<SEC-DOCUMENT>0001214659-21-004470.txt : 20210426
<SEC-HEADER>0001214659-21-004470.hdr.sgml : 20210426
<ACCEPTANCE-DATETIME>20210426121218
ACCESSION NUMBER:		0001214659-21-004470
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210426
DATE AS OF CHANGE:		20210426
EFFECTIVENESS DATE:		20210426

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			S&P Global Inc.
		CENTRAL INDEX KEY:			0000064040
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-CONSUMER CREDIT REPORTING, COLLECTION AGENCIES [7320]
		IRS NUMBER:				131026995
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-01023
		FILM NUMBER:		21852790

	BUSINESS ADDRESS:	
		STREET 1:		55 WATER STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10041
		BUSINESS PHONE:		212-438-1000

	MAIL ADDRESS:	
		STREET 1:		55 WATER STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10041

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MCGRAW HILL FINANCIAL INC
		DATE OF NAME CHANGE:	20130502

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MCGRAW-HILL COMPANIES INC
		DATE OF NAME CHANGE:	19950502

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MCGRAW HILL INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Shareholder Commons
		CENTRAL INDEX KEY:			0001858988
		IRS NUMBER:				843285119
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 7545
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19803-545
		BUSINESS PHONE:		302-593-0917

	MAIL ADDRESS:	
		STREET 1:		PO BOX 7545
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19803-545
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">United States Securities and Exchange Commission<BR>
Washington, D.C. 20549</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTICE OF EXEMPT SOLICITATION<BR>
Pursuant to Rule 14a-103</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE OF EXEMPT SOLICITATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: S&amp;P Global Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of persons relying on exemption: The Shareholder Commons</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Address of persons relying on exemption: PO Box 7545, Wilmington, DE,
19803-545</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g) (1) promulgated
under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule, but is made voluntarily
in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Shareholder Commons urges you to vote FOR Proposal 5 on the
proxy, which asks the Board to take all steps necessary to convert S&amp;P Global Inc. (&ldquo;S&amp;P Global&rdquo;) from a conventional
corporation to a benefit corporation in order to implement the Business Roundtable Statement on the Purpose of a Corporation (the BRT
Statement)<SUP>1</SUP> that it has signed, which provides for a commitment to the stakeholders of S&amp;P Global.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Shareholder Commons is a non-profit organization that seeks to
shift the paradigm of investor thinking away from a narrow and harmful focus on individual company value to<FONT STYLE="font-size: 10pt">wards
a systems-first approach to investing that better serves the interests of diversified shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://system.businessroundtable.org/app/uploads/sites/5/2021/02/BRT-Statement-on-the-Purpose-of-a-Corporation-Feburary-2021-compressed.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #0070C0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #0070C0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&ldquo;The members of the Board are elected by the Corporation&rsquo;s
shareholders to use their business judgement to direct, provide counsel and oversee the management of the Corporation in <B>the best interests
of the Corporation and its shareholders.</B> The Board recognizes that <B>the interests of the Corporation&rsquo;s shareholders </B>are
advanced by also considering and responsibly addressing the concerns of other stakeholders, including employees, customers and the broader
public and communities in which the Corporation operates, thereby enhancing <B>the long-term value of the Corporation</B>.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">-S&amp;P Global Corporate Governance
Guidelines</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With this simple statement, S&amp;P Global demonstrates exactly why
it must change its governance in order to honor the commitment it made to stakeholders. That commitment runs directly contrary to its
corporate governance guidelines, which prioritize &ldquo;the Corporation and its shareholders,&rdquo; viewing stakeholder concerns as
relevant only to the extent that they can enhance the value of S&amp;P Global for its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This company-first &ldquo;shareholder value&rdquo; approach threatens
the interests not just of stakeholders, but of most shareholders themselves, who own diversified portfolios that are threatened by corporate
activity that prioritizes financial return over the health of the social and environmental systems that undergird the economy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We explain in more detail below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: normal"><B><U>Summary </U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Proposal&#9;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proposal requests that the board of directors take steps necessary
