Annual Report
2025
2025 Annual Report
2
Contents
Chair’s Statement
CEO’s Statement
Consolidated Financial Statements 2025
Notes to the Consolidated Financial Statements 2025
Independent Auditor’s Report
Overview of Professional Advisors
Contact Us
3
4
5
10
29
30
31
2025 Annual Report
3
Chair’s Statement
The Global Legal Entity Identifier (LEI) System continued to
grow in strength and influence throughout 2025. Thanks to the
support of all of GLEIF’s partners and stakeholders, we marked a
new record in 2025, with nearly 3 million active LEIs in issuance.
The GLEIF ecosystem was bolstered by the onboarding of
six verifiable LEI (vLEI) issuers, also referred to as Qualified
vLEI Issuers (QVIs), and a Validation Agent (VA). Importantly,
the geographies and markets touched by the LEI and vLEI
expanded greatly too, thanks to increased collaboration.
With the launch of the Partner Program, GLEIF announced
seven new strategic partnerships, with organizations
including Chainlink, Companies House, Finternet Lab, the
IOTA Foundation, Open Ownership, Qichacha, and the Swiss
Federal Statistical Office.
Collaboration has always been strategically important
to GLEIF. It’s a critical driver in hardwiring trust, through
verifiable organizational identity, into every business
relationship. Our partnerships help to further the broad
public good delivered by the LEI and vLEI, by providing
channels through which we can frame and offer verifiable
organizational identity as a trust and transparency solution
for different markets and use cases.
Considering the high volume of submissions to GLEIF’s
inaugural vLEI hackathon events from numerous
international participants, it’s clear that we are successfully
building community engagement through initiatives designed
for that very purpose.
The engagement at the annual Global LEI System Forum,
which took place in Sydney, Australia in October 2025 was
very strong. This event gave regulators, LEI and vLEI Issuers,
financial institutions, technology providers, and market
participants a unique opportunity to come together and
exchange ideas on the evolving role of the LEI and vLEI. The
event is always high energy, well attended and both introduces
and reaffirms valuable and constructive connections.
Building on this global momentum, regional engagement also
intensified throughout the year. The first GLEIF Board meeting
held in Brazil was followed by a series of engagements in São
Paulo and Brasília with key private sector associations, such as
the Brazilian Federation of Banks (Febraban), and public sector
institutions, including the Central Bank of Brazil (Banco Central
do Brasil), the Federal Revenue of Brazil (Receita Federal do
Brasil), the Secretariat of Foreign Trade (Secretaria de Comércio
Exterior – SECEX), the Executive Secretariat of the Foreign
Trade Chamber (Secretaria-Executiva da Câmara de Comércio
Exterior – SE/CAMEX), the Brazilian Trade and Investment
Promotion Agency (ApexBrasil), and the Brazilian Securities and
Exchange Commission (Comissão de Valores Mobiliários – CVM).
These meetings underscored the importance of strengthening
collaboration with national authorities and market participants
to advance LEI adoption at the regional level. In September,
the first International LEI Conference in Latin America brought
together representatives from 15 countries. The event was co-
organized by the Central Bank of Mexico and the Bank of Spain,
in collaboration with the Regulatory Oversight Committee
(ROC), GLEIF, the Association of Supervisors of Banks of the
Americas (ASBA), Central American Council of Superintendents
of Banks, Insurance, and Other Financial Institutions (CCSBSO),
and the Executive Secretariat of the Central American
Monetary Council (SECMCA). The conference highlighted the
growing recognition of the LEI as a key tool in combating money
laundering and terrorist financing, in line with the updated
Financial Action Task Force (FATF) Recommendation 16.
As I reflect on these highlights, I am reminded that one of
GLEIF’s core values has always been, and will continue to be,
central to our progress - openness.
2025: Key achievements
The past twelve months have been busy and progressive. I am
happy to have observed an exemplary leadership transition
driven by Alexandre Kech as he marked his first full year as
GLEIF’s CEO in June 2025. A visionary five-year strategy, which
was approved by the Board, sets out appropriately ambitious
plans to drive adoption of the LEI and vLEI across global
markets and sectors, predominantly in cross-border payments,
global value chains and digital assets. Initiatives in support of
that strategy are well underway.
Supporting global innovation
GLEIF broke new ground by hosting a series of global vLEI
hackathon events in New York, Hong Kong and Frankfurt.
The goal was to give teams around the world the opportunity
to showcase innovative ideas to shape the future of digital
organizational identity and highlight the transformative
potential of the vLEI. The ideas and solutions presented
demonstrated how the vLEI can help shape the next
generation of trusted digital interactions and accelerate
the development of a global digital trust infrastructure.
All were exceptional in the quality and depth of expertise
they presented and, on behalf of GLEIF, I express my thanks
and admiration to all the submitting organizations and
congratulate the winners: MSC Trustgate (EMEA), The London
Stock Exchange (Americas) and Dataswyft (Asia).
Supporting compliance
A number of developments across the globe during 2025
have paved the way for the LEI and vLEI to play a greater
future role in an international framework for regulated
market transparency, particularly in relation to cross-border
transactions, including digital assets.
At the supra-national level, the FATF has published its updated
Recommendation 16 to enhance payment transparency, which
explicitly references the LEI as a key, trusted identifier for
legal persons in domestic and cross-border payments and
value transfers.
In the European Union (EU), the recast Transfer of Funds
Regulation (TFR) requires EU entities to disclose their LEI for
digital transfers. The EU’s Markets in Crypto-Assets (MiCA)
goes further, requiring issuers to provide an LEI when making
disclosures and requiring Crypto-Asset Service Providers
(CASPs) to obtain an LEI before being licensed.
