MOODYS CORP DE
For the period ended Dec 31, 2024. Filed Mar 5, 2025.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Dec 31, 2024 · Filed Mar 5, 2025
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SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
[Amendment No. ]
Filed by the Registrant ☒
Filed by a party other than the Registrant ☐
Check the appropriate box:
☐ Preliminary Proxy Statement
☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☒ Definitive Proxy Statement
☐ Definitive Additional Materials
☐ Soliciting Material under § 240.14a-12
MOODY’S CORPORATION
(Name of Registrant as Specified in Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
☒ No fee required
☐ Fee paid previously with preliminary materials
☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11
March 5, 2025
Dear Stockholder:
You are cordially invited to attend the 2025 Annual Meeting of Stockholders of Moody’s Corporation to be held on Tuesday, April 15, 2025, at 9:30 a.m. EDT. Due to the greater access that it provides to our stockholders, the Board of Directors has directed that the 2025 Annual Meeting be held as a “virtual meeting” via the internet. We have designed the format of the Annual Meeting to provide stockholders the same ability to participate that they would have at an in-person meeting.
The Notice of Annual Meeting and Proxy Statement accompanying this letter describe the business to be acted upon at the meeting. The Annual Report for the year ended December 31, 2024 is also enclosed.
On March 5, 2025, we mailed to many of our stockholders a Notice of Internet Availability of Proxy Materials (the “Notice”) containing instructions on how to access our 2025 Proxy Statement and 2024 Annual Report and vote online. The Notice included instructions on how to request a paper or e-mail copy of the proxy materials, including the Notice of Annual Meeting, Proxy Statement, Annual Report, and proxy card or voting instruction card. Stockholders who requested paper copies of the proxy materials or previously elected to receive the proxy materials electronically did not receive a Notice and will receive the proxy materials in the format requested.
Your vote is important. Whether or not you plan to attend the Annual Meeting, we encourage you to review the proxy materials and hope you will vote as soon as possible. You may vote by proxy over the internet or by telephone by using the instructions provided in the Notice. Alternatively, if you requested and received paper copies of the proxy materials by mail, you can also vote by mail by following the instructions on the proxy card or voting instruction card. Voting over the internet, by telephone, or by written proxy or voting instruction card will ensure your representation at the Annual Meeting regardless of whether you attend. Instructions regarding the three methods of voting are contained in the Notice or proxy card or voting instruction card.
Sincerely,
| Vincent A. ForlenzaChairman of the Board | Robert FauberPresident and Chief Executive Officer |
|---|
MOODY’S CORPORATION
7 World Trade Center
250 Greenwich Street
New York, New York 10007
NOTICE OF 2025 ANNUAL MEETING
OF STOCKHOLDERS
To Our Stockholders:
The 2025 Annual Meeting of Stockholders of Moody’s Corporation (“Moody’s” or the “Company”) will be held on Tuesday, April 15, 2025, at 9:30 a.m. EDT. The 2025 Annual Meeting will be held virtually via the internet at www.virtualshareholdermeeting.com/MCO2025. The meeting will be held for the following purposes, all as more fully described in the accompanying Proxy Statement:
| 1 | To elect the nine director nominees named in the Proxy Statement to serve a one-year term; |
| 2 | To ratify the appointment of KPMG LLP as the independent registered public accounting firm of the Company for the year 2025; |
| 3 | To vote on an advisory resolution approving executive compensation; |
| 4 | To vote on one stockholder proposal if properly presented at the meeting; and |
| 5 | To transact such other business as may properly come before the meeting or any adjournment or postponement thereof. |
The Board of Directors of the Company has fixed the close of business on February 19, 2025 as the record date for the determination of stockholders entitled to receive notice of, and to vote at, the Annual Meeting or any adjournment or postponement thereof.
If you experience technical difficulties during the check-in process, or at any time during the Annual Meeting, please call 1-844-986-0822 (U.S.) or +1 303-562-9302 (international) for technical support.
