate 90,792 45,686
Other 55,607 21,711
Total plan assets at fair value
(quoted market price)
415,908 200,287
Total plan assets at fair value
(non-quoted market price)
0 0
Plan assets 415,908 200,287
Dec. 31, 2024 Dec. 31, 2024
US$ US$
Defined benefit obligation
with a change of
Discounting rate by +0.25 % / -0.25 % 561,787 610,231
Interest rate by +0.25 % / -0.25 % 595,003 575,325
Future salary increases by -0.25 % / +0.25 % 582,598 587,974
Life expectancy -1 year / +1 year 580,434 589,756
Pension increase by +0.25 % / -0.25 % 597,119 573,550
2024 Annual Report
17
3.3 Other operating expenses
Jan. to Dec. 2024 Jan. to Dec. 2023
US$ US$
Rental 162,417 152,665
Contractors 457,116 342,134
Travel and entertainment 712,204 788,902
IT consulting and development 127,561 278,378
IT service and maintenance 941,076 753,117
Website translation expenses 124,782 184,803
Telephone and communication,
office expenses
121,452 105,797
Consulting and advice 965,401 986,032
Public relation advice 580,291 523,933
Legal advice 159,418 247,094
Tax advice, accounting and audit 246,225 192,117
Advertising 57,821 128,721
Data acquisition 213,805 79,172
Staff training expenses 33,594 63,939
Insurance premiums 48,111 48,444
Disposal of fixed assets 63,864 3,090
Other 46,577 39,519
Other operating expenses 5,061,715 4,917,857
3.4 Other operating income
Jan. to Dec. 2024 Jan. to Dec. 2023
US$ US$
Release of prior year liabilities 23,840 178,700
Refunds and reimbursements 216 11,870
Disposal of assets 17,528 0
Other 4,078 7,816
Other operating income 45,662 198,386
3.5 Subsidies and donations
Jan. to Dec. 2024 Jan. to Dec. 2023
US$ US$
Subsidy granted in 2016 0 1,217
Income from subsidies and
donations
0 1,217
In 2016, 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. 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).
The portion of the subsidy attributable to capital expenditures (tangible and intangible fixed
assets), advance payments, and deferred expenses has been deferred and is amortized over the
useful life of the associated fixed assets.
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.
2024 Annual Report
18
3.6 Financial income / expense
Jan. to Dec. 2024 Jan. to Dec. 2023
US$ US$
Interest income 185,321 89,412
Interest expense -155,237 -95,940
Currency translation gains 883,474 1,152,642
Currency translation losses -912,629 -1,121,376
Financial result 929 24,738
The net currency translation gains result from payment of invoices in foreign currency as well as
the translation of monetary balances as at the end of 2024.
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, 2024 Dec. 31, 2023
US$ US$
Receivables due from vendors 753 7,759
Other current financial assets 3,667 3,786
Current financial assets 4,420 11,545
Dec. 31, 2024 Dec. 31, 2023
US$ US$
Deposit due later than one year
Office premises 132,979 141,440
Non-current financial assets 132,979 141,440
The balance outstanding as of December 31, 2024, relates mainly 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, 2024 Dec. 31, 2023
US$ US$
Deposits receivable later than five
years
132,979 141,440
Total deposits receivable 132,979 141,440
2024 Annual Report
19
4.3 Other current assets
Dec. 31, 2024 Dec. 31, 2023
US$ US$
VAT refunds
Germany 29,328 20,494
Switzerland 26,139 35,479
Prepaid IT licenses and
maintenance
228,108 136,752
Prepaid data acquisition costs 137,728 133,333
Annual newsletter
subscriptions
64,369 12,172
Prepaid insurances 23,285 22,580
Prepaid travel expenses 17,751 24,405
Prepaid public relation advice 10,000 1,727
Prepaid training costs 3,404 13,636
Prepaid consulting advice 23,702 0
Prepaid legal advice 25,753 0
Other prepaid expenses 37,564 24,232
Receivables due from employees 9 16,053
Prepaid membership fees 11,116 13,156
Reimbursements due from social
organizations
2,396 2,254
Other 1,683 701
Other current assets 642,335 456,974
4.4 Cash and cash equivalents
The position consists of current bank accounts, call money and cash on hand.