Elsewhere, from May 2025, the Bank of England mandated
the inclusion of LEIs for all CHAPS payments for all financial
institutions. Ongoing consultations by the Australian
Securities and Investments Commission (ASIC) and the UK’s
Financial Conduct Authority (FCA) equally present further
opportunities to expand the use of the LEI across emerging
regulatory frameworks. In the UK, the FCA’s consultation
also points to the LEI as a relevant tool for organizational
identification in digital asset markets. This matters because
consistent identifiers make disclosures easier to compare and
supervise across firms, products, and jurisdictions.
As the digital asset market begins to be regulated in a similar
manner to traditional finance, it is increasingly apparent that,
beyond its foundational use in traditional finance, the LEI, and
particularly the vLEI, can now play a pivotal role in bridging
the trust gap.
What lies ahead?
Through 2026 and beyond, we remain committed to further
strengthening the ecosystem. Yet, it’s true that the process of
building a more open and transparent digital economy cannot
be achieved by a single organization. It takes a sustained,
meaningful collaboration from a diverse range of stakeholders
who share the common objective of increasing cross-border
trust in global markets. That community is exactly what we are
building, thanks to the commitment and participation of our
partners within the Global LEI System.
I want to thank my GLEIF colleagues, the Board, the ROC
and all of our partners within the Global LEI System for your
dedication throughout 2025 to making one verifiable, trusted,
global identity behind every business possible.
Teresa A Glasser
Chair of the Board of Directors
Global Legal Entity Identifier
Foundation (GLEIF)
2025 Annual Report
4
CEO’s Statement
Throughout 2025, continued digitalization across industry
and global trade amplified the growing need for verifiable
organizational identity to be hardwired into every business
relationship. The foundation of trust is the ability to
unambiguously identify legal entities globally. The convergence
of regulation demanding transparency and the growing need
for businesses to engage digitally across the global economy
highlights an urgent need for greater openness, accountability,
and interoperability across borders and ecosystems.
In 2025, the mainstream use of generative AI accelerated.
Agentic AI-powered systems and transactions are not far
behind. This underscores the importance of universal, verifiable
organizational identity management in the evolving tech
landscape. Not only has it become a strategic pillar of digital
trust, it’s now an essential security component in the ‘digital life’
we will lead in the future.
Last year, GLEIF had three clear objectives to pursue in line with
its five-year strategy:
• Achieving broader global LEI coverage across all regions.
• Growing LEI utility and volume.
• Advocating for the vLEI and its supporting infrastructure
to become the prominent protocol for managing verifiable
organizational credentials.
GLEIF made a progressive start on this strategy last year.
Below, we celebrate the successes that propelled us towards
achieving our vision: one verifiable, trusted, global identity
behind every business.
2025 in review
A strong regional focus driving LEI and vLEI adoption
Asia-Pacific remains a significant LEI growth region. In 2025,
India had the highest LEI issuance volumes, while Japan
and India had the first and third highest LEI renewal rates,
respectively, in the world. GLEIF opened a new office in China,
to better support regional LEI and vLEI demand and improve
engagement with local stakeholders and authorities. We also
welcomed six new QVIs within the APAC region: Certizen, China
Financial Certification Authority (CFCA), Finema, Shanghai
Electronic Certification Authority Co., Ltd. (SHECA), TOPPAN
Edge, and TradeGo.
India’s success in embedding the LEI within its economy to
promote greater trust and transparency is due to a proactive
regulatory agenda. Regulatory compliance remains a key focus
for GLEIF’s strategic activities in the region, particularly across
capital and money markets, cross-border payments, trade
finance, global and regional value chains, and Environmental,
Social and Governance (ESG). Indeed, the LEI’s influence grew
across all regions in 2025, thanks to the EU’s Digital Operational
Resilience Act (DORA) and the FATF updated Recommendation
16, which is recognized across G7 nations.
Beyond compliance, we are committed to driving global
innovation. In 2025, GLEIF’s first vLEI hackathons received
110 submissions from both established industry players and
startups. The range and quality of entries highlight the
significant potential of the vLEI to deliver value for businesses
worldwide and the creative ideas shaping the future of digital
organizational identity. We stand ready to support innovations
and pilots and are excited by the limitless opportunities that can
be unlocked in the future by the LEI and vLEI.
In 2026, GLEIF will continue to strengthen collaboration globally,
deepening relationships with regulators, market participants,
and digital identity innovators. We will also focus on South
America and the Middle-East and Africa as LEI and vLEI growth
markets, where early-stage LEI adoption offers opportunities
for greater inclusion and empowerment.
Strengthening the business case for the LEI and vLEI
Extending collaboration through a Global Partners Program
Collaboration is central to the Global LEI System’s success. In
2025, GLEIF launched its Global Partners Program, to unify data
vendors, financial institutions, corporates, and tech innovators
around accelerating LEI and vLEI adoption. The program will
advance secure and transparent business interactions and
promote sustainable growth across the global digital economy.
The LEI: A valuable data connector for businesses worldwide
During 2025, we successfully extended the reach of the Global
LEI System through collaborative partnerships, which reinforce
the value of the LEI as a data connector, delivering benefits for
data users everywhere.
• GLEIF established linking initiatives with the UK’s
Companies House and the Swiss Federal Statistical
Office, boosting identifiability and discoverability of UK
and Swiss businesses worldwide.
• A mapping initiative was also announced with Qichacha, a
leading Chinese business information platform boasting a
database of over 500 million legal entities. The goal here too
is to boost visibility of Chinese businesses on a global stage.
