LONDON, April 23, 2020 /PRNewswire/ -- CRU has appointed an independent professional service company, PricewaterhouseCoopers LLP ("PwC"), to perform an independent examination of the CRU Alumina Price Index ("CRU-API") over CRU's response to the International Organization of Securities Commissions' ("IOSCO") Principles for Oil Price Reporting Agencies as at and for the year ending 31 December 2019.
This year's audit represents the company's progression from last year's limited assurance opinion as at 31 December 2019, to a reasonable assurance this year over the preceding 12 months.
"CRU produces the most reliable, and widely used commodity price benchmarks in the industry and as such we have highly invested in our internal governance controls which has been evidenced throughout this audit," CRU CEO David Trafford said.
"We understand that price benchmarks are a fundamental element of efficiently functioning commodity market infrastructure and embrace our role in this as a leading commodity Price Reporting Agency. As such we have aligned and further improved our internal policies and procedures and evidenced this to the highest level of compliance - this report reflects our continued commitment," CRU's Compliance Lead Claire Ballak added.
To request a copy of the reasonable assurance report or if you have any further questions please contact Claire Ballakcompliance@crugroup.com.
Full details of CRU's CRU-API methodology are available here, while CRU's overall compliance framework and methodologies are detailed here.
CRU offers unrivalled business intelligence on the global metals, mining and fertilizer industries through market analysis, price assessments, consultancy and events.
Since our foundation by Robert Perlman in 1969, we have consistently invested in primary research and robust methodologies, and developed expert teams in key locations worldwide, including in hard-to-reach markets such as China.
The company delivers independent market analysis and price assessment across a comprehensive range of internationally-traded commodities – its reputation with customers across mining, metals and fertilizers is for integrity, reliability, independence and authority.
The CRU-API (Australia FOB alumina) is a transaction-only weekly price benchmark. Use of transaction data alone as data inputs to this price ensures that it accurately reflects the actual spot market with no risk of information from sentiment, errant opinion, speculative or even confirmed but ultimately unexecuted bids and offers entering the published price.
CRU employs over 280 experts and has more than 11 offices around the world, in Europe, the Americas, China, Asia and Australia – our office in Beijing opened in 2004 and Singapore in 2018.
When facing critical business decisions, you can rely on our first-hand knowledge to give you a complete view of a commodity market. And you can engage with our experts directly, for the full picture and a personalised response.
CRU – big enough to deliver a high-quality service, small enough to care about all of our customers.