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    MSCI   US55354G1004

MSCI INC.

(MSCI)
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MSCI : Corporate Responsibility Presentation (Winter 2020)

12/18/2020 | 11:23am EDT

2020 Corporate Responsibility Roadshow

November/December 2020

© 2020 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

Forward-looking statements

  • This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential" or "continue," or the negative of these terms or other comparable terminology. You should not place undue reliance on forward- looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond MSCI's control and that could materially affect actual results, levels of activity, performance or achievements.
  • Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in MSCI's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the Securities and Exchange Commission ("SEC") on February 18, 2020 and in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. If any of these risks or uncertainties materialize, or if MSCI's underlying assumptions prove to be incorrect, actual results may vary significantly from what MSCI projected. Any forward-looking statement in this earnings presentation reflects MSCI's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to MSCI's operations, results of operations, growth strategy and liquidity. MSCI assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law.

Information Classification: GENERAL

2

Table of contents

  1. Company overview & select highlights
  2. Our strategy
  3. Our people
  4. Corporate responsibility
  5. Executive compensation
  6. Our governance
  7. Appendix

Information Classification: GENERAL

3

Company overview & select highlights

MSCI at a glance

Must-have products and services

  • Across asset classes for performance and risk
  • $1.7B+ Run Rate as of September 30, 2020
  • 10%+ YoY subscription Run Rate growth in 3Q20

7,900+ blue-chip clients1 in 90+ countries as of 9/30/2020

Across investment and trading spectrum

World's most sophisticated investors use our products

WHO WE ARE

and services

Strong performance and inclusive culture

  • Global, multi-cultural workforce
  • Driving innovation for industry-leading solutions2

3,545 talented employees globally as of 9/30/2020

  • 30+ MSCI locations in 20+ countries
  • 64% and 36% of employees located in emerging market and developed market centers, respectively
  • Extensive knowledge of the investment process

WHAT WE DO

Provide products and services that global investors can use to build better portfolios for a better world

1Number of clients based on the shipping address of the ultimate customer utilizing the product which counts affiliates, user locations, or business units within a single organization as separate clients 2Unless otherwise noted, solutions throughout this presentation refers to the usage of our products and / or services by our clients to help them achieve their objectives.

Select highlights

Our Human Capital Management Priority

  • Strong commitment to the well-beingof our people during COVID-19 pandemic
  • Ongoing focus on diversity and inclusion, including developing a diverse pipeline at the junior level
  • Ensuring long-term success through senior talent progression planning and talent management

Sustainability: Our Approach and Opportunities

  • Oversight by Chief Responsibility Officer, reporting to Nominating & Corporate Governance Committee
  • Increased focus and reporting on Environmental (including Climate) and Sustainability matters, including adoption of Environmental Policy and increased GHG reporting
  • Published "The MSCI Principles of Sustainable Investing" to help investors integrate ESG considerations across their investment processes; aligns with corporate mission to help investors build better portfolios for a better world

Our Executive Compensation Program

  • Pay-for-Performance compensation structure
  • Long-termincentive plan that prioritizes shareholder value creation, commitment to ESG and facilitates an "owner- operator" mindset
  • Increased the proportion of 5-yearPSUs to all Managing Directors, including the CEO and President

Our Board and Governance

Highly experienced, diverse Board integral to advising management on the execution of its growth strategy

  • Focus on Board refreshment; appointed two new directors with experience that aligns with MSCI's client-centric strategy
  • Exploring enhancing governance profile by adopting proxy access by-lawprovision

Information Classification: GENERAL

6

Our strategy

MSCI's business strategy

Mission: Better investments for a better world

Strategy: To help investors build better portfolios and

transform for the future, MSCI will deliver:

Must-have

Scalable, cutting-edge

Actionable, integrated

content

technology

client solutions

Indexes

Distribution: easily integrate

Powering better

Data

with 3rd parties

investment decisions

Processes: cloud computing

Helping clients tap into

ESG & climate

Internal technology

our data sources, indexes,

Analytical tools

research-driven models

and tools

Scale & Differentiation

Information Classification: GENERAL

8

Clients turn to MSCI's tools to support their investment needs

Client investment process

Asset

Portfolio

Performance

and Risk

Allocation

Construction

Management

MSCI tools to support:

Defining investable universes

Allocating assets sustainably

Creating investment programs/products

Benchmarking performance

Understanding and managing risk and performance

Reporting to constituents

Complying with regulations

Measuring climate related risks and opportunities

Solutions for the most critical investment activities

Information Classification: GENERAL

9

MSCI's strategic initiatives

Product areas

Client segments

Capabilities

ESG and climate

Broker-dealers

Technology and

Fixed income and

Wealth managers

data

liquidity

Corporates

Virtual and remote

Thematics

Insurance

connectivity

Derivatives

companies

Distribution

Factors

Private asset

Partnerships

Private assets

managers

Information Classification: GENERAL

10

Ongoing tailwinds from secular market trends​

Increasing mandate for sustainable returns and

ESG integration

Ongoing shift from active management to index- enabled investing

From manager selection to

internal management

Long-term shift from home

country bias to global

Increasing demands on institutional investors to be more efficient and differentiated and navigate