• GLEIF and Open Ownership launched the Global Open Data
Integration Network (GODIN). This initiative enhances global
data interoperability and accessibility by aligning open data
to widely recognized global frameworks like the Global LEI
System and the Beneficial Ownership Data Standard.
Broadening LEI and vLEI adoption across industries
The value of the LEI and vLEI continued to align with the
requirements of organizational identity initiatives across
sectors and use cases.
Finance and cross-border payments:
• The application of the EU’s DORA had a positive impact
on LEI adoption throughout 2025 and signaled a major
implementation outside of capital markets.
• FATF’s updated Recommendation 16, for the first time,
references the LEI as a key identifier for legal persons
in domestic and cross-border transactions. This brings
obvious benefits in being able to unequivocally identify
legal entities involved in transactions. It also signals that
trusted organizational identity is becoming a cornerstone
of transparency across all forms of cross-border
transactions and interactions.
Digital assets / crypto:
• GLEIF and Chainlink partnered to deliver an institutional-
grade identity solution for the blockchain industry. Using
GLEIF’s vLEI, the solution embeds verifiable organizational
identity directly into onchain wallets, smart contracts, and
tokenized assets.
• GLEIF also worked with the Cardano Foundation and
Key State Capital to enable verifiable smart contracts,
providing a cryptographic way to link issuers to their digital
assets and therefore avoiding fraud.
Digital trade and global supply chains:
• GLEIF collaborated with the IOTA Foundation to explore
how the LEI and vLEI can bring secure, verifiable digital
identity to global supply chains. Initial proof-of-concept
projects are investigating real-world applications such
as streamlining customs checks, simplifying supply
chain processes, enabling secure digital payments, and
expanding access to trade finance, while contributing to
the development of digital public infrastructure worldwide.
• A strategic MoU between GLEIF and Finternet Lab
promotes integration of vLEI credentials and open digital
tools for secure, interoperable ecosystems supporting the
global digital economy. Joint initiatives will focus on real-
world use cases of the vLEI across finance, sustainability,
and supply chains, with pilots, hackathons, and efforts to
define common standards and governance models.
2026: Continued opportunities
As we look to the year ahead, the urgency for an internationally-
recognized digital identity management infrastructure, such as
the Global LEI System, is intensifying. There are two main drivers:
• Empowerment and opportunity, resulting from the need to
embed trust in an increasingly digital global marketplace; and
• Compliance, as regulatory calls for transparency grow louder.
Globally, we are at a critical inflection point and in this
environment of growing adoption and acceptance of the LEI and
vLEI, a real opportunity presents. I look forward to continuing
to drive GLEIF towards its vision in 2026, and I wish to thank all
my GLEIF colleagues, the Board, the ROC, and GLEIF’s partners
worldwide who share the same desire for collective success.
Alexandre Kech
Chief Executive Officer
Global Legal Entity Identifier
Foundation (GLEIF)
2025 Annual Report
5
Consolidated
Financial Statements 2025
for the Period from January 1 to December 31, 2025
Global Legal Entity Identifier Foundation (GLEIF)
Basel, Switzerland
2025 Annual Report
6
Notes Jan. to Dec. 2025 Jan. to Dec. 2024
US$ US$
Fee revenue 3.1 18,643,87 9 16,207 ,988
Wages and salaries -10 , 165,823 -9 ,618 , 128
Social contributions and expenses for pensions and care -1,271,251 -1, 144,683
Personnel expenses 3.2 -11, 437 ,07 4 -10 , 7 62,811
Other operating expenses 3.3 -6,200, 656 -5, 06 1, 715
Other operating income 3.4 178, 016 45,662
Amortization and depreciation expense 4.5/4.6/4.7 -1,597 ,175 -1,547 ,039
Operating surplus / (loss) -413, 011 -1, 117 , 915
Subsidies and donations 3.5 35,64 1 0
Financial income / expense 3.6 -23, 155 929
Net surplus / (loss) -400,525 -1, 116,986
Changes of components of net equity from actuarial gains
and losses in pension and similar obligations
3.2 3,687 -120 , 146
Items that will not be reclassified to net surplus 3,687 -120 , 146
Other comprehensive income 3,687 -120, 146
Total comprehensive income -396,838 -1,237 , 132
Statement of Comprehensive Income
for the Period from January 1 to December 31, 2025
2025 Annual Report
7
Assets Notes Dec. 31, 2025 Dec. 31, 2024
US$ US$
Receivables from LEI issuers 4.1 2,726, 86 1 2,09 2, 107
Current financial assets 4.2 3,860 4,4 2 0
Other assets 4.3 1,060, 154 642,335
Cash and cash equivalents 4.4 10,291, 030 10,5 18, 018
Current assets 14,081, 906 13,256,880
Intangible fixed assets 4.5 1, 071, 727 1, 175,969
Tangible assets 4.6 349 ,6 71 436,9 72
Long-term financial assets 4.2 150, 400 132,979
Right-of-use assets 4.7 2,821,292 3,812, 082
Non-current assets 4,393, 090 5,558,00 2
Liabilities and equity Notes Dec. 31, 2025 Dec. 31, 2024
US$ US$
Payables due to vendors 4.8 7 63, 944 627 ,537
Liabilities due to Board Directors 6.1 18,256 23, 962
Current financial liabilities 4.9 54 1, 120 1,083 ,877
Other payables 4.10 2,773 ,556 2,306,224
Current liabilities 4,096,875 4, 04 1,600
Provision for pension costs 3.2 20 3,282 169 , 113
Long-term financial liabilities 4.9 2,801, 976 2,834, 470
Non-current liabilities 3,005,259 3,003 ,583
Paid-in Foundation capital 5 5,9 27 5 5,9 27
Other reserves -118,584 -122,271
Retained surplus 11, 435,518 11,836, 043
Organizational capital 4.11 11,372,86 1 11,7 69 ,699
Balance Sheet
as at December 31, 2025
2025 Annual Report
8
Notes Jan. to Dec. 2025 Jan. to Dec. 2024
