Reporting policy

The period covered by this report is the calendar year 2023. The previous annual report was published on March 17, 2023. There have been no significant changes to our legal structure, activities, or policies in the course of 2023 that would require a restatement of information.

However, FMO has decided for attributed indicators to include the investments made through direct mobilized funds. Direct mobilized funds are provided by third parties to invest in transactions in which FMO has a direct and active role. This decision was made to improve consistency across the report with other impact indicators like Green-and RI-labelled total committed portfolio and total new investments, in line with our Strategy 2030, and taking into account the CSRD regulation which requires companies to manage impacts throughout its value chain. In this context, FMO believes that its impact reporting should include not only FMO and public funds but also direct mobilized funds. In addition, in the chapter 'Performance against our strategy', this year, we include a breakdown by strategic sector (AFW, EN, FI, Diverse) instead of by department (AFW, EN, FI, PE, Other), which was included in the 2022 annual report. This better aligns with FMO's Strategy 2030 but does affect the comparability between the 2023 and 2022 annual report.  

Due to the inclusion of the impact figures related to direct mobilized funds, we have adjusted the 2022 comparative figures for jobs supported, avoided GHG emissions and absolute GHG emissions. We adjusted the number of total jobs supported to 910 thousand (from 750 thousand), the number of total avoided GHG emissions to 1,735 ktCO2e (from 1,439 ktCO2e) and the total financed absolute GHG emissions to 8,093 ktCO2e (from 6,530 ktCO2e).

The 2021 baseline value for the power generation target emissions has been slightly adjusted to correct for a database issue that was recently identified. This leads to a marginal increase of the power generation emissions from 580 ktCO2e to 582 ktCO2e for 2021.

For the gender diversity KPI % women in management positions, we adjusted the 2022 comparative figure from 43 percent to 44 percent. This was the result of a change in the underlying methodology, which, since 2023 excludes ad interim managers.

The figures and percentages in this annual report (excluding the financial statements) include the figures for FMO and its subsidiaries as well as for the public funds and direct mobilized, 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 converted 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, FMO’s Internal Audit department considers data quality and the underlying processes to be important audit areas.

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.

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