Dec. 31, 2024 Dec. 31, 2023
US$ US$
UBS Switzerland AG 3,899,355 7,243,589
Sparkasse Langen-Seligenstadt 6,132,688 4,451,100
TD Bank, N.A. 477,231 133,664
Deutsche Bank 8,532 0
Cash on hand 212 296
Cash and cash equivalents 10,518,018 11,828,649
2024 Annual Report
20
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$
2023
Accumulated cost 3,010,152 281,903 167,564
3,459,619
Accumulated
depreciation
-1,688,543 -276,154 0
-1,964,697
Carrying amount as of
Dec. 31, 2023
1,321,609 5,749 167,564
1,494,922
Reconciliation
Carrying amount as of
Jan. 1, 2023
1,501,425 0 187,788
1,689,213
Additions 27,716 5,847 237,950
271,513
Transfer -
Accumulated cost
258,174 0 -258,174
0
Disposal -
Accumulated cost
-271,457 0 0
-271,457
Depreciation -465,706 -98 0
-465,804
Disposal -
Accumulated
depreciation
271,457 0 0
271,457
Carrying amount as of
Dec. 31, 2023
1,321,609 5,749 167,564
1,494,922
GLEIS IT
Solutions
Other
intangible
assets
Prepay-
ments
Total
US$ US$ US$ US$
2024
Accumulated cost 3,205,838 55,846 116,853
3,378,537
Accumulated
depreciation
-2,184,309 -18,259 0
-2,202,568
Carrying amount as
of Dec. 31, 2024
1,021,529 37,587 116,853
1,175,969
Reconciliation
Carrying amount as
of Jan. 1, 2024
1,321,609 5,749 167,564
1,494,922
Additions 76,369 4,665 161,371
242,405
Transfer -
Accumulated cost
119,317 28,901 -148,218
0
Disposal -
Accumulated cost
0 -259,623 -63,864
-323,487
Depreciation -495,766 -1,728 0
-497,494
Disposal -
Accumulated
depreciation
0 259,623 0
259,623
Carrying amount as
of Dec. 31, 2024
1,021,529 37,587 116,853
1,175,969
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.
2024 Annual Report
21
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$
2023
Accumulated cost 611,825 224,459 64,558 8,794
909,636
Accumulated depreciation -458,536 -214,014 -12,557 0
-685,107
Carrying amount as of Dec. 31, 2023 153,289 10,445 52,001 8,794
224,529
Reconciliation
Carrying amount as of Jan. 1, 2023 112,696 29,840 62,763 0
205,299
Additions 119,297 1,280 0 8,794
129,371
Transfer - Accumulated cost 0 0 0 0
0
Disposal - Accumulated cost -79,485 0 0 0
-79,485
Depreciation -75,614 -20,675 -10,762 0
-107,051
Disposal - Accumulated depreciation 76,395 0 0 0
76,395
Carrying amount as of Dec. 31, 2023
153,289 10,445 52,001 8,794 224,529
2024
Accumulated cost 905,657 224,459 64,558 0
1,194,674
Accumulated depreciation -516,677 -217,706 -23,319 0
-757,702
Carrying amount as of Dec. 31, 2024 388,980 6,753 41,239 0
436,972
Reconciliation
Carrying amount as of Jan. 1, 2024 153,289 10,445 52,001 8,794
224,529
Additions 333,511 0 0 0
333,511
Transfer - Accumulated cost 8,794 0 0 -8,794
0
Disposal - Accumulated cost -48,473 0 0 0
-48,473
Depreciation -105,640 -3,692 -10,762 0
-120,094
Disposal - Accumulated depreciation 47,499 0 0 0
47,499
Carrying amount as of Dec. 31, 2024 388,980 6,753 41,239 0
436,972
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.
