Integrity
Clear roles. Independent evidence.
How we keep the design of a programme separate from regulated activity, from the evidence and from the public decisions it depends on.
Principles
Four rules for every programme
- Regulated activity sits with authorised firms.Arranging, placing and distributing securities are carried out by firms authorised in their jurisdictions, each subject to its own approvals on every transaction. They approve any investor-facing material they issue.
- Verification is independent.The evidence provider measures. An accredited third party verifies against the methodology the programme chose. Nobody verifies their own work, including our sister company.
- Sovereign authority stays sovereign.Authorisation, corresponding adjustments, national accounting and registry entries remain with the competent authorities. We structure; governments decide.
- Conflicts are managed.Our relationship with Climate Ground, a sister company, is disclosed in every mandate. People who work for both stand aside from choosing or pricing evidence providers in our programmes, and a conflicts register is kept.
The perimeter
What we do, and what we never do
We do
- Design programmes and instruments
- Structure ownership, revenues and credit layers
- Set the evidence requirement at the design stage
- Coordinate counsel, arrangers, evidence providers and verifiers
- Support programme and registry reporting after close
We never
- Hold client money or assets
- Give investment advice or recommend any security
- Measure, verify, certify or guarantee any outcome
- Sell, pledge or move a national asset off a nation's balance sheet
Examples
What is illustrative
Every structure, figure and diagram in Instruments in action and elsewhere on this site is illustrative. None describes a live transaction, an issued security or a commitment by any government, investor or development partner, and none is offered or open for investment.
We do not name the governments, communities or counterparties we are in discussion with. Statements about third parties describe their public roles and do not imply endorsement.
Figures with a source are quoted as published, with the source and date beside them.
Next step
Bring us a programme
Tell us about the programme, the delivery challenge and where you are in its development. We will come back to you to say whether, and how, we can help.