Thank you for your interest in Policies, processes and control procedures for Platts commodities benchmarks and the provisions of the International Organization of Securities Commissions (“IOSCO”) Principles for Oil Price Reporting Agencies dated October 2012 (the "Principles"), including those portions prepared by Grant Thornton Corporate Finance Limited ("GT") (the "Report").
This report is intended solely for the purpose of reporting on the internal controls of S&P Global Commodity Insights as they relate to the Principles for Oil Price Reporting Agencies as published by the International Organization of Securities Commissions (IOSCO). GT have been appointed as external auditors to "review and report on the PRA's adherence to its stated methodology criteria and with the requirements of the principles" in accordance with principle 2.21.
The report should be read in full to understand the procedures performed, the conclusions reached and any limitations.
For the avoidance of doubt, S&P Global Inc. and GT accept no duty of care or responsibility to the recipient or any other party into whose hands this report may come, and you are not permitted, to copy or forward the report or any part of it to any other parties.
In order to access the Report, you must accept the following terms and conditions listed in Paragraphs 1 through 9 below by clicking "I ACCEPT". Once you click "I ACCEPT" your acceptance is final. To cancel, or if you do not agree to the following terms and conditions, click "CANCEL."
By clicking on the "I ACCEPT" button below, you agree, on behalf of yourself and the entity obtaining access to the Report hereunder (the "Recipient"), to be bound by all of the below covenants, understandings, terms and conditions. Such acceptance and agreement shall be deemed to be as effective as a written signature by you, the recipient of the Report (also referred to herein as, the Recipient), and this agreement shall be deemed to satisfy any writing requirement of any applicable law.
1. Use of Report. S&P Global Commodity Insights (Platts) has published the Report for informational purposes only. You agree that you will access and use the Report only for your internal and non-commercial purposes. You acknowledge and agree that you shall not use the Report as the basis of a claim against Platts or its affiliates including its parent company S&P Global Inc. or GT. None of such parties will have any liability in contract, tort, or otherwise to you or any other third party in relation to the contents of the Report.
2. Voluntary Alignment and Interpretation of Principles. As recognized by IOSCO, Platts and other Price Reporting Agencies' ("PRAs") alignment with the Principles is voluntary. The Principles suggest that PRAs use 'reasonableness' in implementing the Principles. Accordingly, the Report and Platts alignment with the Principles reflect Platts interpretation of the Principles based on its experience in providing price assessments and the principle of 'reasonableness.'
3. Updates to Business Operations. Platts may update, modify, or adapt its business practices, procedures and/or policies referenced in the Report from time to time as a result of changing business conditions or to comply with legal or regulatory requirements or guidelines.
4. Effect of the Report. The Report summarizes Platts current business practices, procedures and policies, but the Report is not intended to create or memorialize any obligation of Platts vis-a-vis any third party. The Report is not intended to modify, amend, or supplement any agreement between Platts and any third party.
5. Terms of Use. These terms are in addition to and supplement the Terms of Use of S&P Global website. Without limiting the generality of the foregoing, the Report will be considered to be "Content" pursuant to the Terms of Use. Notwithstanding anything to the contrary set forth in these terms and conditions or in the Terms of Use of S&P Global website, redistribution and/ or reproduction of the Report in whole or in part are prohibited without written permission of S&P Global Commodity Insights (Platts). Distribution or disclosure of any portion of the Report or any information or advice contained therein is prohibited.
6. General Terms. There are no third-party beneficiaries of these terms other than Platts affiliates including its parent company, S&P Global Inc. Inc., and GT. Terms used herein and not otherwise defined have the meanings assigned to them in the Principles. These terms may be updated from time to time. GT was engaged by S&P Global Commodity Insights to perform an examination of S&P Global Commodity Insights' detailed response regarding its alignment to the Principles for the period 1 August 2023 to 31 July 2024 (the "Services"). S&P Global Commodity Insights has informed GT that it wishes to disclose a copy of the Report in connection with the Services to the entity obtaining access hereunder (referred to herein as, the "Recipient").
The Recipient understands that the Services were undertaken, and the Report was prepared, solely to address issues specific to Platts and may not have addressed issues of relevance to the Recipient or any other person. GT has made no representation or warranty to the Recipient as to the sufficiency of the Services, or otherwise with respect to the Report. Had GT been engaged to perform additional services or procedures, other matters might have come to GT's attention that would have been addressed in the Report.
The Services did not constitute (1) an audit, review or examination of financial statements in accordance with generally accepted auditing standards, (2) an examination of prospective financial statements in accordance with applicable professional standards, or (3) a review to detect fraud or illegal acts. The Services did not include any procedures to test compliance with the laws or regulations of any jurisdiction.
The Recipient further acknowledges and agrees that it does not acquire any rights against GT, any other member firm of the global GT network, or any of their respective affiliates, partners, agents, representatives or employees (collectively, the "GT Parties"), and GT assumes no duty or liability to the Recipient in connection with the Services or the Report.
In addition, except where compelled by legal process (of which the Recipient shall promptly inform GT and tender to GT, if GT so elects, the defence thereof), the Recipient will not disclose, orally or in writing, the Report or any portion thereof, or make any reference to GT in connection therewith, in any public document or to any third party.
The Recipient (for itself and its successors and assigns) hereby releases each of the GT Parties from any and all claims or causes of action that it has, or hereafter may or shall have, against them in connection with the Report, the Recipient's access to the Report, or GT's performance of the Services. The Recipient shall indemnify, defend and hold harmless the GT Parties from and against all claims, liabilities, losses and expenses suffered or incurred by any of them arising out of or in connection with (1) any breach of this agreement by the Recipient or its representatives; and/or (2) any use or disclosure of, or reliance on, the Report or any portion thereof to or by any other party that obtains access to the Report, directly or indirectly, from or through the Recipient or at its request.
7. Governing Law/Disputes. These terms and any disputes regarding these terms or the Report shall be governed by, and construed in accordance with, the laws of England and Wales. Any disputes relating to these terms or the Services shall be subject to the exclusive jurisdiction of the English courts, to which you agree to submit for these purposes.
In order to continue, you must accept the terms and conditions set forth above by clicking "I ACCEPT." Once you click "I ACCEPT" your acceptance is final. To cancel, or if you do not agree to the terms and conditions set forth above, click "CANCEL."