2024 Annual Report
22
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$
2023
Accumulated cost 4,419,015 2,031,982
6,450,997
Accumulated depreciation -1,738,449 -1,650,544
-3,388,993
Carrying amount as of Dec. 31, 2023 2,680,566 381,438
3,062,004
Reconciliation
Carrying amount as of Jan. 1, 2023 2,815,340 661,864
3,477,204
Additions 252,778 471,892
724,670
Disposal - Accumulated cost 0 -691,331
-691,331
Depreciation -387,552 -752,318
-1,139,870
Disposal - Accumulated depreciation 0 691,331
691,331
Carrying amount as of Dec. 31, 2023 2,680,566 381,438
3,062,004
2024
Accumulated cost 3,910,455 1,955,718
5,866,173
Accumulated depreciation -1,525,907 -528,184
-2,054,091
Carrying amount as of Dec. 31, 2024 2,384,548 1,427,534
3,812,082
Reconciliation
Carrying amount as of Jan. 1, 2024 2,680,566 381,438
3,062,004
Additions 787,150 1,674,757
2,461,907
Disposal - Accumulated cost -1,295,710 -1,751,021
-3,046,731
Depreciation -393,003 -536,448
-929,451
Disposal - Accumulated depreciation 605,545 1,658,808
2,264,353
Carrying amount as of Dec. 31, 2024 2,384,548 1,427,534
3,812,082
In November 2024, GLEIF agreed to an adjustment of the rental contract with the lessor of
the Frankfurt office premises. The new minimum lease term runs until February 2031. An option
to extend the lease term until February 2036 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, 2023
US$
Dec. 31, 2023
US$
Land and buildings
Technical and
computer equipment
Maturities of discounted lease payments
Not later than one year 439,893 230,524
Later than one year and not later than
five years
1,658,820 249,452
Later than five years 772,191 0
Total lease payments 2,870,904 479,976
Dec. 31, 2024
US$
Dec. 31, 2024
US$
Land and buildings
Technical and
computer equipment
Maturities of discounted lease payments
Not later than one year 353,282 710,062
Later than one year and not later than
five years
873,892 775,818
Later than five years 1,184,760 0
Total lease payments 2,411,934 1,485,880
In addition, the following amounts were recognized in the statement of comprehensive income
in 2023 and 2024:
Jan. to Dec. 2023
US$
Jan. to Dec. 2023
US$
Land and buildings
Technical and
computer equipment
Impact on the Statement of
Comprehensive Income
Interest expense -65,864 -28,870
Expenses for variable lease payments -85,129 0
Total -150,993 -28,870
Jan. to Dec. 2024
US$
Jan. to Dec. 2024
US$
Land and buildings
Technical and
computer equipment
Impact on the Statement of
Comprehensive Income
Interest expense -65,719 -88,351
Expenses for variable lease payments -95,776 0
Total -161,495 -88,351
Cash outflows related to lessee activities in 2024
amounted to US$ 1,159,548 (2023: US$ 1,272,502).
2024 Annual Report
23
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 payments terms agreed with the vendors range between 7 and 30 days after invoicing.
4.9 Deferred revenue
The deferred revenue is accrued in accordance with the outstanding portions of LEI service periods within the Global LEI System. See sec. 2.4 above.
2024 2023
US$ US$
Amortization in the following year
until March 31 0 165,782
until June 30 0 68,262
until September 30 0 10,629
until December 31 0 0
Total deferred revenue 0 244,673
4.10 Financial liabilities
Dec. 31, 2024 Dec. 31, 2023
US$ US$
Leasing liabilities falling due later than one year and not later than five years 1,649,710 1,908,272
Leasing liabilities falling due later than five years 1,184,760 772,191
Long-term financial liabilities 2,834,470 2,680,463
Leasing liability portion falling due within one year after the balance sheet date 1,063,344 670,417
Short-term bank liabilities 19,788 21,246
Liabilities due to LEI issuers 745 5,464
Current financial liabilities 1,083,877 697,127
Total financial liabilities 3,918,347 3,377,590
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:
2024 Annual Report
24
4.11 Other payables
Dec. 31, 2024 Dec. 31, 2023
US$ US$
Wage and church tax payables 117,304 111,347
Social security liabilities 113,284 49,613
Outstanding vacation 219,946 203,938
Variable salary 684,621 772,797
Bonuses 776,445 761,389
Other liabilities due to employees 394,551 8,376
Other 73 0
Other payables 2,306,224 1,907,460
The variable remuneration to GLEIF Group employees is accrued for in 2024 in accordance with
the employment contracts. The bonuses to employees are accrued in accordance with board
and management decisions.
The outstanding vacation liability in 2024 reflects the accrued salary and social contribution
payments for the respective time.
4.12 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 2024 will be allocated to the GLEIF
Group’s reserves. Together with the retained surplus and other reserves, the consolidated total
organizational capital is US$ 11 ,769 , 69 9 .
