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  "documentTitle": "MSCI Inc. (MSCI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-17 00:00:00",
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  "notes": "The slide uses a table to contrast compensation elements, specifically highlighting the shift from 5-year to 3-year performance periods for long-term incentives.",
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      "text": "Shorter time-period and no hard specifics provided on what the cumulative metrics targets are to trigger payments",
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      "text": "Spruce Point observes that MSCI's long-term incentive payouts have been shortened from 5 years to 3 years and are linked to cumulative Adjusted EPS and revenue. The targets are not provided and there is no reference that the revenue or earnings be organic, or adjusted for share repurchases. Given the sharp drop in the dividend growth rate, and the recent failure of MSCI to increase cash flow guidance, we would prefer to see management focus on cumulative cash flow.",
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      "text": "Source: MSCI Proxy Statement",
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      "kind": "title",
      "text": "Long-Term Incentives Made Shorter",
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