to convert S&amp;P Global to a benefit corporation. A benefit corporation operates just like a conventional corporation, except that it
must consider the interests of stakeholders (such as employees and customers) for their own sake, without justifying those decisions as
also advancing the interests of shareholders in receiving a financial return from the corporation. Moreover, in New York&mdash;where S&amp;P
Global is incorporated&mdash;a benefit corporation has a purpose of creating a &ldquo;material public benefit,&rdquo; which is defined
as &ldquo;a material positive impact on society and the environment, taken as a whole.&rdquo; This impact must be assessed under a third-party
standard to ensure compliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Management Misses the Point</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The purpose of the Proposal is to better address the inevitable tension
between shareholder interests and stakeholder concerns. The Proposal&rsquo;s suggested resolution&mdash;conversion to a benefit corporation&mdash;has
been celebrated by Leo Strine, the leading corporate commentator of his generation and the former Chief Justice of Delaware. Chief Justice
Strine has argued that conversion to benefit corporation status could resolve the contradiction between the company-first shareholder
primacy of conventional corporation law and the need for corporations to account for the full impact of their business operations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in"><I>So how to resolve this legal impasse? A recent innovation offers
a sensible answer. &hellip; [T]he benefit corporation &mdash; [] puts legal force behind the idea that a business should have a positive
purpose, commit to do no harm, seek sustainable wealth creation, and treat all its stakeholders with equal respect.<SUP>2</SUP></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In its opposition statement, S&amp;P Global demonstrates that it has
not even considered the gap between what it is doing to address stakeholder interests in its current corporate form and what it would
be required to do as a benefit corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Why You Should Support this Resolution</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Most S&amp;P Global shareholders are diversified investors who depend
on an economy that succeeds for everyone over the long term. As a benefit corporation, S&amp;P Global would have to consider the long-term
risks to multiple stakeholders and the overall economy without limiting that consideration to how the financial returns of S&amp;P Global
are affected. This mandate will make it more likely that S&amp;P Global will protect you as a diversified shareholder by limiting activities
that undermine the healthy systems necessary for a successful economy, even if such limits cannot be justified based on their anticipated
impact on the Company&rsquo;s own value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Why the benefit corporation structure is better for S&amp;P Global
shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While New York corporation law permits directors to consider the interests
of stakeholders, it does not require it, and its corporate governance guidelines show that it is simply following conventional corporate
law (as it is permitted to do) and prioritizing the interests of its shareholders in financial returns from the company. This rule, called
&ldquo;shareholder primacy,&rdquo; requires a company to optimize long-term financial returns to shareholders, ultimately received through
dividends, buybacks, and stock appreciation. But this company-first approach does not account for the fact that an individual company
may profit from activity that undermines the social and environmental fabric upon which the vast majority of diversified shareholders
depend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Problem w<FONT STYLE="font-size: 10pt">ith Company-First
Shareholder Primacy</FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The tension between company-first shareholder primacy and the needs
of diversified investors is demonstrated by a recent study, which determined that <B>publicly listed companies imposed impose social and
environmental costs on the economy equal to more than half of their profits</B>. Those costs&mdash;$2.2 trillion annually&mdash;equal
more than 2.5% of global GDP.<SUP>3</SUP> From the point of view of a diversified shareholder, <B>these companies are only half as valuable
as their income statements would indicate.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Robert G. Eccles, Leo E. Strine, and Timothy Youmans,
<I>3 Ways to Put Your Corporate Purpose into Action, </I><FONT STYLE="font-variant: small-caps">Harvard Business Review</FONT> (May 13,
2020), available at https://hbr.org/2020/05/3-ways-to-put-your-corporate-purpose-into-action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> <FONT STYLE="font-size: 10pt">Andrew Howard, <I>SustainEx:
Examining the social value of corporate activities, </I>Schroders (April 2019), available at https://www.schroders.com/en/sysglobalassets/digital/insights/2019/pdfs/sustainability/sustainex/sustainex-short.pdf.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By focusing on the interests of &ldquo;the Corporation and its shareholders,&rdquo;
