Table VIII.
Open in new tab

Arithmetic decomposition

Results from the arithmetic decomposition that implements Equation (8) and relies on the category scores and estimated weights from Section 4. Panel A reports the relative contribution of scope, measurement, and weight to the ESG rating divergence. For convenience, Panel B reports averages per rater based on the values shown in Panel A.

Panel A: Rater pairs
ScopeMeasurementWeight
KLDSustainalytics18%69%13%
KLDMoody’s ESG31%59%10%
KLDS&P Global20%68%11%
KLDRefinitiv22%63%15%
KLDMSCI81%17%3%
SustainalyticsMoody’s ESG20%64%16%
SustainalyticsS&P Global22%70%8%
SustainalyticsRefinitiv12%66%22%
SustainalyticsMSCI68%30%2%
Moody’s ESGS&P Global41%56%3%
Moody’s ESGRefinitiv19%79%2%
Moody’s ESGMSCI66%41%–6%
S&P GlobalRefinitiv23%74%3%
S&P GlobalMSCI59%52%–10%
RefinitivMSCI68%38%–7%
Average38%56%6%
Panel B: Rater averages
ScopeMeasurementWeight
KLD34%55%10%
Sustainalytics28%60%12%
Moody’s ESG35%60%5%
S&P Global33%64%3%
Refinitiv29%64%7%
MSCI68%36%–4%
Panel A: Rater pairs
ScopeMeasurementWeight
KLDSustainalytics18%69%13%
KLDMoody’s ESG31%59%10%
KLDS&P Global20%68%11%
KLDRefinitiv22%63%15%
KLDMSCI81%17%3%
SustainalyticsMoody’s ESG20%64%16%
SustainalyticsS&P Global22%70%8%
SustainalyticsRefinitiv12%66%22%
SustainalyticsMSCI68%30%2%
Moody’s ESGS&P Global41%56%3%
Moody’s ESGRefinitiv19%79%2%
Moody’s ESGMSCI66%41%–6%
S&P GlobalRefinitiv23%74%3%
S&P GlobalMSCI59%52%–10%
RefinitivMSCI68%38%–7%
Average38%56%6%
Panel B: Rater averages
ScopeMeasurementWeight
KLD34%55%10%
Sustainalytics28%60%12%
Moody’s ESG35%60%5%
S&P Global33%64%3%
Refinitiv29%64%7%
MSCI68%36%–4%
Table VIII.
Open in new tab

Arithmetic decomposition

Results from the arithmetic decomposition that implements Equation (8) and relies on the category scores and estimated weights from Section 4. Panel A reports the relative contribution of scope, measurement, and weight to the ESG rating divergence. For convenience, Panel B reports averages per rater based on the values shown in Panel A.

Panel A: Rater pairs
ScopeMeasurementWeight
KLDSustainalytics18%69%13%
KLDMoody’s ESG31%59%10%
KLDS&P Global20%68%11%
KLDRefinitiv22%63%15%
KLDMSCI81%17%3%
SustainalyticsMoody’s ESG20%64%16%
SustainalyticsS&P Global22%70%8%
SustainalyticsRefinitiv12%66%22%
SustainalyticsMSCI68%30%2%
Moody’s ESGS&P Global41%56%3%
Moody’s ESGRefinitiv19%79%2%
Moody’s ESGMSCI66%41%–6%
S&P GlobalRefinitiv23%74%3%
S&P GlobalMSCI59%52%–10%
RefinitivMSCI68%38%–7%
Average38%56%6%
Panel B: Rater averages
ScopeMeasurementWeight
KLD34%55%10%
Sustainalytics28%60%12%
Moody’s ESG35%60%5%
S&P Global33%64%3%
Refinitiv29%64%7%
MSCI68%36%–4%
Panel A: Rater pairs
ScopeMeasurementWeight
KLDSustainalytics18%69%13%
KLDMoody’s ESG31%59%10%
KLDS&P Global20%68%11%
KLDRefinitiv22%63%15%
KLDMSCI81%17%3%
SustainalyticsMoody’s ESG20%64%16%
SustainalyticsS&P Global22%70%8%
SustainalyticsRefinitiv12%66%22%
SustainalyticsMSCI68%30%2%
Moody’s ESGS&P Global41%56%3%
Moody’s ESGRefinitiv19%79%2%
Moody’s ESGMSCI66%41%–6%
S&P GlobalRefinitiv23%74%3%
S&P GlobalMSCI59%52%–10%
RefinitivMSCI68%38%–7%
Average38%56%6%
Panel B: Rater averages
ScopeMeasurementWeight
KLD34%55%10%
Sustainalytics28%60%12%
Moody’s ESG35%60%5%
S&P Global33%64%3%
Refinitiv29%64%7%
MSCI68%36%–4%
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