US$ US$
Net surplus / (loss) -400,525 -1, 116,986
Amortization and depreciation expense 1,597 , 175 1,547 ,039
Increase (decrease) of provisions 11,280 -22,605
(Gains) / losses from the disposal of fixed assets 26,855 46,336
Financial income / expense 1, 900 -30 ,084
Other non-cash expenses and income 1,08 7 ,781 29 ,059
Decrease / increase of receivables and other current assets -943,299 -362,360
Increase / decrease of liabilities to vendors and other operating (non-financial) liabilities 4 14,554 272, 785
Interest received 1 47 ,47 8 185,575
Cash flow from operating activities 1, 943, 199 548,759
Receipts from the disposal of intangible and tangible fixed assets and right-of-use assets 2, 181 3, 750
Acquisition of intangible and tangible fixed assets and right-of-use assets 4.5/4.6/4.7 -46 1, 150 -572, 962
Acquisition / settlement of financial assets 4.2 4,642 11,303
Cash flow from investing activities -454,327 -557 ,909
Repayment of lease liabilities -1, 006, 179 -888,266
Proceeds from other (non-lease) financial liabilities -1 0, 62 7 -65
Interest paid -147,476 -154, 159
Cash flow from financing activities -1, 164,282 -1,042, 490
Total cash flow effects on cash and cash equivalents 324,590 -1,051, 640
Effect of changes in exchange rates on cash and cash equivalents -551,578 -258, 991
Cash and cash equivalents at beginning of period 10,5 18, 018 11,828, 649
Cash and cash equivalents at end of period 4.4 10 ,291,030 10,518,018
Cash Flow Statement
for the Period from January 1 to December 31, 2025
2025 Annual Report
9
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, 2023 5 5,92 7 -2,125 12, 953,0 29 13,006,831
Net surplus / (loss) 0 0 -1, 116, 986 -1, 116,986
Other comprehensive income 0 -120 , 146 0 -120 ,146
Total comprehensive income 0 -120 , 146 -1,116, 986 -1,237 ,132
Balance as of December 31, 2024 5 5,9 27 -122,271 11,836, 043 11,7 69 ,699
Net surplus / (loss) 0 0 -400,525 -400,525
Other comprehensive income 0 3,687 0 3,687
Total comprehensive income 0 3,687 -400 ,525 -396,838
Balance as of December 31, 2025 55 ,92 7 -118,584 11,435,518 11,372,86 1
Statement of Changes in Organizational Capital
2025 Annual Report
10
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,
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
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 (“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 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, 2026.
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 2025. 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:
• 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.
Notes to the Consolidated Financial Statements
2025 Annual Report
11
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, 2025, 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, 2025 Dec. 31, 2024
US$ US$
Swiss Franc to U.S. dollar 1.2615 1.1038
Euro to U.S. dollar 1.1750 1.0389
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.
Information identifying the performance obligation(s) in accordance with IFRS 15.119(a): GLEIF
has identified a single performance obligation consisting of the ongoing quality assurance,
data validation and operation of the Global LEI Index. Performance is recognised over time in
accordance with IFRS 15.35(a). The 50% accrual method is based on the assumption that new LEI
issuances and renewals are evenly distributed within each quarter.
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.
2025 Annual Report
12
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 measured 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 measured 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.
2025 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.
2025 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
IAS 21
Amendments to IAS 21 The Effects
of Changes in Foreign Exchange Rates:
Lack of Exchangeability
Jan. 1, 2025
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
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
IAS 21
Annual Improvements of IFRS
Accounting Standards – Volume 11 Jan. 1, 2026
no material
effect
expected
Amendments to IAS 21 The
Effects of Changes in Foreign
Exchange Rates: Translation to a
Hyperinflationary Presentation
Currency
Jan. 1, 2027
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
2025 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.
The primary element of revenue recognition estimation uncertainty relates to the assumption
that LEI registrations and renewals are uniformly distributed over the course of the reporting
quarter. A one-month shift in distribution would result in a change in deferred revenue. Management
has reviewed the assumption of uniform distribution using historical quarterly data and considers
it appropriate.
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. 2025 Jan. to Dec. 2024
US$ US$
Europe 15,023,306 13,293,703
Asia 1,225,549 940,466
North and South America 2,305,254 1,894,401
Other regions 89,770 79,418
Fee revenues 18,643,879 16,207,988
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, 49.7% of the revenue is concentrated on four LEI issuers.
3.2 Personnel expenses
Jan. to Dec. 2025 Jan. to Dec. 2024
US$ US$
Wages and salaries 10,165,823 9,618,128
Social contributions and expenses
for pension and care
1,271,251 1,144,683
Personnel expenses 11,437,074 10,762,811
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 2025, GLEIF Group employed 65 (2024: 66) employees. The average headcount for
2025 is 65 (2024: 64) employees.
2025 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$ 46,569 (2024: US$ 4,089) within personnel expenses and net
interest expenses of US$ 1,902 (2024: US$ 1,078), and paid employer and employee contributions of
US$ 35,220 (2024: US$ 26,701) to the scheme.
