MSCI management check
MSCI · Financials · Financial Exchanges & Data · CEO Henry A. Fernandez
Filings as of
4 good · 2 to watch · 1 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $135, against $208 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.79 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
2.8% of net income$33.3m of reported pay in fiscal 2025, against $1.2bn of net income.
- Good
Do they own the stock?
CEO stake ≈ 29 years of payThe CEO holds 1,731,961 shares, directly or through trusts (unvested awards not counted): about 29 years of pay. Both: 2 buyers ($3.2m) and 2 sellers ($6.4m) in six months. 2 of 4 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.0% a year over the last three fiscal years. Stock-based pay was 3.6% of revenue in the latest year.
- Watch
Is leadership stable?
11 leadership filings in 3 yearsCEO in the pay table: Henry A. Fernandez. 11 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Financials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 6 | 49 | |
| Pay for performance | 89 | 83 | |
| CEO cost | 13 | 67 | |
| Skin in the game | 100 | 51 | |
| Dilution | 75 | 69 | |
| Stable leadership | 70 | 80 | |
| Clean books | 100 | 100 |
Closest peers
Others in Financial Exchanges & Data, by management score. MSCI is 43rd of 72 in its sector.
- 84SPGIS&P Global78
- 201ICEIntercontinental Exchange68
- 221CMECME Group67
- 222CBOECboe Global Markets67
- 230MCOMoody's Corporation66
- 234NDAQNasdaq, Inc.66
- 241MSCIMSCI65
- 366COINCoinbase57
- 404FDSFactSet53
Pay versus performance
From the proxy statement filed March 11, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Henry A. Fernandez | $33.3m | $19.8m | $5.8m | $135 | $208 | $1.2bn |
| 2024 | Henry A. Fernandez | $15.7m | $17.9m | $4.8m | $140 | $180 | $1.1bn |
| 2023 | Henry A. Fernandez | $13.8m | $42.4m | $4.4m | $130 | $137 | $1.1bn |
| 2022 | Henry A. Fernandez | $13.0m | −$39.0m | $3.9m | $106 | $119 | $870.6m |
| 2021 | Henry A. Fernandez | $10.3m | $81.2m | $3.5m | $138 | $136 | $726.0m |
The board says pay is tied most to Adjusted EPS. Its other key measures: Operating Revenues, Total Net Sales(1), 3-Year Absolute TSR CAGR.
Insiders and the CEO's stake
Henry A Fernandez (Chairman and CEO) held 1,731,961 shares directly after their latest Form 4 on May 15, 2026, roughly $978.9m at that filing's price.
Both: 2 buyers ($3.2m) and 2 sellers ($6.4m) in six months. 2 of 4 sales ran on pre-arranged 10b5-1 plans.
- BoughtHenry A FernandezChairman and CEO$2.2mMay 15, 2026
- BoughtRajat TanejaDirector$1.0mSep 2, 2026
- SoldAlvise J. MunariChief Product Officer$5.9mApr 24, 2026
- SoldAndrew C. WiechmannChief Financial Officer · 10b5-1 plan$529kOct 12, 2026
Leadership and governance on file
- Aug 7, 2026Leadership change8-K 5.02
- Mar 31, 2026Leadership change8-K 5.02
- Nov 17, 2025Leadership change8-K 5.02
- Feb 25, 2025Leadership change8-K 5.02
- Jan 31, 2025Leadership change8-K 5.02
- Jan 30, 2025Leadership change8-K/A 5.02
- Dec 17, 2024Leadership change8-K 5.02
- Aug 1, 2024Leadership change8-K 5.02
- Jul 26, 2024Leadership change8-K 5.02
- Jun 17, 2024Leadership change8-K 5.02
- Mar 11, 2024Leadership change8-K 5.02
- Aug 24, 2023Leadership change8-K 5.02
Latest shareholder vote results: Apr 23, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $7.7bn returned to owners in buybacks and dividends, 151% of net income, and $391.2m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.0bn | $2.2bn | $2.5bn | $2.9bn | $3.1bn |
| Net income | $726.0m | $870.6m | $1.1bn | $1.1bn | $1.2bn |
| Stock-based pay | $54.9m | $58.1m | $71.7m | $95.2m | $111.3m |
| Buybacks | $198.4m | $1.4bn | $504.2m | $885.3m | $2.5bn |
| Dividends | $302.4m | $372.9m | $441.0m | $509.1m | $556.5m |
| Diluted shares | 83m | 81m | 80m | 79m | 77m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.