increase complexity

Continued allocation to private asset classes

Information Classification: GENERAL

11

Impact of trends on investment industry

Differentiated

Multi-asset

value

class

propositions

Institutional

Sophisticated

Investors of the

Sustainability

Future must be

tools &

Scalable and

advanced

Differentiated

technologies

Customized

Scale and

efficiency

Industry accolades

PRI Awards 2020

  • Winner of the 'ESG Research Report of the Year' award

GlobalCapital Derivatives Awards 2020

  • Winner of 'Index Product Creator and Developer of the Year' award

Asia Risk Awards 2020

  • Winner of 'Index Provider of the Year' award

Environmental Finance Sustainable Investment Awards 2020

  • Winner of 'Best Climate Index provider of the Year'

Asian Investor Asset Management Awards 2019

  • Winner of Best Global Index Provider

Environmental Finance Green Bond Awards 2020 and 2019

  • Winner of 'Best Green Bond Index'

Risk Tech 100 2019

  • Winner of Chartis RT100: Risk as a Service, Enterprise Stress Testing, Buy-Side

Savvy Investors 2019

  • Best Real Assets Paper Highly Commended 'Climate risk in private real estate portfolios: What's the exposure?'
  • Winner of 'Best ESG Paper 2019' for 2019 ESG Trends to Watch

Information Classification: GENERAL

13

Robust and compelling financialmodel

Recurring, visible revenue model

~97% or higher recurring revenues1 as percent of total revenue from 2015-TTM 9/30/20

Operating efficiency strength

Disciplined operating expense management

Triple-Crown investment opportunities to grow business

Investing in multiple strategic product areas, client segments and capabilities, including technology and partnerships, to drive growth

Attractive cash generation profile

Our business is not highly capital intensive and, as such, we convert a high percentage of our profits into excess cash

Strong balance sheet and liquidity

As of September 30, 2020, total cash and equivalents of $1.3B and total debt of $3.4B, with next maturity not until 2026

1Recurring Revenues include recurring subscription and asset-based fees revenues.

14

Information Classification: GENERAL

Our people

Six workstreams

Continue to drive the performance & growth culture transformation

  1. Drive a performance and growth culture transformation that builds a highly engaged, innovative and accountable workforce. We will drive initiatives that, over time, will create higher employee engagement that correlates positively with growth, profitability and shareholder value creation.
  2. Strengthen our senior talent pipeline by identifying, selecting, assessing and accelerating the development of the next generation of senior leaders and provide premier, differentiated talent development experiences to our next generation of leaders at all levels.
  3. Strengthen the link between pay and performance by linking employee compensation to specific measurable personal, functional and company results and OneMSCI behaviors.
  1. Create an environment where all MSCI colleagues can truly be their authentic selves and thus contribute at their maximum potential by strengthening and promoting our culture of inclusion and diversity.
  2. Design the MSCI Corporate workplace to enable strong OneMSCI collaboration and improved communication and productivity by ensuring MSCI has the workspace capacity to fuel the company's growth and resiliency of its critical offices.
  3. Continue to strengthen our innovative culture through behaviors and practices that promote collaboration, feedback and a deep understanding of our internal/external customers, resulting in superior outcomes for MSCI.

Progression planning & talent management

Talent management is a top priority

  • Annual review by the Board of talent management and progression plans.
  • The CEO and President regularly meet with every function to review their talent plans.
  • Discussions aim to identify top talent who have the most potential to progress to senior-most roles and enable MSCI to achieve its strategy.
  • Appropriate action plans are created to ensure we are developing the next generation of leaders.

Integrated talent management

Business &

functional

Talent &

strategy

Skills,

workforce

organization

analytics

& key seats

Talent

Next

GIRATT

generation

(Get It Right

of leaders

At The Top)

Progression

planning

Information Classification: GENERAL

17

Progression planning at work

Former Head of Client

Former Deputy General

Former Chief Strategy

Former Head of EMEA

Coverage promoted to

Counsel promoted to role

Officer promoted to

Real Estate and

role of Global Head of

of General Counsel upon

role of Chief Financial

Analytics Coverage

Client Coverage upon

predecessor's retirement

Officer following

promoted to Head of

predecessor's retirement

in March 2020.

predecessor stepping

Real Estate Product Line

in February 2020.

down.

following predecessor's

departure.

Information Classification: GENERAL

18

Supporting our people during challenging times

Direct and transparent communications

We immediately implemented an employee communication strategy that was direct, transparent and inclusive. Through townhalls, firmwide e-mail communications and broad cross- functional meetings, management delivered key messages around employee safety and wellbeing, leadership, remaining productive, engaging with clients, promoting community, and having empathy for others.

Health and safety first

MSCI prioritized the well-being of its global workforce by increasing communications around employee assistance programs that provide mental health and emotional well-being support, and resources to help manages stress and care for individuals and their families. MSCI also offered ergonomics workshops that focused on how to configure home workspace for optimal health, comfort and performance.

