ANNUAL REPORT 2024
STATEMENT BY THE CHAIR OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
Evolution is a continual journey for any organization that prioritizes innovation as a fundamental value. In 2024, the International Rice Research Institute (IRRI) experienced a noteworthy transformation, marked by significant changes in governance and research focus.
This past year was anything but “business as usual” for the institute, particularly with the introduction of new leadership under Dr. Yvonne Pinto as IRRI’s Director General. Her appointment provided a valuable opportunity for teams to reassess and refine internal processes, aiming for enhanced efficiency and continuous improvement while maintaining a strong commitment to delivering measurable impact on both local and global levels. Although the year presented its share of challenges, it also served as a period of considerable transformation and achievements.
A new governance team for cross-sectional effectiveness
In her early months as IRRI’s first female Director General, Dr. Yvonne Pinto immediately established
a new IRRI Leadership Team (ILT) to bridge existing divides and address the notable gap between
research and operations. With Dr. Pinto at the helm, the ILT is expected to embody forward-thinking,
foster a culture of openness, and drive meaningful transformation. She effectively rallied teams
around the development of IRRI’s new 10-year vision and the 5-year strategy, fostering a cultural shift
towards increased accountability and transparency, breakthrough innovations, investing in human capital and strategic partnerships, and positioning IRRI as a vital regional hub for research excellence within and beyond the CGIAR.
Financial Highlights
IRRI has demonstrated financial resilience in the past years by consistently reporting a surplus since 2019. In 2024, the organization focused on strengthening donor and partner engagements, increasing research activity spending, and managing investments and overhead costs. These efforts resulted in a net surplus of USD 241 thousand, reflecting encouraging progress from USD 207 thousand in 2023.
IRRI’s grant portfolio increased by 23%, reaching USD 82.209 million in 2024, compared to USD 67.059
million in 2023. The 2024 grants include USD 23.501 million in Window 1 and USD 58.708 million in Bilateral and Window 3 funds.
The 10% decrease in total assets to USD 94.255 million in 2024, from USD 104.772 million in 2023, was
balanced out by a significant reduction in payables to donors. Reserves at 118 days, as well as liquidity and long-term stability indicators, remain above CGIAR standards.
In 2024, the IRRI Board, upon the recommendation of the Audit, Finance, and Risk Committee, appointed R.G. Manabat & Co. (RGM&Co., KPMG) as the new IRRI external auditors. The Institute also initiated the selection process for the new ERP system, with preparations for the rollout continuing into 2025.
The 2025 budget is set to increase to USD 95.62 million from USD 73.79 million in 2024. With the
closure of the CGIAR Initiatives in 2024, IRRI has an estimated funding of USD17.76 to implement the new CGIAR Programs in 2025.
Research Achievements
In 2024, we prioritized innovative product designs and efficient delivery methods. We also focused
on forging partnerships to promote research, improve capacity building, and encourage policy development in rice-based food systems on both national and global levels.
Noteworthy achievements in research this year include the development of guidelines for mechanized direct seeded rice (mDSR) by the Vietnam Department of Crop Production in collaboration with the International Rice Research Institute (IRRI). This initiative aims to enhance crop yield while promoting water conservation. Additionally, introducing new rice varieties through the Rapid Breeding Strategy has significantly reduced the time farmers need to access these advancements.
In Bangladesh, implementing Mixed Farming Systems has led to improved resource efficiency and bolstered livelihoods. At the same time, the Philippines has seen the promising introduction
of rice ratooning, which presents the potential for a third harvest, thereby increasing production
output. To address the challenges posed by climate change, IRRI has developed tools such as the Rice Crop Manager and the Rice Computation Engine for Greenhouse Gas Emissions (RICE-GEM), supporting various climate mitigation projects.
We are proud to highlight that Bas Bouman, a former director of IRRI, was honored as a 2024 World Food Prize Top Agri-Food Pioneer for his significant contributions to enhancing global food systems, particularly through the advocacy of water-saving techniques like alternate wetting and drying (AWD).
Nutrition security remains a key priority for us. In support of the Philippine Department of Agriculture,
IRRI is contributing to the establishment of a 100-hectare demonstration site for low glycemic index (GI) rice, with an anticipated launch in 2025. Furthermore, we are advancing initiatives in Odisha to support the cultivation of nutritious, specialty rice varieties, including low glycemic index and high-protein types, by strengthening the capacity of farming communities and producer groups, particularly women. We recognize that successful implementation will require close collaboration and careful attention to addressing existing skill and resource gaps.
These are just a few of the year’s highlights. As IRRI looks ahead to 2025, marking our 65th year, I am
confident that our organization will continue growing and thriving. We have a clear strategic direction,
a strong leadership team, and an unwavering commitment to innovation and excellence. On behalf
of the board, I would like to thank all of our staff, partners, and stakeholders for their continued trust
and support. With optimism and determination, we look forward to the year ahead.
Dr. Cao Duc Phat
Chair, Board of Trustees