The period covered by this report is the calendar year 2022. The previous annual report was published on March 16, 2022. There have been no significant changes to our legal structure, activities, or policies in the course of 2022 that would require a restatement of information.
The definition of the number of employees leaving the organization has changed compared to 2021, with employees leaving on the last day of the reporting period now being included in the numbers we report. As a consequence, we have restated the 2021 numbers as reported in the 2021 Annual Report for the following employee statistics: number of internal employees (headcount) restated to 614 (from 605), number of internal FTEs restated to 588 (from 579), number of external employees (headcount) restated to 124 (from 107), and total number of internal and external employees (headcount) restated to 738 (from 712).
The figures and percentages in this annual report (excluding the financial statements) include the figures for FMO and its subsidiaries as well as those of the FMO-managed public funds, unless stated otherwise.
Many of our financing and investing activities take place in foreign currencies, mostly in US dollars. Unless explicitly stated otherwise, all investment amounts mentioned throughout the report have been translated into our functional currency, the Euro, based on the foreign exchange rates on the date of contracting. Figures referring to the year-end (total) committed portfolio have been translated into euros using the year-end foreign exchange rates.
For the closing-of-the-books processes, data was taken from our internal systems. Data pertaining to our portfolio was taken from our financial systems. Non-financial elements of our portfolio, specifically data for measuring impact and footprint, are based on data from customers and macroeconomic data sources. Information on human resources comes from our HR systems and is linked to our salary administration system.
Data quality is important as it forms the basis for management reporting and steering. To safeguard data quality, financial and non-financial data registration are embedded in our core investment process. The results are analyzed by an employee independent of the investment process, both on project level during the year and on an aggregated level after closing of the books. Beyond that, as a third line of defense, FMO’s Internal Audit department considers data quality and the underlying processes to be important audit areas. During 2022, an internal audit was performed on FMO's Sustainability Information System (SIS) with respect to the design and effectiveness of key controls, ensuring completeness and accuracy of the data captured in SIS.
The case studies included throughout the report offer insight into our activities and are not necessarily representative of our entire portfolio. They do, however, exemplify projects within our regions and strategic sectors, and highlight material activities of FMO and their inherent dilemmas from the perspective of different stakeholders.