Re-imagining goals

Employees were asked to examine their goals through a start, stop, delay and pivot lens. The "re-imagined" goals were intended to focus on the client and prioritize what was most critical to helping clients navigate the evolving and challenging circumstances.

Innovation

MSCI's Innovation Center of Excellence partnered with cross-functional groups throughout the Company to tackle challenges introduced by COVID-19, such as improving the client experience and re-imagining the future of work.

Thriving in a remote environment

With over 90% of our global workforce now working from home on a regular basis, MSCI created and delivered virtual training programs to quickly build remote capabilities, including Leading Virtually, Working Virtually and Building Resilience.

Taking the pulse on engagement

An interim survey was conducted in June to measure employee response to MSCI's handling of the pandemic. Results indicated positive views on leadership, cross-firm collaboration and in the aftermath of George Floyd's death, diversity and inclusion. Management learned that areas it thought would suffer such as teamwork and trust improved and contributed to effective client delivery.

Information Classification: GENERAL

19

From intent to action

Black Leadership Network (ERG) established Launched on Juneteenth 2020, The mission of MSCI's Black Leadership Network (BLN) is to promote the recruitment, leadership, development and recognition of Black employees at MSCI. BLN will seek to attract and retain Black employees through increased and focused recruiting, mentorship, professional development and networking opportunities.

Eliminating bias in sourcing and recruiting

  • Implementing blind resume review to remove unconscious bias in resume evaluation
  • 100% of slates for all open roles will be diverse

1

2

3

4

Formed a Diversity Engagement & Sourcing team

To create a pipeline of diverse talent for MSCI and ensure the firm is positioned globally as a leading organization that puts diversity and inclusion at the center of its people strategy.

Specifically the team will:

  • Engage, attract and develop diverse candidates for all roles
  • Build early career and intern pipeline programs with a focus on diversity
  • Forge relationships to help educate, support and recruit students
  • Build relationships with external partners, universities and media to position MSCI's programs and opportunities to new networks

Development of diversity recruitment campaigns & messaging framework for use internally and externally to the firm

Information Classification: GENERAL

20

Education, awareness, inclusion

Unconscious bias training

  • This training program is available Firm-wide, for both manager and employee populations. Training conducted by The Dagoba Group, a global consultant with focus in financial services clients.
  • As of November 2020, over 30 sessions have been hosted with over 1000 employees having participated

Employee Resource Groups and externalaffiliations

  • The MSCI Women's Leadership Forum (WLF) was founded in 2013 to create awareness and provide tools and skills geared towards leadership development for women.
  • Women's Leadership Forum has 48-chapter heads across 16 countries.
  • WLF Focus on leadership visibility, leadership pipelines, external engagement, and education
  • MSCI is a member of Catalyst, a global nonprofit working with CEOs and leading companies to build workplaces that work for women.
  • MSCI is a Silver level corporate sponsor of Women in ETFs (WE)
  • The Pride Forum's mission is to provide LGBT+ employees and allies with a group forum to help create an inclusive culture where all MSCI employees can be their authentic selves
  • Allies program launched in2019
  • Women in Technology (WIT) ERG formed in 2020
  • MSCI is a member of Out Leadership, the premier network for Out Leaders and companies
  • MSCI actively participates with Out Leadership and hosted the Q1 2020 meeting
  • MSCI is partnering both #100 Black Interns and #10,000 Black Interns in the development of their programs, providing resource and best practice consulting, as well as committing to hosting Interns 2021-2026
  • MSCI is a partner of Rare Recruitment, the UK's leading Early Careers BAME coaching & recruitment organization

Information Classification: GENERAL

21

Development & learning

Women's Sponsorship/

Premier Development

Benchmarking

Mentorship Program

Programs & Succession

  • Our Women's Leadership Summit attendees participate in a formal sponsorship/ mentorship program in which Executive Committee and Managing Directors at the firm participate as sponsors and mentors
  • The program spans 9 months with 6-7 sessions held between mentor and mentee
  • Mentees own the relationships and set defined goals for their development
  • Women who attend the Summit are provided ongoing development by extending the learning throughout the following year via virtual training sessions.
  • Increased diverse representation in premier leadership and management development programs in 2019 (including female and emerging market center representation)
  • We continue to focus on increasing the number of diverse talent in our learning and development programs.
  • As part of each EC member's annual scorecard, they are required to identify a minimum percentage of female successor candidates (internal and external) for every EC role in their organizations
  • In 2020, MSCI participated in the McKinsey Women in the Workplace Study to benchmark against other leading companies
  • Participation will provide detailed data and reports
  • Continued participation will allow year over year comparisons to measure progress

At MSCI, diversity is at our core and inclusion defines our culture. Our people are empowered to maximize their potential

in an environment where all individuals are respected and encouraged to bring their authentic selves to work. This culture drives us to innovate and provide industry-leading solutions that power better investmentdecisions.

Mission Statement developed by 2019 Executive Diversity Council

Information Classification: GENERAL

22

Corporate responsibility

Our focus on Corporate Responsibility has a clear rationale

We firmly believe there will be a large-scale reallocation of capital and repricing of financial assets over the next few years.

