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As great as last year was for our company, in many ways 2022 is shaping up to be even better.

Douglas L. Peterson
President and CEO


S&P Global executives and Board members ring the opening bell at the New York Stock Exchange on
March 4, 2022. The event commemorated the closing of the historic merger with IHS Markit.

Dear Fellow Shareholder:

S&P Global continued to thrive in 2021. We delivered outstanding results for our customers, our partners and our shareholders. And we made important strides to help our people by enhancing programs and benefits to support them personally and professionally.

As great as last year was for our company, in many ways 2022 is shaping up to be even better. In February, we closed a transformative merger with IHS Markit. We believe combining our two companies will create substantial long-term value for all our stakeholders.

Since we announced the deal 15 months ago, 2,000 people from both companies, working across key integration work streams, have spent countless hours getting us ready so that we hit the ground running as soon as the deal closed. We made the best use of the merger review period, and I thank our teams for everything they’ve done to support what has been our most important strategic initiative.

I am also grateful to our Board of Directors. We have a world-class Board. Throughout this process their independent judgment and expert perspectives have been a huge benefit to our company and to our shareholders.



A Winning Combination:
S&P Global and IHS Markit

Our merger with IHS Markit will create exciting new opportunities to deliver broader, deeper and more interconnected data, benchmarks and workflow tools to support decision making. We will use the combination of data, technology and the talents of our 35,000-plus people to offer even more powerful solutions to clients across the corporate, commodities and financial services sectors—from auto manufacturers to asset managers.

Our emerging culture is anchored in the core values of discovery, partnership and integrity, and a unifying purpose to Accelerate Progress for our customers and for the world.


2021 Financial Spotlight


Organic revenue growth


Adjusted diluted EPS growth

2021 Financial Performance

We produced another exceptional year of earnings and revenue growth in 2021. We delivered 12% organic revenue growth and a 17% increase in adjusted diluted earnings per share in 2021. All four legacy S&P Global businesses contributed with growth in both revenue and adjusted operating profit margin.

We benefited from a resilient global economy and strong equity, bank loan and oil markets, M&A activity, bond issuance, and an expanding portfolio of essential new products.



Innovation and Product Launches

New products and investments in organic growth, including in technology and data projects, were evident across our company.

We unveiled Kensho NERD, or Named Entity Recognition and Disambiguation, a cutting-edge machine learning system. NERD is the first entity extraction system on the market specifically optimized for business-related documents and entities. It unlocks the full potential of textual data by finding organizations, people, places and events mentioned in documents, newsfeeds or other text and linking each to a corresponding record in a database. This enables users to perform powerful analysis on unstructured text.

In 2021, S&P Dow Jones Indices launched a series of cryptocurrency indices, the S&P Twitter Sentiment Index, and the S&P MAESTRO 5 Index (Multi-Asset Equal Risk Factor Contribution).

Demonstrating the enduring trust markets have in our indices, we marked several milestones across our index franchise. In 2021, the iconic Dow Jones Industrial Average celebrated 125 years. Sixty-five years ago, we launched the S&P 500. Thirty years ago, the S&P GSCI, a pioneering commodity index, made its market debut. And 10 years ago, we brought together two of the biggest names in business and indexing with the creation of the S&P Dow Jones Indices joint venture.

Last year also saw the introduction of Platts Dimensions Pro, which provides users with a seamless one-stop shop experience across Platts’ benchmark price assessments, news and analytics, spanning 13 commodities. In addition to desktop and mobile systems, Platts Dimensions Pro content is accessible through our machine-to-machine delivery channels such as real-time delivery, bulk delivery, Excel-based solutions and APIs.

At S&P Global Market Intelligence, we launched a refreshed integrated desktop solution, now called S&P Capital IQ Pro. This is a comprehensive desktop solution with a vastly expanded range of datasets and content, powered by innovative functionality and tools.

In China, there is continued momentum and interest in our ratings. We completed 57 domestic ratings in 2021, up over 150% in 2020.

And we keep increasing our ESG offerings. Before highlighting a few of them, it’s helpful to have context about the market dynamics which are creating opportunities for us to meet client needs.


Platts Dimensions Pro

Platts Dimensions Pro delivers real-time insights where, when and how you want and need them.



S&P Capital IQ Pro

S&P Capital IQ is a single platform for Essential Intelligence.


Navigating the Transition to a
Sustainable Future

The pandemic and last year’s UN climate change conference, COP26, continued to reinforce the importance of ESG considerations by managers and Boards.

Investors and other members of society are demanding that company leaders produce better outcomes for people and the planet. Requests are coming from asset managers, asset owners and from new regulatory frameworks around the globe. Furthermore, community and business partners want to know how companies behave and how they treat people, and they want more transparency about operations.

The good news is there is a growing amount of private capital that is ready, willing and able to be deployed to produce positive environmental and social outcomes.

The UN-supported Principles for Responsible Investment, which were launched in 2006, have attracted nearly 4,000 signatories representing $121 trillion in assets under management.

Moreover, the Glasgow Financial Alliance for Net Zero, created in April 2021, now has about 450 firms worldwide pledging more than $130 trillion by 2050 to help transition to a net-zero economy.

What does all this mean for S&P Global? As we move forward, ESG data and insights will become even more important to make investment choices. This information already is critical to investors, risk managers, corporations and governments to help them make decisions every day. We have the capabilities to be the premier resource in this category.


Risk Management

For as much as S&P Global has excelled, the world continues to wrestle with challenging events and a changing risk landscape. As we enter the third year of a pandemic, effectively dealing with Covid-19 and its evolving variants will continue to be an issue for our company, as it will be for other businesses and institutions. Our responses must continue to be driven by the imperatives of protecting our people and their families, and supporting our customers, our communities and our other stakeholders.

In addition to Covid-19, persistently high inflation, fueled by supply-chain disruption, overly loose monetary policy and soaring energy prices, could create headwinds for a still fragile economic recovery in 2022. Moreover, we have lowered our economic forecast to reflect the effects of the Russia-Ukraine conflict. Our global GDP forecast is for 3.4% expansion this year.

For these issues—as well as cybersecurity, public policy dynamics, and other major risk categories—the leadership team maintains an open, high-quality dialogue with our Board of Directors, which has responsibility to exercise effective and meaningful oversight of the company’s risk management process.


Strong today.
Stronger tomorrow.

With an extraordinary 2021 behind us and the rapid progress we’ve made integrating IHS Markit early this year, I feel incredibly optimistic about our company. We have market-leading franchises with iconic brands. We have a strong financial profile. We’re investing on a larger scale than ever to fuel future growth. We have the talent, technology and data to support the critical decision-making needed by our customers. And we have a unifying purpose, strategy and culture. All these things make me very hopeful about the future of S&P Global.



Douglas L. Peterson
President and CEO