Actuarial losses of US$ 7,700 (2024: US$ 126,888 losses) from the defined benefit obligation, less
gains of US$ 11,387 (2024: plus US$ 6,742 gains) from the return on plan assets have been recognized
as other comprehensive income.
The defined benefit obligation amounted to US$ 768,998 on December 31, 2025 (December 31, 2024:
US$ 585,021), net of the plan assets of US$ 565,716 (December 31, 2024: US$ 415,908). A net pension
liability of US$ 203,282 (December 31, 2024: US$ 169,113) was recognized in the balance sheet as of
December 31, 2025.
The weighted average duration of the obligation is 16.3 (2024: 16.7) years. The employee and
employer contributions expected for the next fiscal year are US$ 36,893 each.
For the calculation of the defined benefit obligation, a discount rate of 1.30% (2024: 1.00%) and a
long-term salary increase rate of 2.0% (2024: 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:
Dec. 31, 2025 Dec. 31, 2025
US$ US$
Defined benefit obligation with a change of
Discounting rate by +0.25 % / -0.25 % 739,307 801,152
Interest rate by +0.25 % / -0.25 % 782,407 755,968
Future salary increases by -0.25 % / +0.25 % 766,282 770,766
Life expectancy -1 year / +1 year 762,687 775,462
Pension increase by +0.25 % / -0.25 % 784,443 754,338
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, 2025 Dec. 31, 2024
US$ US$
Cash and cash equivalents 20,023 21,670
Equity instruments 190,571 128,474
Debt instruments 150,579 119,365
Real estate 130,215 90,792
Other 74,328 55,607
Total plan assets at fair value
(quoted market price)
565,716 415,908
Total plan assets at fair value
(non-quoted market price)
0 0
Plan assets 565,716 415,908
2025 Annual Report
17
3.3 Other operating expenses
Jan. to Dec. 2025 Jan. to Dec. 2024
US$ US$
Rental 166,654 162,417
Contractors 819,838 457,116
Travel and entertainment 1,134,960 712,204
IT consulting and development 389,350 127,561
IT service and maintenance 964,923 941,076
Website translation expenses 34,694 124,782
Telephone and communication,
office expenses
112,864 121,452
Consulting and advice 1,022,437 965,401
Public relation advice 590,259 580,291
Legal advice 101,628 159,418
Tax advice, accounting and audit 301,837 246,225
Advertising 48,845 57,821
Data acquisition 219,462 213,805
Staff training expenses 40,414 33,594
Insurance premiums 50,712 48,111
Disposal of fixed assets 75 63,864
Other 201,703 46,577
Other operating expenses 6,200,656 5,061,715
3.4 Other operating income
Jan. to Dec. 2025 Jan. to Dec. 2024
US$ US$
Release of prior year liabilities 118,098 23,840
Refunds and reimbursements 9,813 216
Disposal of assets 2,460 17,528
Other 47,645 4,078
Other operating income 178,016 45,662
3.5 Subsidies and donations
Jan. to Dec. 2025 Jan. to Dec. 2024
US$ US$
Government grant Lin-gang Special Area,
Shanghai
35,641 0
Income from subsidies and donations 35,641 0
In 2025, GLEIF’s Shanghai Representative Office received a government grant of CNY 250,000
(US$ 35,641) from the Administrative Committee of the Lin-gang Special Area, Shanghai, under
the ‘International Organization Development Special Support and Incentive Project’. The grant
compensates expenses already incurred and was recognised in full in the current period (IAS 20.20).
The underlying policy provides for potential recovery only in cases of fraud in obtaining the grant or
violation of cybersecurity regulations (Article 13 of the policy). The policy does not impose ongoing
performance conditions or minimum activity requirements. As the grant was awarded based on
an ex-ante assessment of GLEIF’s contribution to the local ecosystem and compensates expenses
already incurred, management considers the risk of non-compliance to be remote.
No unfulfilled conditions or other contingencies attached to government assistance have
been recognized.
2025 Annual Report
18
3.6 Financial income / expense
Jan. to Dec. 2025 Jan. to Dec. 2024
US$ US$
Interest income 147,478 185,321
Interest expense -149,378 -155,237
Currency translation gains 1,182,855 883,474
Currency translation losses -1,204,111 -912,629
Financial result -23,155 929
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 2025.
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, 2025 Dec. 31, 2024
US$ US$
Receivables due from vendors -29 753
Other current financial assets 3,889 3,667
Current financial assets 3,860 4,420
Dec. 31, 2025 Dec. 31, 2024
US$ US$
Deposit due later than one year
Office premises 150,400 132,979
Non-current financial assets 150,400 132,979
The balance outstanding as of December 31, 2025, 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, 2025 Dec. 31, 2024
US$ US$
Deposits receivable later than five years 150,400 132,979
Total deposits receivable 150,400 132,979
2025 Annual Report
19
4.3 Other current assets
Dec. 31, 2025 Dec. 31, 2024
US$ US$
VAT refunds
Germany 72,775 29,328
Switzerland 37,581 26,139
Prepaid IT licenses and maintenance 569,509 228,108
Prepaid data acquisition costs 142,071 137,728
Annual newsletter subscriptions 37,272 64,369
Prepaid insurances 25,290 23,285
Prepaid travel expenses 39,130 17,751
Prepaid public relation advice 116 10,000
Prepaid training costs 0 3,404
Prepaid consulting advice 13,878 23,702
Prepaid legal advice 9,394 25,753
Other prepaid expenses 77,689 37,564
Receivables due from employees 13,262 9
Prepaid membership fees 21,271 11,116
Reimbursements due from social
organizations
916 2,396
Other 0 1,683
Other current assets 1,060,154 642,335
4.4 Cash and cash equivalents
The position consists of current bank accounts, call money and cash on hand.