Climate change, the move to a low-carbon economy, diversity and inclusion in the workplace and other environmental, social and governance shifts will deeply impact where capital is invested.

MSCI is uniquely positioned to deliver the solutions to navigate these massive shifts

Information Classification: GENERAL

24

The MSCI approach

A commitment to corporate responsibility is in our DNA at MSCI

As we strive to enable the investment community to make better decisions for a better world, we are dedicated to being a leader in corporate responsibility, which is embodied in the following framework

Information Classification: GENERAL

25

Some key highlights and metrics from 2020

Key enhancements made this year

Selected metrics (Q3 YTD changes in brackets)

New policies and practices

Carbon emissions

Issued Environmental Policy, with increased

16,344.6 GHGE in metric tons CO2E1

focus on climate and our supply chain

New filings & reporting

Principles for Responsible Investing Transparency Report; Carbon Disclosure Project

Sustainability

17 Eco groups (+2)

99% Offices use recycling standard (+52%)

7 trees paper usage (-268 trees p.a.)

Initiatives

Enhanced Corporate Responsibility website

Internal rating & transparency

75% employee CR engagement2

Assets linked to MSCI ESG Indexes

1,854 clients managing 72T are served through

our ESG products and services3

281B AuM benchmarked to our ESG indexes4

26 Climate ETFs tracking MSCI indexes5

1)

CO2 equivalent; Green House Gas Emissions for fiscal year 2019

2)

Percentage of employees responding positively to the statement: "Corporate Responsibility is an important part of my employee experience"

3)

As of September 30, 2020. To calculate the number of clients, we use the shipping address of the ultimate customer

4)

ETF and Non-ETF AUM as of September 30, 2020​

Information Classification: GENERAL

26

5)

As of September 30, 2020; out of 59 in the market

Client interest in ESG and Climate is reflected in our financials

Information Classification: GENERAL

27

How we are powering better investment decisions

  • MSCI help investors integrate ESG into their investment process and communicate with stakeholders using the common language of ESG Ratings

1 Leading ESG Ratings & Research

Broad coverage with nearly 14,000 companies (including subsidiaries) representing more than 680,0001 securities

2 Innovative equity & fixed income indexes for various ESG approaches

More than 1,500 equity and fixed income indexes covering integration, values and impact

MSCI Emerging Markets

ESG Leaders Index

3 Market-leading risk analytics platform & ESG reporting

Sophisticated ESG Analytics and scalable reporting across 700,000 multi-asset class securities

4 ESG expertise & network

350+ ESG experts and over 600 individuals working with investors around the world

1 ESG Research as of November 2020

Information Classification: GENERAL

28

Client demand drives innovation in the tools and research we offer to help them implement their ESG and Climate strategies

2007

OCTOBER

MSCI World

ESG Leaders

Index (USD)

2014

SEPTEMBER

MSCI Global

Low Carbon

Indexes

2019

JUNE

OCTOBER

NOVEMBER

MSCI Climate

MSCI acquires

MSCI made public

Change Indexes

Carbon Delta,

ESG Ratings for

establishing the

2,800 companies

JULY

MSCI Climate Risk

Foundations of

Center in Zurich2

DECEMBER

ESG Investing: How ESG

Women on Boards

Affects Equity Valuation,

Progress Report

Risk, and Performance

2013

JUNE

2016

MARCH

2020

FEBRUARY

Bloomberg

MSCI enhances

MSCI launches

Income

income and

Climate Value-at-Risk

Barclays

ESG ratings for

ESG Fixed

equity, fixed

(Climate VaR)

Indexes

multi asset

MAY

class mutual

MSCI made public

funds and ETFs1

ESG metrics for

indexes and funds

• ESG Fund Ratings

• Index Profile Tool

JUNE

MSCI launches Real

Estate Climate VaR

  1. https://www.msci.com/www/blog-posts/msci-introduces-esg-quality/0308840040
  2. https://ir.msci.com/news-releases/news-release-details/msci-strengthen-climate-risk-capability-acquisition-carbon-delta

JULY

OCTOBER

Integrated

MSCI ESG Ratings

Climate VaR

on Bloomberg

into Barra

OCTOBER

SEPTEMBER

MSCI Climate Paris

MSCI ESG Ratings

Aligned Indexes

for Loans

NOVEMBER

OCTOBER

Foundations of ESG

GEM + ESG -

Investing in

Unique and

Corporate Bonds

innovative solution

for communicating

ESG risk and

performance

We build our leadership position by educating and bringing transparency to clients

14 research papers in 2020

... and 21 blog posts

19k+ downloads YTD

43,000+ blog views YTD

Over 1.2m unique pageviews YTD

6,500+ webinar attendees YTD

1 All data as of November 1, 2020

Information Classification: GENERAL

30

Bringing greater transparency to financial markets

Over the last year we have made public our ESG metrics for tens of thousands of companies, funds and MSCI indexes through msci.com and the MSCI app