the Board is bound to participate in this shell game, pursuing profits that optimize long-term profitability even if it means authorizing
activities that put the global economy at risk. To the extent that S&amp;P Global activities create economic costs that lower GDP, the
value of diversified portfolios is reduced. Thus, by requiring S&amp;P Global to prioritize financial return to shareholders above all
else, the choice made in the corporate governance guidelines threatens many of the Company&rsquo;s own shareholders.<SUP>4</SUP> <B>In
other words, while S&amp;P Global may increase its isolated return to shareholders by applying the company-first shareholder primacy model,
its diversified shareholders will ultimately pay for the costs it externalizes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>How the New Obligations Could Affect S&amp;P Global</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In its most recent annual report filed with the Securities and Exchange
Commission, S&amp;P Global provided the following description of its business:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>S&amp;P Global Inc. . . . is a leading provider of transparent and
independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. The capital markets include asset
managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers; and the commodity markets include
producers, traders and intermediaries within energy, metals, petrochemicals and agriculture.&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Much of this work involves environmental, social, and governance (&ldquo;ESG&rdquo;)
assessments, rankings, benchmarks, and indices that help companies and investors focus on the impacts that companies have on stakeholders
and on environmental and social systems. This business has the potential to affect the decisions that investors and corporations make
with respect to critical ESG issues, including climate change, inequality, human rights, and biodiversity loss. These decisions may be
critical in determining whether business is successful in meeting a number of serious threats to continued human thriving.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under its corporate governance guidelines, S&amp;P Global&rsquo;s own
decisions about how to devise and market these products must be ultimately based upon the effects that such decisions have on internal
financial return. Thus, decisions about the composition of benchmarks, ratings, and indices are ultimately based on the question of what
will create the greatest financial return at S&amp;P Global, rather than what is most likely to successfully address the ESG threat in
question.<SUP>5</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> Indeed, according to its 2021 Proxy Statement, S&amp;P
Global&rsquo;s largest two shareholders were mutual fund companies with indexed or otherwise broadly diversified portfolios.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> This may be why S&amp;P Global&rsquo;s core Corporate
Sustainability Assessment is &ldquo;a reference tool for companies to gauge the financial materiality of their sustainability performance.&rdquo;
In other words, the ultimate focus of S&amp;P Global&rsquo;s sustainability tools is how ESG issues financially effect the corporation
in question, not how that corporation might pose a threat to social and environmental systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">S&amp;P Global has become a critical gatekeeper for sustainability
issues. It is in the interest of all stakeholders, including its diversified shareholders, that it use this role in a manner that supports
the health of critical social and environmental systems, and not simply as a way to increase its own financial return. Conversion to a
benefit corporation with a stand-alone purpose to create a &ldquo;material positive impact on society and the environment&rdquo; would
help to bring about such a result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">More generally, as a benefit corporation, S&amp;P Global would be more
likely to take actions that reduce any number of externalities in order to improve local and global economies and returns to diversified
shareholders even if the actions reduced its long-term internal rate of return. Such actions might involve unilateral reduction of negative
impacts, or following extra-legal guardrails mediated by shareholders, industry groups, or others. As a benefit corporation, S&amp;P Global
would not be obligated to take all of these actions, but it would have the option to do so, and would be compelled to work towards a net
positive impact on society and the environment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Signing the BRT Statement alone does not address company-first
shareholder primacy</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>S&amp;P Global&rsquo;s Commitment under the BRT Statement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In August 2019, S&amp;P Global made a commitment to stakeholders by
signing the BRT Statement. That commitment will remain an empty promise unless S&amp;P Global becomes a benefit corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Specifically, the statement says, &ldquo;While each of our individual