Dec. 31, 2025 Dec. 31, 2024
US$ US$
UBS Switzerland AG 1,472,891 3,899,355
Sparkasse Langen-Seligenstadt 7,625,512 6,132,688
TD Bank, N.A. 980,607 477,231
Deutsche Bank 87,288 8,532
Other 124,733 212
Cash and cash equivalents 10,291,030 10,518,018
2025 Annual Report
20
4.5 Intangible assets
The carrying amounts of all intangible fixed assets are as follows:
GLEIS IT
Solutions
Other
intangible
assets
Prepayments 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
GLEIS IT
Solutions
Other
intangible
assets
Prepayments Total
US$ US$ US$ US$
2025
Accumulated cost 3,346,259 62,340 322,577 3,731,175
Accumulated depreciation -2,632,071 -27,378 0 -2,659,449
Carrying amount
as of Dec. 31, 2025
714,188 34,962 322,577 1,071,727
Reconciliation
Carrying amount
as of Jan. 1, 2025
1,021,529 37,587 116,853 1,175,969
Additions 48,565 6,494 297,580 352,639
Transfer -
Accumulated cost
91,856 0 -91,856 0
Disposal -
Accumulated cost
0 0 0 0
Depreciation -447,762 -9,119 0 -456,881
Disposal -
Accumulated depreciation
0 0 0 0
Carrying amount
as of Dec. 31, 2025
714,188 34,962 322,577 1,071,727
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.
At each reporting date, the Foundation assesses whether there is any indication that an intangible
asset may be impaired (IAS 36.12). As of December 31, 2025, management reviewed indicators
including technological obsolescence, changes in the regulatory environment, and the expected
future economic benefits derived from the GLEIS IT solutions. No indicators of impairment were
identified. Accordingly, no impairment test was performed and no impairment loss was recognized
during the reporting period (2024: nil).
2025 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$
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
2025
Accumulated cost 980,379 193,749 64,558 0 1,238,686
Accumulated depreciation -651,312 -173,645 -64,058 0 -889,015
Carrying amount as of Dec. 31, 2025 329,067 20,104 500 0 349,671
Reconciliation
Carrying amount as of Jan. 1, 2025 388,980 6,753 41,239 0 436,972
Additions 74,722 16,172 0 0 90,894
Transfer - Accumulated cost 0 0 0 0 0
Disposal - Accumulated cost 0 -46,882 0 0 -46,882
Depreciation -134,635 -2,735 -40,739 0 -178,109
Disposal - Accumulated depreciation 0 46,796 0 0 46,796
Carrying amount as of Dec. 31, 2025 329,067 20,104 500 0 349,671
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.
2025 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$
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
2025
Accumulated cost 3,655,476 1,919,610 5,575,086
Accumulated depreciation -1,588,494 -1,165,300 -2,753,794
Carrying amount as of Dec. 31, 2025 2,066,982 754,310 2,821,292
Reconciliation
Carrying amount as of Jan. 1, 2025 2,384,548 1,427,534 3,812,082
Additions 0 -36,108 -36,108
Disposal - Accumulated cost -254,979 0 -254,979
Depreciation -289,002 -637,116 -926,118
Disposal - Accumulated depreciation 226,415 0 226,415
Carrying amount as of Dec. 31, 2025 2,066,982 754,310 2,821,292
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, 2024 Dec. 31, 2024
US$ 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
Dec. 31, 2025 Dec. 31, 2025
US$ US$
Land and buildings
Technical and
computer equipment
Maturities of discounted
lease payments
Not later than one year 217,864 293,712
Later than one year
and not later than five years
1,059,551 598,363
Later than five years 1,144,061 0
Total lease payments 2,421,476 892,075
2025 Annual Report
23
In addition, the following amounts were recognized in the statement of comprehensive income in
2024 and 2025:
Jan. to Dec. 2024 Jan. to Dec. 2024
US$ 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
Jan. to Dec. 2025 Jan. to Dec. 2025
US$ US$
Land and buildings
Technical and
computer equipment
Impact on the Statement
of Comprehensive Income
Interest expense -95,280 -52,055
Expenses for variable lease payments -116,621 0
Total -211,901 -52,055
Cash outflows related to lessee activities in 2025 amounted to US$ 1,190,368 (2024: US$ 1,159,548).
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 Financial liabilities
Dec. 31, 2025 Dec. 31, 2024
US$ US$
Leasing liabilities falling due later than
one year and not later than five years
1,657,915 1,649,710
Leasing liabilities falling due later than
five years
1,144,061 1,184,760
Long-term financial liabilities 2,801,976 2,834,470
Leasing liability portion falling due
within one year after the balance sheet
date
511,576 1,063,344
Short-term bank liabilities 10,562 19,788
Liabilities due to LEI issuers 18,981 745
Current financial liabilities 541,120 1,083,877
Total financial liabilities 3,343,096 3,918,347
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.