  • ESG Metrics publicly available for all EU- regulated MSCI Equity, Blended and Fixed Income Indexes
  • ESG rating publicly available for more than 36,000 funds and 2,800 companies

Metrics based on final TEG report; MSCI ESG Indexes utilize information from, but are not provided by, MSCI ESG Research LLC

31

Information Classification: GENERAL

Enabling sustainable investing

The EU Sustainable Finance action plan supports the transition to a low-carbon, resource- efficient and sustainable economy. MSCI is actively involved in, and providing its expertise to, several EU expert committees - examples below

Key legislative streams

Sustainable Finance

Green

Climate Benchmarks

Disclosure Regulation

Taxonomy

& ESG Disclosure

Estimated EU Taxonomy

MSCI SFDR1 Adverse Impact

First provisional EU PAB2 and EU

Alignment Guide

Indicator Mapping

CTB3 launched in Nov 2019

Dataset to potentially measure

Currently building a SFDR

MSCI Index Profile Tool - index level

alignment

solution

ESG metrics based on the TEG Final

Report4 for all regulated equity/

blended indexes

  1. SFDR: Sustainable Finance Disclosure Regulation;
  2. EU PAB: Paris-Aligned Benchmark;
  3. EU CTB: Climate Transition Benchmark;
  4. Technical Expert Group (TEG) on Sustainable Finance

Information Classification: GENERAL

32

Executive compensation

Compensation@MSCI

Supports our culture of high performance and accountability

Provide competitive compensation

Link compensation to Company,

Product/Function and Individual

Performance

Provide transparency and a clear line of sight into how compensation is determined

Differentiate and recognize individual performance and behavior - the "What" and the "How"

Allows each pay component to be determined independently and for different purposes

Target

Base

Annual

Incentive

Salary

Plan

(AIP)

Target Total

Compensation

Target

Long-Term

Incentive

Plan (LTIP)

Supports our culture of high performance and accountability

Current executive compensation structure

Fixed Compensation

Variable Compensation

Component

Objective

2020

Annual Base Pay

Provides certainty and predictability to meet ongoing living and

The only fixed component of our executive compensation program

financial commitments

Annual Incentive Plan

Alignment of management's interests with shareholders' interests

Financial Metrics (70%) vary by executive, but include:

Introduced to drive one-year performance results

- Revenue

Specific financial criteria and key performance indicators

- Adjusted EPS

- Net New Sales

- Free Cash Flow

- Contribution Margin

Key Performance Indicator Goals (30%) that include the following ESG metrics:

- Employee Engagement, Manager Effectiveness, Employee training and

development participation, Inclusion and Diversity, Carbon Footprint, etc.

Long-Term Incentive

Fosters an "owner-operator" mindset

Grant of 3-Year PSUs and 5-Year PSUs (which vest based on absolute TSR) and

Program

Closely aligns management's interests with the long-term interests

do not have any "retesting" features

of our shareholders

- 3-Year PSUs cover a three-year performance period

Promotes the retention of key members of our management team

- 5-Year PSUs cover a five-year performance period

CEO and President & COO equity entirely in PSUs tied to multi-year

RSUs which ratably service vest over three years

absolute TSR

Information Classification: GENERAL

35

Shareholder alignment and engagement

  • 2019 enhancements to the compensation program meant to further align interests of management with that of shareholders
    • Increased stock ownership requirements (CEO: 6x; CFO/President/COO: 4x; all other EC members: 3x)
    • Implemented more rigorous clawback policy (covers broader range of detrimental conduct and financial restatements)
    • Introduced a 5-Year Cliff vesting PSU award to enhance "owner/operator" mindset
    • Enhanced LTIP program in response to shareholder feedback

What we heard

What we did

Why

Eliminate relative TSR CAGR

2019 PSU awards will vest and be performance adjusted

Absolute TSR CAGR is an all-encompassing measure of Company

based solely on rigorous absolute TSR CAGR thresholds

performance that does not divert focus from any individual strategic

priority

Metric complements the performance measures under our AIP which

directly tie to the Company's strategy

Performance period should not be extended

Eliminated "retesting" feature in new PSUs for 2019 and

Increases management's accountability

another six months for performance shares

going forward

Shareholders indicated they prefer that a

100% PSUs in 2016 and in 2019 (no equity grants in 2017

CEO should be primarily rewarded for increasing absolute shareholder

majority of our CEO's long-term incentive

or 2018)

value which reinforces our "owner-operator" philosophy and is aligned

awards be performance-based

with executing our strategic plan

Information Classification: GENERAL

36

2020 long-term incentive mix

Rest of

Managing

2019 LTI Vehicle -Mix

CEO

Pres & COO

Executive

Directors

Committee

RSUs

0%

20%

40%

50%

3-Year PSUs

50%

50%

40%

35%

5-Year PSUs

50%

30%

20%

15%

Changes to 2020 LTI Vehicle-Mix

RSUs

0%

0%

30%

50%

3-Year PSUs

40%

50%

35%

30%

5-Year PSUs

60%

50%

35%

20%

3-Yr TSR PSUs Schedule

5-Yr TSR PSUs Schedule

TSR CAGR

% Vesting

TSR CAGR

% Vesting

< 8%

0%

< 10%

0%

8%

25%

10%

50%

9%

50%

12.5%

100%

10%

100%

15%

150%

20%

200%

20% +

200%

30% +

300%

37

Information Classification: GENERAL

Pay-for-performance

Rigorous TSR metric for PSUs and financial metrics for annual cash incentive compensation reflects strong alignment between company performance/shareholder return and executive compensation

