Sandy Rattray
MSCIAbout Sandy C. Rattray
Independent director of MSCI since 2020, age 55, with 25+ years in global investment management and markets. Former Man Group CIO (2017–Sep 2021), CEO of Man AHL (2013–2017), CIO of Man Systematic Strategies (2010–2013), and 15 years at Goldman Sachs as MD and head of the Fundamental Strategy Group; co‑inventor of the VIX index (2003). Education: Master’s in Natural Sciences & Economics (University of Cambridge) and Licence Spéciale (Université Libre de Bruxelles). External roles include MSCI Advisory Council member, Senior Advisor at Capula Investment Management LLP, and governance roles at Southbank Centre and King’s Maths School; also pursues architecture interests with Allies and Morrison since 2023 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Man Group plc | Chief Investment Officer | 2017–Sep 2021 | Led investment/risk oversight at a leading technology‑focused asset manager . |
| Man AHL | Chief Executive Officer | 2013–2017 | Drove systematic strategies and innovation . |
| Man Systematic Strategies | Chief Investment Officer | 2010–2013 | Oversaw systematic multi‑strategy portfolios . |
| Goldman Sachs | