MSCI and Standard & Poor’s (S&P), as part of their annual GICS review, are studying the possibility of refining the GICS structure for certain Industry Groups, Industries and Sub-
Industries. Our objective is to ensure that the GICS structure continues to accurately represent the global equity markets and, thereby, enables asset owners, asset managers and investment
research specialists to make seamless global comparisons by industry.
This Consultation paper is designed to serve as a basis for discussion before MSCI and S&P make any final decisions. Changes, if any, should be announced before the end of 2005. This consultation may or may not result in any changes to the GICS structure.
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