By Order of the Board of Directors,
Elizabeth M. McCarroll
Managing Director, Corporate Governance
and Securities, and Corporate Secretary
March 5, 2025
IMPORTANT VOTING INFORMATION
Your Participation in Voting the Shares You Own Is Important
If you are the beneficial owner of your shares (meaning that your shares are held in the name of a bank, broker or other nominee), you may receive a Notice of Internet Availability of Proxy Materials from the firm that holds the shares containing instructions that you must follow in order for your shares to be voted. Certain institutions offer telephone and internet voting. If you received the proxy materials in paper form, the materials include a voting instruction card so you can instruct the holder of record on how to vote your shares.
Brokers are not permitted to vote on certain items and may elect not to vote on any of the items, unless you provide voting instructions. To ensure that your shares are voted on all items, you will need to communicate your voting decisions to your bank, broker or other holder of record before the date of the Annual Meeting.
Voting your shares is important to ensure that you have a say in the governance of the Company and to fulfill the objectives of the majority-voting standard that Moody’s Corporation applies in the election of directors. Please review the proxy materials and follow the relevant instructions to vote your shares. We hope you will exercise your rights and fully participate as a stockholder in the future of Moody’s Corporation.
More Information Is Available
If you have any questions about the voting of your shares, participating in the Annual Meeting or the proxy voting process in general, please contact the bank, broker or other nominee through which you hold your shares. Additionally, you may contact the Company’s Investor Relations Department by sending an e-mail toir@moodys.com.
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON APRIL 15, 2025 The Proxy Statement and the Company’s 2024 Annual Report are available at https://materials.proxyvote.com/615369. Your vote is very important. Whether or not you plan to attend the Annual Meeting, we hope you will vote as soon as possible. You may vote your shares via a toll-free telephone number or over the internet as instructed in the Notice of Internet Availability of Proxy Materials. Alternatively, if you received a paper copy of a proxy or voting instruction card by mail, you may submit your proxy or voting instruction card for the Annual Meeting by completing, signing, dating and returning your proxy or voting instruction card in the pre-addressed envelope provided. No postage is required if the card is mailed in the United States. If you attend the meeting, you may vote during the meeting via the internet, even if you have previously returned your proxy or voting instruction card or voted by telephone or the internet. We will provide without charge to you a copy of the 2024 Annual Report on Form 10-K, upon written or oral request. You may direct such a request to us via e-mail to ir@moodys.com, or by submitting a written request to the Company’s Investor Relations Department, at 7 World Trade Center at 250 Greenwich Street, New York, New York 10007 or contacting the Company’s Investor Relations Department by telephone, at (212) 553-0300.
TABLE OF CONTENTS
| PROXY STATEMENT SUMMARY | 1 |
|---|---|
| 2025 ANNUAL MEETING INFORMATION | 1 |
| MATTERS TO BE VOTED ON AT THE ANNUAL MEETING | 1 |
| HOW TO VOTE IN ADVANCE OF THE ANNUAL VIRTUAL MEETING | 2 |
| HOW TO PARTICIPATE IN THE ANNUAL MEETING | 2 |
| CORPORATE GOVERNANCE HIGHLIGHTS | 3 |