Jan. to Dec. 2024 Jan. to Dec. 2023
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 3,350,880 21,247
3,372,127
3,582,408 6,223
3,588,631
Additions 2,461,906 0
2,461,906
724,670 0
724,670
Changes from financing cash flows -1,042,336 -162
-1,042,498
-1,189,324 12,253
-1,177,071
Disposal -797,130 0
-797,130
0 0
0
Interest accrued 154,070 0
154,070
94,734 0
94,734
Currency revaluation -229,576 -1,297
-230,873
138,392 2,771
141,163
Carrying amount as of Dec. 31 3,897,814 19,788
3,917,602
3,350,880 21,247
3,372,127
2024 Annual Report
25
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, 2024 Dec. 31, 2023
Carrying amount Carrying amount
US$ US$
Financial assets measured at cost
or amortized cost
Long-term security deposits 132,979 141,440
Receivables from LEI issuers fees 2,092,107 2,010,929
Cash and cash equivalents 10,518,018 11,828,649
Receivables due from vendors 753 7,759
Other non-derivative financial
assets
3,667 3,786
12,747,524 13,992,563
Financial liabilities measured at
cost or amortized cost
Payables due to vendors 627,537 599,830
Liabilities due to Board Directors 23,962 15,395
Leasing liabilities 3,897,814 3,350,880
Liabilities due to banks 19,788 21,247
Liabilities due to LEI issuers 745 5,464
4,569,846 3,992,816
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 realization and valuation of the financial assets and liabilities mentioned above generated
a net foreign currency loss of US$ 123,980 (2023: net foreign currency gain of US$ 87,884).
Total interest income / expense and bank transaction expenses from financial instruments are:
Jan. to Dec. 2024 Jan. to Dec. 2023
US$ US$
Total interest income 183,820 88,351
Total interest expense 154,070 94,734
Total bank transaction expenses 9,871 10,313
The bank transaction expenses are presented under the operating expenses.
2024 Annual Report
26
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.
2023 2023
Effect on equity Effect on surplus
US$ US$
10% Increase of transaction currency
Swiss Franc 14,561 14,561
Euro 238,958 238,958
253,519 253,519
10% Decrease of transaction currency
Swiss Franc -14,561 -14,561
Euro -238,958 -238,958
-253,519 -253,519
2024 2024
Effect on equity Effect on surplus
US$ US$
10% Increase of transaction currency
Swiss Franc 15,642 15,642
Euro 87,067 87,067
102,709 102,709
10% Decrease of transaction currency
Swiss Franc -15,642 -15,642
Euro -87,067 -87,067
-102,709 -102,709
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, 2024.
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.
2024 Annual Report
27
6. Other Information and Disclosures
6.1 Related party transactions
Related individuals of GLEIF Group include the members of the Foundation's Board
of Directors, the Chief Executive Officer and the senior management, as well as the
members of the Regulatory Oversight Committee. 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, 2024, and December 31, 2023:
Jan. to
Dec. 2024
Dec. 31,
2024
Jan. to
Dec. 2023
Dec. 31,
2023
Expenses Liabilities Expenses Liabilities
US$ US$ US$ US$
Board directors
Travel expense
reimbursement
115,029 23,957 163,359 15,395
Key management
personnel
Fixed remuneration 1,284,141 0 1,232,127 0
Variable remuneration
and bonus
329,127 317,722 359,612 370,241
Travel expense
reimbursement
86,782 579 72,766 6,177
1,815,079 342,258 1,827,864 391,813
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 2024 and 2023 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$ 4,089 (2023: US$ 16,260)
6.2 Observance of the GLEIF Statutes’ requirements
The purpose of GLEIF is to act as the operational arm of a Global Legal Entity Identifier
System and thereby to support on a not-for-profit basis the implementation of a global
Legal Entity Identifier 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$ 35,326 audit fees related to professional services rendered by the Foundation’s
independent auditors, Ernst & Young Ltd, Basel, Switzerland, were accrued for fiscal
year 2024.
6.4 Subsequent events
GLEIF is not aware of any significant subsequent event after the balance sheet date that
would require disclosure.
2024 Annual Report
28
7. Board of Directors, Secretary, and Chief Executive Officer
The Foundation's Board of Directors consisted of the following individuals during the fiscal year 2024:
Teresa Glasser
(Chair of the Board)
Hany Choueiri
Changmin Chun
retired in July 2024
Salil Jha
Zaiyue Xu
Amy A. Kabia
Javier Santamaría
Vivienne Artz
Kaoru Mochizuki
Jacques Demaël
Gabriela Styf Sjoman
Katia Walsh
Angela Jimoh
resigned in June 2024
Luis Monteiro
Omofolarin Alayande
Michinobu Kishi
nominated in July 2024
Nikolai Pachnev
nominated in July 2024
Ilona Weiss
nominated in July 2024
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 Chair 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 LEI ROC, as defined in Article 15 of the GLEIF Statutes.
