S&P Dow Jones Indices Consultation on S&P 1500 Share Class Eligibility Rules

1. • No change to current rule: The multiple share class structure eligibility rule should be maintained in its current form including maintaining the grandfathering of current S&P Composite 1500 multiple share class companies.
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2. • Expand the scope of the rule further to exclude all companies whose only publicly available common share class is non-voting, even if that share class is the only common stock share class on the balance sheet.
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3. • Retain the current rule but allow companies with time-based sunset provisions to be eligible for the Index: Multiple share class companies whose initial public offering (IPO) included a pre-determined “sunset clause” to eliminate the multiple share class structure and convert into a “one share one vote” structure within seven years or less should be eligible for the Index. Companies that had an IPO with a longer time-based sunset provision of more than seven years but are now within the seven-year window should also be eligible for the Index.
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4. • Retain the current rule but allow multiple share class structures with equal voting rights to be eligible for the Index: Multiple share class companies where all common share classes have equal voting rights should be eligible for the Index. Examples include certain so called “UP-C” and “UP-REIT” structures where class A and class B common stock have equivalent voting and economic rights.
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5. • Replace current rule with one that only excludes companies whose only publicly available common stock share class is non-voting, even if the company’s common equity capital structure contains only one share class.
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6. • Eliminate the multiple share class rule completely.
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7. • Please explain your ranking rationale.

Please be advised that all comments from this consultation will be reviewed and considered before a final decision is made; however, S&P DJI makes no guarantee nor is under any obligation to comply with any of the responses. The survey may result in no changes or outcome of any kind. If S&P DJI decides to change the index methodology, an announcement will be posted on our website.

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