IOSCO Principles for Oil Price Reporting Agencies

As part of CIX's commitment to a resilient and well-functioning benchmarking process, we engaged Ernst & Young to conduct a Limited Assurance Review on CIX’s benchmark methodology and governance processes for adherence to the International Organisation of Securities Commissions Principles for Oil Price Reporting Agencies (IOSCO Principles).

IOSCO is the global standard setter for securities regulation and serves to protect market participants by ensuring fair, efficient and high-integrity market practices. The IOSCO Principles, which was endorsed by the G20 in October 2012, provide internationally recognised best practice guidance on governance and control systems for the publication of commodity price benchmarks. It covers various aspects including price assessment methodology, the management of contract and index methodology changes, the data reporting process, supervision of assessors, audit trails, as well as the management and prevention of conflicts of interest.

Ernst & Young's assessment confirms that CIX's robust benchmark governance protocols and operating processes are aligned with the IOSCO Principles with regard to its administration and calculation of CIX Nature X as at the date of audit.

Read CIX’s Statement of Compliance with the IOSCO Principles in full here.
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Third party release letter

Independent assurance report to the Directors of Climate Impact X Pte Ltd (‘CIX) in respect of CIX’s compliance with the with the IOSCO Principles for Oil Price Reporting Agencies (‘IOSCO Principles’) and adherence to its published benchmark methodology, with regards to its administration and calculation of the CIX Nature X Benchmark as at a point in time.

Ernst & Young LLP (‘we’ or ‘EY’) have been requested by the Climate Impact X Pte Ltd (‘CIX’) to provide you, the recipient company, firm or organisation (‘Recipient’), with a copy of the report we prepared, on their instructions, on CIX compliance IOSCO Principles and adherence to published benchmark methodology with regards to its administration and calculation of the CIX Nature X Benchmark as at a point in time (the ‘Report’).

The Report was prepared solely for the use of the CIX and addressed issues specific to them. Accordingly, we may not have addressed issues of relevance to you, the Recipient. Further, the Report was concluded on 20 October 2023, and we have not undertaken any further work since that time. Material events may therefore have occurred which will not be reflected in the Report.

Whilst we are prepared to provide a copy of the Report to the Recipient, it is only on the basis that the Recipient acknowledges and agrees that:

1. no EY Person accepts any responsibility nor shall have any liability in contract, tort or otherwise to any Recipient or any other third party in relation to the contents of the Report;

2. any use a Recipient makes of the Report is entirely at its own risk;

3. subject to the provisions of clause 4 below, no Recipient shall disclose all or any part of the Report to any other person, by any means, or refer to EY or any EY Person in connection with the Report;

4. all contents contained within the Report to the extent they relate to tax matters, including tax advice, tax opinions, tax returns, or the tax treatment or tax structure of any transaction ("Tax Advice") are provided solely for the information and internal use of CIX and may not be relied upon by anyone else (other than tax authorities who may rely on the information provided to them) for any purpose without EY's prior written consent. Notwithstanding any confidentiality obligations or other restrictions on disclosure contained in this agreement, a Recipient (and in the case of the Recipient Company its officers, directors, employees, agents and advisors) may disclose to any person or entity, without limitation, Tax Advice subject to first obtaining the written consent of CIX before making such disclosure. The Recipient shall also inform the other third party that it cannot rely on the Tax Advice for any purpose without EY's prior written consent;

5. to the fullest extent permitted by applicable law and professional regulations, the Recipient shall indemnify the EY Persons against all claims by third parties and resulting liabilities, losses, damages, costs and expenses (including reasonable external and internal legal costs) arising out of a third party’s use of or reliance on the Report disclosed to it by or through a Recipient or at a Recipient’s request; and

6. EY Persons shall be entitled to enforce these terms and conditions in accordance with the Contracts (Rights of Third Parties) Act 1999.

This agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales.

Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with this agreement or its subject matter or formation.

For the purposes of this agreement “EY Persons” shall mean Ernst & Young LLP, any other member of the global network of Ernst & Young firms and any of their respective subcontractors, members, shareholders, directors, officers, partners, principals or employees (including but not limited to employees of Ernst & Young Services Limited). “EY Person” shall be construed accordingly.

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