| DIRECTOR NOMINEE HIGHLIGHTS | 5 |
| SUSTAINABILITY | 7 |
| HUMAN CAPITAL | 8 |
| CORPORATE GOVERNANCE | 9 |
| BOARD MEETINGS AND COMMITTEES | 9 |
| RECOMMENDATION OF DIRECTOR CANDIDATES | 9 |
| DIRECTOR EDUCATION | 10 |
| BOARD LEADERSHIP STRUCTURE | 11 |
| CODES OF BUSINESS CONDUCT AND ETHICS; INSIDER TRADING POLICIES AND PROCEDURES | 11 |
| ANTI-HEDGING AND ANTI-PLEDGING POLICY; SHORT SALES AND OTHER SPECULATIVE TRADES | 12 |
| DIRECTOR INDEPENDENCE | 12 |
| BOARD AND COMMITTEE EVALUATION PROCESS | 14 |
| THE BOARD’S ROLE IN THE OVERSIGHT OF COMPANY RISK | 14 |
| EXECUTIVE SESSIONS | 15 |
| COMMUNICATIONS WITH DIRECTORS | 15 |
| STOCKHOLDER ENGAGEMENT | 16 |
| SUCCESSION PLANNING | 16 |
| THE AUDIT COMMITTEE | 16 |
| OVERSIGHT OF AUDIT PROCESSES | 16 |
| RESPONSIBILITIES UNDER THE AUDIT COMMITTEE CHARTER | 16 |
| ONGOING ASSESSMENT OF THE INDEPENDENT AUDITORS | 17 |
| POLICY ON PRE-APPROVAL OF INDEPENDENT AUDITORS’ FEES | 17 |
| REPORT OF THE AUDIT COMMITTEE | 18 |
| THE GOVERNANCE & NOMINATING COMMITTEE | 18 |
| THE COMPENSATION & HUMAN RESOURCES COMMITTEE | 18 |
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| REPORT OF THE COMPENSATION & HUMAN RESOURCES COMMITTEE | 19 |
|---|---|
| RELATIONSHIP OF COMPENSATION PRACTICES TO RISK MANAGEMENT | 20 |
| CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS | 20 |
| COMPENSATION OF DIRECTORS | 21 |
| STOCK OWNERSHIP GUIDELINES FOR NON-EMPLOYEE DIRECTORS | 24 |
| 1998 MOODY’S CORPORATION NON-EMPLOYEE DIRECTORS’ STOCK INCENTIVE PLAN | 24 |
| ITEM 1—ELECTION OF DIRECTORS QUALIFICATIONS AND SKILLS | 25 |
| QUALIFICATIONS AND SKILLS OF DIRECTORS | 25 |
| DIRECTOR NOMINEES | 26 |
| ITEM 2—RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS | 31 |
| PRINCIPAL ACCOUNTING FEES AND SERVICES | 32 |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | 33 |
| DELINQUENT SECTION 16 REPORTS | 35 |
| ITEM 3—ADVISORY RESOLUTION APPROVING EXECUTIVE COMPENSATION | 36 |
| COMPENSATION DISCUSSION AND ANALYSIS | 37 |
| EXECUTIVE SUMMARY | 38 |
| EXECUTIVE COMPENSATION GOVERNANCE HIGHLIGHTS | 40 |
| PHILOSOPHY OF THE EXECUTIVE COMPENSATION PROGRAM | 41 |
| PEER AND MARKET REVIEW | 41 |
| CHIEF EXECUTIVE OFFICER COMPENSATION | 43 |
| ELEMENTS OF MOODY’S COMPENSATION PROGRAM | 43 |
| WEIGHTING OF ELEMENTS—FIXED VERSUS “AT RISK” COMPENSATION | 45 |
| 2024 COMPENSATION DECISIONS | 46 |
| EXECUTIVE COMPENSATION GOVERNANCE POLICIES AND PRACTICES | 56 |
| ADDITIONAL EXECUTIVE COMPENSATION POLICIES AND PRACTICES | 57 |
| SUMMARY COMPENSATION TABLE | 59 |
| GRANTS OF PLAN-BASED AWARDS TABLE FOR 2024 | 62 |
| OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END TABLE FOR 2024 | 64 |
| OPTION EXERCISES AND STOCK VESTED TABLE FOR 2024 | 66 |
| PENSION BENEFITS TABLE FOR 2024 | 67 |
| MOODY’S CORPORATION RETIREMENT ACCOUNT | 68 |
| MOODY’S CORPORATION PENSION BENEFIT EQUALIZATION PLAN | 68 |
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| NON-QUALIFIED DEFERRED COMPENSATION TABLE | 69 |
|---|---|
| MOODY’S CORPORATION DEFERRED COMPENSATION PLAN | 69 |
| POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL | 70 |
| MOODY’S CORPORATION CAREER TRANSITION PLAN | 70 |
| MOODY’S CORPORATION CHANGE IN CONTROL SEVERANCE PLAN | 71 |
| OTHER POTENTIAL PAYMENTS UPON TERMINATION OF EMPLOYMENT | 72 |
| EQUITY AWARD GRANT PRACTICES | 75 |
| CEO PAY RATIO | 76 |
| PAY VERSUS PERFORMANCE | 77 |
| ITEM 4 - STOCKHOLDER PROPOSAL | 81 |
| INFORMATION ABOUT THE ANNUAL MEETING, PROXY VOTING AND OTHER INFORMATION | 84 |
| OTHER BUSINESS | 87 |
| FORWARD-LOOKING STATEMENTS | 87 |
| STOCKHOLDER PROPOSALS FOR 2026 ANNUAL MEETING | 87 |
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.