2025 Annual Report
24
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. 2025 Jan. to Dec. 2024
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 3,897,814 19,788 3,917,602 3,350,880 21,247 3,372,127
Additions -36,108 0 -36,108 2,461,906 0 2,461,906
Changes from financing cash flows -1,153,515 -12,655 -1,166,170 -1,042,336 -162 -1,042,498
Disposal 0 0 0 -797,130 0 -797,130
Interest accrued 147,336 0 147,336 154,070 0 154,070
Currency revaluation 458,026 3,429 461,455 -229,576 -1,297 -230,873
Carrying amount as of Dec. 31 3,313,553 10,562 3,324,115 3,897,814 19,788 3,917,602
4.10 Other payables
Dec. 31, 2025 Dec. 31, 2024
US$ US$
Wage and church tax payables 122,212 117,304
Social security liabilities 74,156 113,284
Outstanding vacation 248,788 219,946
Variable salary 758,725 684,621
Bonuses 884,478 776,445
Other liabilities due to employees 685,197 394,551
Other 0 73
Other payables 2,773,556 2,306,224
The variable remuneration to GLEIF Group employees is accrued for in 2025 in accordance with
the employment contracts. The bonuses to employees are accrued in accordance with board and
management decisions.
The outstanding vacation liability in 2025 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 2025 will be allocated to the GLEIF
Group’s reserves. Together with the retained surplus and other reserves, the consolidated total
organizational capital is US$ 11,372,86 1 .
2025 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, 2025
Carrying amount
Dec. 31, 2024
Carrying amount
US$ US$
Financial assets measured
at cost or amortized cost
Long-term security deposits 150,400 132,979
Receivables from LEI issuers fees 2,726,861 2,092,107
Cash and cash equivalents 10,291,030 10,518,018
Other non-derivative financial assets 3,860 4,420
13,172,151 12,747,524
Financial liabilities measured
at cost or amortized cost
Payables due to vendors 763,944 627,537
Liabilities due to Board Directors 18,256 23,962
Leasing liabilities 3,313,553 3,897,814
Liabilities due to banks 10,562 19,788
Liabilities due to LEI issuers 18,981 745
4,125,296 4,569,846
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$ 154,189 (2024: net foreign currency loss of US$ 123,980).
Total interest income / expense and bank transaction expenses from financial instruments are:
Jan. to Dec. 2025 Jan. to Dec. 2024
US$ US$
Total interest income 146,838 183,820
Total interest expense 147,336 154,070
Total bank transaction expenses 10,901 9,871
All financial assets and liabilities are measured at cost or amortized cost.
2025 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.
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
2025 2025
Effect on Equity Effect on Surplus
US$ US$
10 % Increase of transaction currency
Swiss franc 13,329 13,329
Euro
241,797 241,797
255,126 255,126
10 % Decrease of transaction currency
Swiss franc -13,329 -13,329
Euro
-241,797 -241,797
-255,126 -255,126
As the GLEIF Group does not apply hedge accounting and does not hold equity instruments measured at fair value through OCI,
all foreign currency gains and losses are recognised in profit or loss. Accordingly, the effect on surplus equals the effect on equity.
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, 2025.
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.
As of December 31, 2025, the Foundation assessed expected
credit losses on its receivables from LEI issuers using the
simplified approach. Based on historical default experience
(no material credit losses in prior periods), the current
creditworthiness of the counterparties, and available forward-
looking information, the expected credit loss was determined
to be immaterial and no loss allowance has been recognised
(2024: nil).
GLEIF Group has three major banking relationships. The majority
of its cash holdings is concentrated within one of these banks.
2025 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, 2025, and
December 31, 2024:
Jan. to Dec. 2025 Dec. 31, 2025 Jan. to Dec. 2024 Dec. 31, 2024
Expenses Liabilities Expenses Liabilities
US$ US$ US$ US$
Board Directors
Travel expense reimbursement 122,743 18,256 115,029 23,957
Key management personnel
Fixed remuneration 1,363,911 0 1,284,141 0
Variable remuneration and bonus 319,103 333,053 329,127 317,722
Travel expense reimbursement 55,065 3,143 86,782 579
1,860,822 354,452 1,815,079 342,258
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 2025 and 2024 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$ 46,569 (2024: US$ 4,089)
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$ 50,831 audit fees related to professional services rendered by the Foundation’s independent auditors, Ernst & Young Ltd, Basel,
Switzerland, were accrued for fiscal year 2025.
6.4 Subsequent events
In February 2026, the employment relationship with a former member of the management team was terminated. Subsequently, the
former management member filed a claim against the Foundation relating to the termination of employment. Based on legal advice
obtained, the Foundation considers the likelihood of a material outflow of resources to be low.
2025 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 2025:
Teresa Glasser Chair of the Board
Vivienne Artz Vice Chair of the Board
Amy A. Kabia Vice Chair of the Board
Omofolarin Alayande
Hany Choueiri term ended June 2025
Jacques Demaël
AnnaMaria Ewing appointed July 2025
Jens Hachmeister appointed July 2025
Omar Hashem appointed July 2025
Yingli Huo appointed September 2025
Salil Jha term ended June 2025
Michinobu Kishi
Pamela Mar appointed July 2025
Kaoru Mochizuki
Luis Monteiro
Nikolai Pachnev
Iretiogo Samuel-Ogbu appointed July 2025
Javier Santamaría
Adam Schneider appointed July 2025
Gabriela Styf Sjöman term ended June 2025
Pramod Varma appointed July 2025
Ekaterina Walsh resigned January 2025
Ilona Weiss
Zaiyue Xu term ended June 2025
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 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”.
Basel, May 20, 2026
2025 Annual Report
29
Independent Auditor’s Report
Ernst & Young Ltd
A
eschengraben 27
P. O. Box
CH-4002 Basel
Phone: +41 58 286 86 86
www.ey.com/en_ch
To the General Meeting of
Global Legal Entity Identifier Foundation, Basel
Basel, 20 May 2026
Report of the statutory auditor
Report on the audit of the consolidated financial statements
Opinion
We have audited the consolidated financial statements of Global Legal Entity Identifier
Foundation and its subsidiaries (the Group), which comprise the balance sheet as at
31 December 2025, the statement of comprehensive income, the cash flow statement and
the statement of changes in organizational capital for the year then ended, and notes to the
consolidated financial statements, including material accounting policy information.