Source: S&P Capital IQ MSCI stock price as of 10/19/2020

Information Classification: GENERAL

38

Accountability and compensation governance

What we do

What we don't do

Emphasize variable compensation

Do not provide gross-ups to cover excise taxes

Have formula-based annual cash-incentives

Do not have employment agreements with executive

Subject equity awards to vesting requirements

officers

Do not allow directors or employees to hedge or pledge

Impose stock ownership guidelines on directors and

company stock, engage in short sales, purchases or sales or

Executive Committee members

options, puts or calls, as well as derivatives, such as swaps,

Maintain clawback policy incentive-based compensation

forwards or futures or trade on a short-term basis on

(cash and equity)

company stock

Provide for double-trigger vesting upon a change in control

Do not allow repricing of options or stock appreciation

Have restricted dividend equivalents on performance

rights awards without shareholder approval

vesting awards that are only paid if and when underlying

Do not provide for "liberal" share recycling when shares are

award vests

tendered or withheld to satisfy tax withholding obligations

Grant CEO and President & COO equity entirely in PSUs tied

or as payment of an option exercise price

to multi-year absolute TSR

Retain independent compensation consultant at direction of

the CTM Committee

Information Classification: GENERAL

39

Our governance

Governance structure

Compensation & Talent

Management Committee ("CTM

Committee")

Linda Riefler (Chair)

Benjamin duPont

Wayne Edmunds

Marcus Smith

Audit Committee

Wayne Edmunds (Chair)

Robert Ashe

Sandy Rattray

Linda Riefler

Independent

Internal

Enterprise Risk

Auditor

Audit

Oversight Committee

Shareholders

Board of Directors

Chairman/CEO*

Lead Director*

Henry Fernandez

Robert Ashe

Strategy & Finance Committee

("Strategy Committee")

Robert Ashe (Chair)

Jacques Perold

Sandy Rattray

Marcus Smith

Paula Volent

Nominating & Corporate

Governance Committee

("Governance Committee")

Jacques Perold (Chair)

Benjamin duPont

Catherine Kinney

Paula Volent

Independent directors*

(all directors except for CEO)

Executive Committee

Corporate Responsibility Committee

President and Chief Operating Officer

Chief Responsibility Officer and Head of Index

Chief Financial Officer and Chief Strategy Officer

Chief Human Resources Officer

General Counsel

Corporate Secretary

Chief Human Resources Officer

Head of Global Communications

Heads of Product Segments

Investor Relations

Global Head of Research and Product

Global Head of ESG Research

Development

Global Head of Corporate Services

Regional Coverage Heads

Chief Responsibility Officer

Information Classification: GENERAL

41

Board governance

Governance highlights

  • Independent Lead Director has expansive list of duties that provides for effective independent oversight, including approving Board agendas, leading executive session of independent directors, overseeing annual review of Chairman, facilitating communication between Chairman and independent directors, and meeting directly with management
  • Appointed a new Lead Director (Robert G. Ashe) and new chairs for all NYSE-mandated committees in 2018
  • Rotated a number of committee members in 2020 in connection with appointment of two new directors
  • Annual election of directors: majority voting standard for uncontested elections with resignation policy; plurality for contested elections
  • No dual-class stock and no poison pill
  • Robust onboarding program for new directors and ongoing director education
  • Annual review of charters/governance policies, related persons transaction policy, political activities policy

Oversight of risk management activities

  • Board, through its committees, oversees risk management activities, including those relating to cybersecurity risks

Board oversees major risks

CTM Committee oversees risks associated with compensation policies and practices

Strategy Committee oversees risks relating to Company's strategic plan

Governance Committee oversees risks relating to governance structure, compliance, ESG and other corporate governance matters

Audit Committee oversees risks relating to key accounting and reporting policies, and cybersecurity and enterprise risks; quarterly update from Enterprise Risk Management and Information and Technology Risk

Information Classification: GENERAL

42

Diverse & engaged board

Our Directors exhibit an effective mix of skills, experience, diversity and perspectives

30% Women

Over 50% Gender,

9 of 10 Directors

Racial or National

are Independent

Diversity

Outside Board Policy

  • Directors may not serve on more than 4 public company boards, including the Company's
  • All directors are in compliance with the outside board policy
  • CEO serves on the Board of one public company

Diverse Skills & Experiences

Executive Leadership

Governance / Public Company Board

Industry Experience

International Experience

Regulatory Compliance / Government

Investments / Strategy

Financial Expertise: CFO and Audit

Risk Management

Consumer Insight / Investor Relations

Technology

Corporate Affairs

Talent Management / Executive Compensation

Information Classification: GENERAL

43

MSCI Board of Directors

Name

Committee(s)

