{
  "docId": "019dd923-622b-71dc-a6dc-88f077191205",
  "docSlug": "4a15d7fb3340",
  "documentTitle": "S&P Global (SPGI)",
  "authorId": "20_TCI_Fund",
  "authorName": "Chris Hohn",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-11-30 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.7078385,
  "pageNumber": 2,
  "pageCount": 4,
  "prevPage": 1,
  "nextPage": 3,
  "slideType": "key_messages",
  "function": "state_demand",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Page 2 of a shareholder letter.",
  "elementsJson": [
    "paragraph",
    "numbered_list",
    "bullet_list"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-88f077191205/2",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-88f077191205",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-88f077191205.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-88f077191205#slide-2",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We will typically vote against all directors of companies which do not publicly disclose their emissions and do not have a credible plan for their reduction.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0394-7243-be91-49c2e0c6f744",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "list",
      "text": "Global ratings - inclusion of climate change risks and in the ratings process, ESG Industry Report Cards and launch of ESG Evaluations; Trucost ESG data and analytics service that powers many of S&P's ESG solutions; Dow Jones Sustainability Index, which provides valuable ESG benchmarking",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a13950e9-9a97-4f95-8464-af1f7af35bc9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "list",
      "text": "1. Change business processes to reduce the company's carbon footprint; 2. Introduce efficient energy management into buildings and factories; 3. Source low carbon energy through direct generation or power purchase agreements; 4. De-carbonise transport fleets, e.g. through electric vehicles; 5. Offset emissions from corporate travel, e.g. through afforestation; 6. De-carbonise supply chains and helping customers lower their carbon intensity; 7. Advocate for regulations which drive the de-carbonisation of their industry to ensure its sustainability.",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "17f116d0-4588-4c9d-90da-591cebd9236c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "list",
      "text": "1. We will typically vote against all directors of companies which do not publicly disclose their emissions and do not have a credible plan for their reduction. 2. We will also vote against auditors where the Annual Report and Accounts fail to report material climate risks.",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d8f420c6-2b12-4b51-bdb4-5f57cf8bbeca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "paragraph",
      "text": "We are pleased to see that S&P Global (S&P) has provided disclosure to CDP for 2018 and 2019 and we have carefully analysed these submissions. For 2018, CDP awarded S&P an overall A- grade.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2923b8ed-2f66-4266-85c0-38b768707487",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "paragraph",
      "text": "We will also evaluate divestment where a portfolio company refuses to disclose its emissions and does not have a credible plan for their reduction.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2bdb2fd8-e581-467e-b04a-a9084f42cefa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "paragraph",
      "text": "In our view, reporting to CDP (www.CDP.net) is the best way to implement TCFD. We expect all our portfolio companies to make full annual public disclosure to CDP.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a2a7ce3-b6e9-4096-b7cc-60b2fa5a99ab",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "gri-standards",
      "slug": null,
      "matchId": "c73ae69f-a537-4f08-874b-633669bb1ee6",
      "evidence": "Mentions of TCFD, CDP, and ESG disclosure requirements.",
      "confidence": 0.7
    }
  ],
  "arcBeats": [
    {
      "to": 2,
      "from": 1,
      "beatId": "95af002e-622a-439d-8cac-5e07ac6bb02c",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The cover and key messages slides introduce the issue of carbon emissions disclosure",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    },
    {
      "to": 3,
      "from": 2,
      "beatId": "2e8705fb-c158-42d3-9b8d-a4a682361b1d",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The demand list slide emphasizes the need for S&P Global to advocate for mandatory disclosure",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 4,
      "from": 2,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "c97149e9-a9f5-47fa-9140-64c9d3ff6ddb",
      "evidence": "The document implies that lack of disclosure leads to investment and loan portfolio exposure risk",
      "position": 0,
      "objective": "Highlight the risks of not disclosing GHG emissions",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}