As a portfolio manager at a global asset management firm, you are preparing a performance report for a major client that has entrusted your firm with their pension fund. The report will be presented at a quarterly review meeting. In your role, you are required to adhere to the CFA Institute's Asset Manager Code, specifically focusing on the guidelines related to Performance Reporting. The client has requested a detailed breakdown of the performance metrics used, including both standardized and non-standardized presentations.

During your preparation, you discover that your team has a history of selective reporting practices, particularly favoring time-weighted returns while downplaying total returns. Moreover, your firm recently implemented a new performance attribution methodology that has yet to be communicated to clients. You also recognize that past reports included performance figures that were net of fees, while your client has requested gross returns for comparison purposes.

Discuss how you would address these issues in your upcoming report to ensure compliance with the Asset Manager Code, while also maintaining ethical standards, transparency, and serving the best interests of your client. Your response should cover the implications of performance reporting practices and how to balance transparency with performance optimization.