Name

Committee(s)

Henry A. Fernandez

Jacques P. Perold

NCG (Chair), SF

Chairman and CEO

Robert G. Ashe

A, SF (Chair)

Sandy C. Rattray

A, SF

Independent Lead Director

Appointed in 2020

Benjamin F. duPont

CTM, NCG

Linda H. Riefler

A, CTM (Chair)

Wayne Edmunds

A (Chair), CTM

Marcus L. Smith

CTM, SF

Catherine R. Kinney

NCG

Paula Volent

NCG, SF

Appointed in 2020

A: Audit Committee

CTM: Compensation & Talent Management Committee

NCG: Nominating & Corporate Governance Committee

SF: Strategy & Finance Committee

Information Classification: GENERAL

44

Director evaluation & refreshment

Director Tenure & Ongoing Board Refreshment

  • Director skills matrix reviewed regularly to aid in search of potential candidates
  • Mandatory retirement age set at 72; Two directors retired, and two new directors appointed in 2020
  • Director search firm retained to assist with director succession planning; instructed to provide a diverse slate of candidates

Annual Board Performance Evaluations

Process

Feedback & Recent Initiatives

5 of 10 directors joined the board within the past

5 years; ongoing search for new directors

Annual Board and committee evaluations led by the Chair of the Governance Committee

  • Each director completes a self-assessment questionnaire
  • Lead Director conducts individual director interviews

In 2019, the Board engaged a third party evaluation firm for a comprehensive assessment of the Board's practices

The Lead Director and Chair of the Governance Committee review the results with the Board in executive session; requests for enhancements are subsequently discussed with management

Enhanced review of strategic goals:

  • Periodic review with Board on strategic initiatives
  • Board and committee agendas increasingly focused on "forward-looking" topics Increased focus on ESG:
  • Governance Committee assigned responsibility for ESG (including Climate) oversight
  • Chief Responsibility Officer provides quarterly reports to the Governance Committee
  • ESG goals incorporated into CEO's goals for annual incentive compensation Enhanced director education program:
  • Joined peer-engaged program designed to enhance director performance
  • Leveraged virtual platforms to provide deep dive sessions on certain aspects of MSCI's business

outside of quarterly meetings Succession planning and talent management:

  • CEO and President meet quarterly in executive session with independent directors
  • Potential successors to senior management invited to speak at Board meetings for additional exposure
  • Succession planning at levels beyond the Executive Committee; accelerate development of current internal candidates at all levels

Information Classification: GENERAL

45

Appendix

Supplemental information

  • Percentage changes and totals in this presentation may not sum due to rounding.
  • Foreign currency exchange rate fluctuations reflect the difference between the current period results as reported compared to the current period results recalculated using the foreign currency exchange rates in effect for the comparable prior period. While operating revenues adjusted for the impact of foreign currency fluctuations includes asset-based fees that have been adjusted for the impact of foreign currency fluctuations, the underlying assets under management ("AUM"), which is the primary component of asset-based fees, is not adjusted for foreign currency fluctuations. More than three-fifths of the AUM are invested in securities denominated in currencies other than the U.S. dollar, and accordingly, any such impact is excluded from the disclosed foreign currency adjusted variances.
  • MSCI has presented Run Rate, a supplemental key operating metrics as part of this presentation.
  • Run Rate estimates at a particular point in time the annualized value of the recurring revenues under our client license agreements ("Client Contracts") for the next 12 months, assuming all Client Contracts that come up for renewal are renewed and assuming then-current currency exchange rates, subject to the adjustments and exclusions described below. For any Client Contract where fees are linked to an investment product's assets or trading volume/fees, the Run Rate calculation reflects, for ETFs, the market value on the last trading day of the period, for futures and options, the most recent quarterly volumes and/or reported exchange fees, and for other non-ETF products, the most recent client-reported assets. Run Rate does not include fees associated with "one- time" and other non-recurring transactions. In addition, we add to Run Rate the annualized fee value of recurring new sales, whether to existing or new clients, when we execute Client Contracts, even though the license start date, and associated revenue recognition, may not be effective until a later date. We remove from Run Rate the annualized fee value associated with products or services under any Client Contract with respect to which we have received a notice of termination or non-renewal during the period and have determined that such notice evidences the client's final decision to terminate or not renew the applicable products or services, even though such notice is not effective until a later date.

Information Classification: GENERAL

47

Notice and disclaimer

This document and all of the information contained in it, including without limitation all text, data, graphs, charts (collectively, the "Information") is the property of MSCI Inc. or its subsidiaries (collectively, "MSCI"), or MSCI's licensors, direct or indirect suppliers or any third party involved in making or compiling any Information (collectively, with MSCI, the "Information Providers") and is provided for informational purposes only. The Information may not be modified, reverse-engineered, reproduced or redisseminated in whole or in part without prior written permission from MSCI. All rights in the Information are reserved by MSCI and/or its Information Providers.