companies serves its own corporate purpose,&nbsp;<U>we share a fundamental commitment to all of our stakeholders,</U>&rdquo; including
customers, employees, suppliers, and the communities in which companies work. Were S&amp;P Global able to authentically adhere to the
BRT Statement, it could address some of the problems created by company-first shareholder primacy. However, as explained above, S&amp;P
Global is permitted to favor shareholders over stakeholders, and its corporate governance guidelines require it to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a conventional corporation, S&amp;P Global cannot shake the specter
of company-first shareholder primacy and the constant concern that any significant decision it makes must be consistent with optimizing
its financial return. Thus, the BRT Statement accomplishes little, but it does leave S&amp;P Global vulnerable to the charge of hypocrisy
and violation of trust, because it has publicly made a pledge that it cannot adhere to consistently when profits and systemic risks collide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conversion to a benefit corporation would allow S&amp;P Global to follow
through on the BRT Statement, improve the lives of its stakeholders, and increase the long-term value of its diversified shareholders&rsquo;
portfolios. It will be better able to focus on the creation of real value for all stakeholders and reject profits that come from the exploitation
of vulnerable populations and common resources. Indeed, because it will be required to give real weight to stakeholder concerns, S&amp;P
Global will earn their trust and loyalty in a manner not available to companies that follow a company-first shareholder primacy model.<SUP>6</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> <I>See</I> Frederick Alexander, <FONT STYLE="font-variant: small-caps">Benefit
Corporation Law and Governance: Pursuing Profit with Purpose </FONT>p<FONT STYLE="font-variant: small-caps">. 48 (2018) (&ldquo;</FONT>The
Paradox of the Value of Commitment: The Concession that Isn&rsquo;t&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Reaction to the BRT Statement Confirms the Advisability of Converting
to a benefit corporation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The reaction to the BRT Statement&rsquo;s issuance revealed a degree
of skepticism that turned out to be well placed. One skeptical commentator noted that &ldquo;For many of the BRT signatories, truly internalizing
the meaning of their words would require rethinking their whole business.&rdquo;<SUP>7</SUP> Others noted the importance of the change,
but also that it was meaningless without ending shareholder primacy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in"><I>Ensuring that our capitalist system is designed to create a shared
and durable prosperity for all requires this culture shift. But it also requires corporations, and the investors who own them, to go beyond
words and take action to upend the self-defeating doctrine of shareholder primacy.<SUP>8</SUP></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Still others viewed the entire exercise as a PR stunt, and one that
ultimately could harm the very stakeholders the BRT Statement purported to support. &ldquo;The statement is largely a rhetorical public
relations move rather than the harbinger of meaningful change,&rdquo; asserted a Harvard Law School article, noting that the incentives
CEOs face had not changed, so neither would their behavior.<SUP>9</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sadly, evidence of the false promise of the BRT Statement has begun
to emerge. For example, Wharton management professor Tyler Wry compiled data on signatories&rsquo; behavior through the early stages of
the COVID-19 pandemic to see if they were &ldquo;living up to their word.&rdquo; He found quite the reverse, as a recent article explains:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in"><I>As COVID-19 spread in March and April, did signers give less of
their capital to shareholders (via dividends and stock buybacks)? No. On average, signers actually paid out 20 percent&nbsp;more&nbsp;of
their capital than similar companies that did&nbsp;not&nbsp;sign the statement. Then, as the coronavirus swept the country, did they lay
off fewer workers? On the contrary, in the first four weeks of the crisis, Wry found, signers were almost 20 percent more prone to announce
layoffs or furloughs. Signers were less likely to donate to relief efforts, less likely to offer customer discounts, and less likely to
shift production to pandemic-related goods.<SUP>10</SUP></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">But benefit corporation conversion represents a real solution, as Justice
Strine noted in the article quoted earlier in this <FONT STYLE="font-size: 10pt">document. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>S&amp;P Global&rsquo;s opposition statement </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> Andrew Winston, <I>Is the Business Roundtable Statement
Just Empty Rhetoric?</I>, <FONT STYLE="font-variant: small-caps">Harvard Business Review</FONT> (August 30, 2019), available at https://hbr.org/2019/08/is-the-business-roundtable-statement-just-empty-rhetoric.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> Jay Coan Gilbert, Andrew Kassoy, and Bart Houlahan, <I>Don&rsquo;t
