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The Principles should be understood as a set of recommended practices that should be implemented by Benchmark Administrators and Submitters.

These Principles are intended to promote the reliability of Benchmark determinations, and address Benchmark governance, quality and accountability mechanisms, as follows:

  • Governance: These Principles are intended to ensure that Administrators will have appropriate governance arrangements in place in order to protect the integrity of the Benchmark determination process and to address conflicts of interest.
  • Quality of the Benchmark: These Principles are intended to promote the quality and integrity of Benchmark determinations through the application of design factors that result in a Benchmark that reflects a credible market for an Interest measured by that Benchmark.
  • Quality of the Methodology: These Principles are intended to promote the quality and integrity of Methodologies by setting out minimum information that should be addressed within a Methodology, which should be published or made available so that stakeholders may understand and make their own judgments concerning the overall credibility of a Benchmark.
  • Accountability: These Principles establish complaints processes, documentation standards and audit reviews that are intended to provide evidence of compliance by the Administrator with its quality standards, as defined by these Principles and its own policies.