In our opinion, the consolidated financial statements (page 5 to 28) give a true and fair view
of the consolidated financial position of the Group as at 31 December 2025 and of its
consolidated financial performance and its consolidated cash flows for the year then ended in
accordance with IFRS Accounting Standards and comply with Swiss law.
Basis for opinion
We conducted our audit in accordance with Swiss law, International Standards on Auditing
(ISA) and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions
and 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 provisions of Swiss law, together with the requirements of the Swiss
audit profession, as well as those of the International Ethics Standards Board for
A
ccountants’ International Code of Ethics for Professional Accountants (including
International Independence Standards) (IESBA Code). We have also fulfilled our other ethical
responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
Other information
The Board of Directors is responsible for the other information. The other information
comprises the information included in the annual report, but does not include the
consolidated financial statements.
Our opinion on the consolidated financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon.
2
In connection with ouraudit of the consolidated financialstatements, our responsibility is to
read the otherinformation and, in doingso, consider whether the otherinformation is
materially inconsistent with theconsolidatedfinancial statements or ourknowledge obtained
in theaudit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that thereis amaterialmisstatement
of this other information, we are required to report that fact. We have nothingtoreport in this
regard.
Board of Directors’ responsibilitiesfor theconsolidated financial statements
TheBoard of Directorsisresponsible for the preparation of theconsolidatedfinancial
statements, whichgivea true andfairviewin accordance with IFRSAccountingStandards
andthe provisions of Swisslaw,and for such internal control as the BoardofDirectors
determines is necessary to enable the preparationof consolidated financialstatementsthat
are free from material misstatement,whetherdue to fraud or error.
In preparing the consolidated financialstatements, theBoard of Directors is responsible for
assessing the Group’s ability to continue as agoing concern, disclosing, as applicable,
matters related to going concern, and usingthe goingconcern basis of accounting unless the
Board of Directorseitherintends to liquidatethe Group or to cease operations, or has no
realisticalternative but to do so.
Auditor's responsibilitiesfor the audit of the consolidated financial statements
Our objectives aretoobtainreasonable assuranceabout whether theconsolidatedfinancial
statements as awhole are free from material misstatement, whetherdue to fraud or error,
and to issue an auditor’sreport that includes our opinion. Reasonable assuranceis a high
level of assurance, butisnot aguarantee that an auditconducted in accordance with Swiss
law, ISAand SA-CHwillalways detect a material misstatement when it exists. Misstatements
can arise from fraudor error andare considered material if,individually or in theaggregate,
they could reasonably be expected to influencethe economic decisions of userstaken on the
basis of these consolidated financialstatements.
A
furtherdescription of ourresponsibilities forthe audit of theconsolidatedfinancial
statements is locatedonEXPERTsuisse’swebsite at: https://www.expertsuisse.ch/en/audit-
report. This description forms an integral part of our report.
Report on other legal and regulatory requirements
In accordance with Art. 728a para. 1item 3 CO andPS-CH 890, we confirmthataninternal
controlsystemexists, which hasbeen designed for the preparationof the consolidated
financialstatements accordingtothe instructions of theBoard of Directors.
We recommendthatthe consolidated financialstatementssubmitted to youbeapproved.
Ernst &Young Ltd
Licensed auditexpertLicensed audit expert
(Auditorin charge)
2025 Annual Report
30
Overview of Professional Advisors
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
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
Dufour Treuhand AG Switzerland Payroll services
ECOVIS Ruide Certified Public Accountants Co., Ltd. China Bookkeeping, tax, audit, payroll
Ernst & Young AG Switzerland Audit
Eversheds Sutherland Ltd. Switzerland Legal advice
Heidrick & Struggles Switzerland Board advisory
Hengeler Mueller Germany Legal advice
Joanknecht Salary Services B.V. Netherlands Payroll advice and processing
K&E Mikus & Kollegen GmbH Germany Tax advice
MME Legal Ltd. Switzerland Legal advice
R. Arora & Associates India Legal advice
R. Arora & Associates India Payroll advice and processing
Rödl GmbH Rechtsanwaltsgesellschaft
Steuerberatungsgesellschaft
Germany Legal 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
WP StB Christian Hecht Germany Payroll advice and processing
WP StB Christian Hecht Germany Tax advice
2025 Annual Report
31
GLEIF Locations
Headquarters:
Global Legal Entity Identifier Foundation (GLEIF)
St. Alban-Vorstadt 12
4052 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
China office:
GLEIF Shanghai Representative Office
Room A-522, No. 188,
Yesheng Road, Lingang New Area,
China (Shanghai) Pilot Free Trade Zone
Acknowledgements
GLEIF thanks the following organizations for their
support with the GLEIF Annual Report 2025:
Partners
Lucanet AG
Karl-Liebknecht-Str. 14
10178 Berlin
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
2025 Annual Report
32
Terms and conditions
The GLEIF Website Terms
Graphics, layout and typesetting
iseepr
5, The Boulevard
Leeds Dock
Leeds
LS10 1PZ
United Kingdom
LEI: 213800L1Y3SPQ7155828
Contact Us
Images
www.stock.adobe.com
Publishing Information
Published by Global Legal Entity
Identifier Foundation (GLEIF)
St. Alban-Vorstadt 12
4052 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
gleif.org
© 2025 – GLEIF