The Information may not be used to create derivative works or to verify or correct other data or information. For example (but without limitation), the Information may not be used to create indexes, databases, risk models, analytics, software, or in connection with the issuing, offering, sponsoring, managing or marketing of any securities, portfolios, financial products or other investment vehicles utilizing or based on, linked to, tracking or otherwise derived from the Information or any other MSCI data, information, products or services.

The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. NONE OF THE INFORMATION PROVIDERS MAKES ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF), AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH INFORMATION PROVIDER EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.

Without limiting any of the foregoing and to the maximum extent permitted by applicable law, in no event shall any Information Provider have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits) or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited, including without limitation (as applicable), any liability for death or personal injury to the extent that such injury results from the negligence or willful default of itself, its servants, agents or sub-contractors.

Information containing any historical information, data or analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Past performance does not guarantee future results.

The Information should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. All Information is impersonal and not tailored to the needs of any person, entity or group of persons.

None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), any security, financial product or other investment vehicle or any trading strategy.

It is not possible to invest directly in an index. Exposure to an asset class or trading strategy or other category represented by an index is only available through third party investable instruments (if any) based on that index. MSCI does not issue, sponsor, endorse, market, offer, review or otherwise express any opinion regarding any fund, ETF, derivative or other security, investment, financial product or trading strategy that is based on, linked to or seeks to provide an investment return related to the performance of any MSCI index (collectively, "Index Linked Investments"). MSCI makes no assurance that any Index Linked Investments will accurately track index performance or provide positive investment returns. MSCI Inc. is not an investment adviser or fiduciary and MSCI makes no representation regarding the advisability of investing in any Index Linked Investments.

Index returns do not represent the results of actual trading of investible assets/securities. MSCI maintains and calculates indexes, but does not manage actual assets. Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase the securities underlying the index or Index Linked Investments. The imposition of these fees and charges would cause the performance of an Index Linked Investment to be different than the MSCI index performance.

The Information may contain back tested data. Back-tested performance is not actual performance, but is hypothetical. There are frequently material differences between back tested performance results and actual results subsequently achieved by any investment strategy.

Constituents of MSCI equity indexes are listed companies, which are included in or excluded from the indexes according to the application of the relevant index methodologies. Accordingly, constituents in MSCI equity indexes may include MSCI Inc., clients of MSCI or suppliers to MSCI. Inclusion of a security within an MSCI index is not a recommendation by MSCI to buy, sell, or hold such security, nor is it considered to be investment advice.

Data and information produced by various affiliates of MSCI Inc., including MSCI ESG Research LLC and Barra LLC, may be used in calculating certain MSCI indexes. More information can be found in the relevant index methodologies on www.msci.com.

MSCI receives compensation in connection with licensing its indexes to third parties. MSCI Inc.'s revenue includes fees based on assets in Index Linked Investments. Information can be found in MSCI Inc.'s company filings on the Investor Relations section of www.msci.com.

MSCI ESG Research LLC is a Registered Investment Adviser under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc. Except with respect to any applicable products or services from MSCI ESG Research, neither MSCI nor any of its products or services recommends, endorses, approves or otherwise expresses any opinion regarding any issuer, securities, financial products or instruments or trading strategies and MSCI's products or services are not intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Issuers mentioned or included in any MSCI ESG Research materials may include MSCI Inc., clients of MSCI or suppliers to MSCI, and may also purchase research or other products or services from MSCI ESG Research. MSCI ESG Research materials, including materials utilized in any MSCI ESG Indexes or other products, have not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body.

Any use of or access to products, services or information of MSCI requires a license from MSCI. MSCI, Barra, RiskMetrics, IPD and other MSCI brands and product names are the trademarks, service marks, or registered trademarks of MSCI or its subsidiaries in the United States and other jurisdictions. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor's. "Global Industry Classification Standard (GICS)" is a service mark of MSCI and Standard & Poor's.

Privacy notice: For information about how MSCI collects and uses personal data, please refer to our Privacy Notice at https://www.msci.com/privacy-pledge.

Information Classification: GENERAL

48

Disclaimer

MSCI Inc. published this content on 13 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 December 2020 16:22:04 UTC


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Financials (USD)
Sales 2021 1 984 M - -
Net income 2021 777 M - -
Net Debt 2021 1 909 M - -
P/E ratio 2021 61,9x
Yield 2021 0,58%
Capitalization 47 719 M 47 719 M -
EV / Sales 2021 25,0x
EV / Sales 2022 22,6x
Nbr of Employees 3 728
Free-Float 60,2%
Chart MSCI INC.
Duration : Period :
MSCI Inc. Technical Analysis Chart | MSCI | US55354G1004 | MarketScreener
Technical analysis trends MSCI INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 578,95 $
Average target price 532,20 $
Spread / Average Target -8,07%
EPS Revisions
Managers and Directors
Henry A. Fernandez Chairman & Chief Executive Officer
Carroll Douglas Baer Pettit President & Chief Operating Officer
Andrew C. Wiechmann Chief Financial Officer
Jigar Thakkar Chief Technology Officer & Head-Engineering
Linda H. Riefler Independent Director
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