believe the Business Roundtable has changed until its CEOs&rsquo; actions match their words</I>, <FONT STYLE="font-variant: small-caps">Fast
Company</FONT> (August 22, 2019), available at https://www.fastcompany.com/90393303/dont-believe-the-business-roundtable-has-changed-until-its-ceos-actions-match-their-words.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> Lucian Bebchuk and Roberto Tallarita, <I>The Illusory
Promise of Stakeholder Governance, </I><FONT STYLE="font-variant: small-caps">Harvard Law School Forum on Corporate Governance</FONT>
(March 2, 2020), available at https://corpgov.law.harvard.edu/2020/03/02/the-illusory-promise-of-stakeholder-governance/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> Jerry Useem, <I>Beware of Corporate Promises: When firms
issue statements of support for social causes, they don&rsquo;t always follow through, </I><FONT STYLE="font-variant: small-caps">The
Atlantic </FONT>(August 6, 2020), available at https://www.theatlantic.com/ideas/archive/2020/08/companies-stand-solidarity-are-licensing-themselves-discriminate/614947/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s opposition statement to the Proposal does not address
the underlying question of whether converting to benefit corporation status will benefit its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>S&amp;P Global&rsquo;s claim that its existing commitments and
practices already address the proposal&rsquo;s underlying objectives is misleading because it limits its consideration of stakeholders
to a company-first analysis.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">S&amp;P Global&rsquo;s
claim that there is no need to become a benefit corporation because the &ldquo;</FONT>existing corporate governance structure is the most
effective means of continuing to advance the interests of all of our essential stakeholders&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif">misses
the critical difference between benefit corporations and the governance of S&amp;P Global. Any consideration of stakeholders by S&amp;P
Global must be in service of financial return, as reflected in its corporate governance guidelines. In contrast, benefit corporation directors
can consider the ultimate effect of their decisions on stakeholders <I>as ends in themselves </I>and must aim to create a positive impact
on the environment and society as a whole. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">S&amp;P Global
enumerates a number of stakeholder expectations that it purports to address. This proposal in no way suggests that these initiatives are
insignificant, or that they do not produce real-world benefits. Rather, it recognizes the fact that S&amp;P Global is limited in its pursuit
of these initiatives by its decision </FONT>to prioritize financial return to shareholders above all else. <FONT STYLE="font-family: Times New Roman, Times, Serif">Thus,
consideration of stakeholders as S&amp;P Global now practices it and as it would be practiced by a benefit corporation are completely
different. The opposition statement does not reflect any consideration of this distinction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Conclusion</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Please vote FOR Proposal No. 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By voting FOR Proposal No. 5, shareholders can urge S&amp;P Global
to become a benefit corporation, as hundreds of companies have already done. Becoming a benefit corporation will better enable S&amp;P
Global to serve the needs of its diversified shareholders and directly account for the critical social and environmental systems upon
which a thriving economy depends. The stakeholder orientation permitted by the benefit corporation form is more likely to create value
for diversified shareholders than the prevailing &ldquo;profit at any cost&rdquo; approach that imposes substantial costs on those same
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Simply signing the BRT Statement is not sufficient to create the type
of corporation that can authentically serve the needs of all stakeholders and prevent the dangerous implications of company-first shareholder
primacy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Shareholder Commons urges you to vote <B>FOR</B> Proposal #5 on
the proxy, the Shareholder Proposal requesting the Board to covert S&amp;P Global to a Benefit Corporation at the S&amp;P Global Annual
Meeting on May 5, 2021.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tsc_logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions regarding S&amp;P Global Inc., Proposal #5 &ndash;
submitted by James McRitchie and Myra K. Young, please contact Sara E. Murphy, <FONT STYLE="font-size: 10pt">The Shareholder Commons at
+1.202.578.0261 or via email at sara@theshareholdercommons.com. </FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE FOREGOING INFORMATION MAY BE DISSEMINATED
TO SHAREHOLDERS VIA TELEPHONE, U.S. MAIL, E-MAIL, CERTAIN WEBSITES, AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT
ADVICE OR AS A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>PROXY CARDS WILL NOT BE ACCEPTED BY FILER
NOR BY THE SHAREHOLDER COMMONS.<BR>
TO VOTE YOUR PROXY, PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">8</P>

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<P STYLE="margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
