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  "documentTitle": "MSCI Inc. (MSCI)",
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  "presentationDate": "2024-01-17 00:00:00",
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  "notes": "Uses direct quotes to expose potential inconsistencies in corporate reporting regarding headcount growth.",
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      "text": "ESG & Climate segment Adj. EBITDA Margins have increased 720bps from Sept 2022 – 2023 with headcount having grown from under 1,000 to approximately 1,300 according to the Head of ESG. While Retention Rate declines and revenue growth slows, we expect margins to contract.",
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      "text": "headcount: 1,300",
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      "text": "Yes. So we-- I think when I joined in, again, around 2012, we were probably 100 people in the industry. And now we are over 1,000 something like 1,300 people, when you look at both people that are 100% focused on ESG and Climate and then everything that comes around it, like the technology in support of everything. So we're well over 1,000 people. So that's just like our revenues have grown times 10, the resources on people have grown.",
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      "text": "Yes. I mean -- and if I think back on the 11 years ago, when I joined, it was probably about 100 people, I think, at that time. We have both direct head count that is exclusively dedicated to ESG and Climate, and then we have shared services. Like I think even Andy, we get a portion of it your allocation. And it's not 100 to -- it's less than 1,000, but it's getting up near that area in terms of both direct and allocated because the -- it's growing in both technology resources, in data collection resources and in client-facing and product resources. So it's -- we've been growing commensurately in investing for this wave of -- at the end of the day, providing deeper insight and investment decision support tools around these ESG and Climate and now regulatory risk that clients are facing.",
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      "text": "And it's not 100 to -- it's less than 1,000, but it's getting up near that area in terms of both direct and allocated because the -- it's growing in both technology resources, in data collection resources and in client-facing and product resources. — Eric Moan, Head of ESG, Barclays Conf Sept 12, 2022. And now we are over 1,000 something like 1,300 people, when you look at both people that are 100% focused on ESG and Climate and then everything that comes around it, like the technology in support of everything. — Eric Moan, Head of ESG, Barclays Conf Sept 11, 2023",
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