Company: GFS
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0001709048-25-000024
Chunk: 31

Company: GLOBALFOUNDRIES Inc.
Filing Date: 2025-03-20
Form: 20-F
Item: Item 15
Chunk 31
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Item 15— Controls and Procedures

.” In light of the identified material weaknesses, our management concluded that our ICFR was not effective as of December 31, 2024. Although we are developing and implementing several measures to remedy these material weaknesses, there is no assurance that the actions we are taking or plan to take will give us the results we expect, that our remediation plan will be effective, or that our remediation plan will be completed on the timelines that we expect.

In addition to the foregoing, during 2024 we undertook efforts to remediate the material weaknesses over ICFR identified for the fiscal year ended December 31, 2023. For further information on the 2023 material weaknesses identified by management, see “ Item 15 - Controls and Procedures” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023. We completed the remediation of the 2023 material weakness over ICFR related to the design and implementation of general IT user access controls for information systems that are relevant to the preparation of the consolidated financial statements. Notwithstanding the completion of such remediation, there is no assurance that such controls will continue to operate effectively or that additional material weaknesses will not be discovered in the future. See “Item 15 - Controls and Procedures” for further discussion on remediation activities.