The Chief Executive Officer is Alexandre Kech, residing in Walchwil, Switzerland. He started in his role in June 2024.
The Board of Directors appointed Nicola Dearden, Switzerland, as Corporate Secretary with effect from 26 June 2023.
Signing authorities have been established as per GLEIF Statute Article 35 “Signatures”.
May 20, 2025
2024 Annual Report
29
Independent
Auditor’s Report
2024 Annual Report
30
Advisor Country of Origin Type of Service
A&S Financial Advisory Firm Japan Payroll advice and processing
AD&M Abogados Y Consultores SLP Spain Payroll advice and processing
ADM in Swiss SARL Switzerland Payroll advice and processing
ADP Inc USA Payroll advice and processing
Arent Fox LLP USA Legal advice
Baker McKenzie Switzerland AG Switzerland Tax advice
Brix + Partners LLC USA Payroll advice and processing
Burckhardt AG Switzerland Legal advice
CMS von Erlach Partners Ltd. Switzerland Legal advice
CMS von Hasche Sigle China China Legal advice
Ernst & Young AG Switzerland Audit
Estudio Chaloupka Argentina Legal advice
Eversheds Sutherland Ltd. Switzerland Legal advice
Gowling WLG (Canada) LLP Canada Legal advice
Hahn & Hahn Inc Republic of SA Legal advice
Joanknecht Salary Services B.V. Netherlands Payroll advice and processing
KIM & CHANG Korea Legal advice
K&E Mikus & Kollegen GmbH Germany Tax advice
Luiz Leonardos & Advogados Brasil Legal advice
MME Legal Ltd. Switzerland Legal advice
Niederer, Kraft & Frey AG Switzerland Legal advice
R. Arora & Associates India Legal advice
R. Arora & Associates India Payroll advice and processing
Rödl GmbH Rechtsanwaltsgesellschaft
Steuerberatungsgesellschaft
Germany Legal advice
Rohner & Erni Tax AG Switzerland Tax advice
Rechtsanwältin&Notarin Friederike Schröder Germany Legal advice
Tricor Payroll Services Pte Ltd Singapore Payroll advice and processing
Tricor Singapore Pte Ltd Singapore Tax advice
Tricor WP Corporate Services Pte Ltd Singapore Legal advice
uhthoff gomez vega & uhthoff, s.c. Mexico Legal advice
WP StB Christian Hecht Germany Payroll advice and processing
WP StB Christian Hecht Germany Tax advice
Overview of Professional Advisors
2024 Annual Report
31
Website:
https://www.gleif.org/en/
Email:
info@gleif.org
Blog:
https://www.gleif.org/en/newsroom/blog
Newsletter:
https://www.gleif.org/en/newsroom/gleif-
and-lei-news/subscribe-to-gleif-newsletter#
LinkedIn:
https://www.linkedin.com/company/global-
legal-entity-identifier-foundation-gleif-/
X:
https://twitter.com/GLEIF
YouTube:
https://www.youtube.com/@GLEIF
Trust Talks:
https://www.gleif.org/en/newsroom/gleif-
podcasts/welcome-to-trust-talks
WeChat:
https://bit.ly/46eOzL4
Contact Us
GLEIF Locations
Headquarters:
Global Legal Entity Identifier Foundation
(GLEIF)
St. Alban-Vorstadt 12
PO Box 4002
Basel
Switzerland
German office:
GLEIF Germany
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
Japan office:
GLEIF Japan
3F 1-1-3
Marunouchi
Chiyoda-ku
Tokyo
Japan
Singapore office:
GLEIF Singapore Branch
9 Raffles Place
#26-01 Republic Plaza
Singapore 048619
India office:
Unit No. 9, Corporate Park II
9th Floor, VN Purav Marg
Near Swastik Chambers, Chembur
Mumbai
Acknowledgements
GLEIF thanks the following organizations for their
support with the GLEIF Annual Report 2024:
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
5, The Boulevard
Leeds Dock
Leeds
LS10 1PZ
United Kingdom
LEI: 213800L1Y3SPQ7155828
Raw Creative Ltd
Royal House
110 Station Parade
Harrogate
HG1 1EP
United Kingdom
31
2024 Annual Report
32
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 12
PO Box 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
© 2024 – GLEIF
gleif.org
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