S&P Global SPGI
TCI, a ~1% holder, urges S&P Global to lead on climate disclosure: report fully to CDP, adopt a Paris-aligned transition plan, and push mandatory GHG disclosure across the companies it rates.
Thesis
TCI Fund Management, a long-term holder of roughly 1% of S&P Global, writes to CEO Doug Peterson to set expectations on climate disclosure and stewardship. The letter praises S&P's 2018 CDP A- grade, its 2017 TCFD commitment, and its integrated ESG offering across Global Ratings, Trucost, Dow Jones Sustainability Index, the RobecoSAM acquisition and Platts. TCI then asks S&P to go further: make full annual CDP disclosure, publish a credible Paris-aligned low-carbon transition plan, and use its position as a rating agency to advocate publicly for mandatory GHG disclosure by all rated issuers — citing PG&E's bankruptcy, Volkswagen's emissions scandal and bank loan-book opacity as examples of why emissions analysis must be embedded in credit ratings. TCI warns it will typically vote against directors and auditors at companies that fail to disclose, and will evaluate divestment.
SCQA
S&P Global is a systemic ratings, data and benchmarking provider whose outputs (Global Ratings, Trucost, DJSI, Platts) shape how trillions of dollars in capital assess corporate risk.
Climate change is a material credit and equity risk — evidenced by PG&E's bankruptcy, the Volkswagen scandal and bank loan-book opacity — yet emissions disclosure remains voluntary and inconsistent across issuers S&P rates.
TCI asks S&P to make full annual CDP disclosure, publish a Paris-aligned transition plan, and use S&P Global Ratings' influence to publicly advocate for mandatory GHG disclosure and CDP submission by all rated companies, including banks.
Better information lowers mispricing of climate risk, protects long-term shareholder returns at S&P and across its rated universe, and entrenches S&P's leadership in a fast-growing ESG product category.
The three reasons
- 1
Climate change risks materially affect long-term profitability, sustainability and investor returns
- 2
S&P's ratings reach gives it unique leverage to push mandatory GHG disclosure across the capital structure
- 3
Banks' refusal to disclose loan-book climate risk leaves investors blind in a leveraged sector
Primary demands
- Make full annual public disclosure of carbon and other GHG emissions to CDP
- Publish a credible low-carbon transition plan with science-based targets aligned with Paris Agreement (net zero by 2050)
- Have S&P Global Ratings strongly advocate for mandatory public disclosure of GHG emissions by all rated companies
- Have S&P Global Ratings recommend that all rated companies submit emissions data to CDP for a common framework
- Advocate for banks to disclose climate change risks associated with their loan books
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Precedents cited
- PG&E bankruptcy (California wildfires)
- Volkswagen emissions scandal ($30bn in fines and penalties)
- Fiat Chrysler / Peugeot merger (emissions-driven consolidation)
- Alphabet data centre cooling cost disclosure
- IAG and Lufthansa net-zero investment demands
Notable slides (3)
Notes
Classic TCI ESG engagement letter addressed to CEO Doug Peterson, signed by Chris Hohn, Philip Green and Alex Baring. Text-only scanned PDF on TCI letterhead — no charts, no valuation work. Tone is collaborative and congratulatory (praises S&P's A- CDP score, TCFD commitment, RobecoSAM deal) rather than adversarial, but contains hard commitments: vote against directors and auditors that fail to disclose, and evaluate divestment. Thesis is stewardship-driven rather than a classic activist campaign, hence governance_board + other. Ticker SPGI inferred from S&P Global identity; not stated in document.