2018 Guide to Effective Proxies

2.17.10 Peer groups | 477 6 TH EDITION | GUIDE TO EFFECTIVE PROXIES COMPENSATION DISCUSSION AND ANALYSIS (continued) Proxy Peer Group The Compensation Committee reviews the composition of the Proxy Peer Group each year to ensure it remains appropriate to use in competitive analysis of executive compensation from size, industry and business model perspectives. In reviewing and identifying our 2017 Proxy Peer Group, the Compensation Committee considered a number of factors including shareholder adviser methodologies to identify peer groups, and the annual revenue, market capitalization and mix of businesses of the companies considered and selected. With the assistance of Pay Gov- ernance, the Compensation Committee identified companies (listed below) to serve as market reference points for compensation comparison purposes for 2017, with particular reference to industry, revenue and market capitalization. Since we have few direct competitors for the specific scope of our business activities, the companies represented in our Proxy Peer Group vary in terms of firm size and business model. The Compensation Committee continually seeks to improve the criteria used to select the Proxy Peer Group. As part of its annual review of the Proxy Peer Group with Pay Governance, the Compensation Committee en- hanced its peer company selection criteria to better reflect firms, other than direct competitors, with which we compete in some aspects of our businesses, including competitors for executive talent. Based on these improvements, the Compensation Committee added Marsh & McLennan Companies, Inc. to the 2018 Proxy Peer Group for purposes of setting 2018 compensation targets. The Committee believes that the updated peer group appropriately reflects the companies with which S&P Global competes for business and executive talent. Survey Peer Groups Survey data allows the Compensation Committee to compare compensation levels for certain roles to a wider spectrum of companies and benchmark them to a broader market for talent. The companies that comprise the McLagan survey peer group are listed below. The Willis Towers Watson sur- vey does not identify the specific companies that reported compensation information. 2017 Peer Group Companies Equifax Inc. Fiserv, Inc. Intercontinental Exchange, Inc. MasterCard Incorporated The NASDAQ OMX Group, Inc. Verisk Analytics, Inc. BlackRock, Inc. CME Group Inc. Discover Financial Services Franklin Resources, Inc. Fidelity National Information Services, Inc. Invesco Ltd. Legg Mason, Inc. Moody's Corporation Northern Trust Corporation Raymond James Financial, Inc. State Street Corporation T. Rowe Price Group, Inc. TD Ameritrade Holding Corporation The Charles Schwab Corporation McLagan Survey Peer Group Proxy Peer Group 2018 Proxy Statement 45 S&P GLOBAL, INC.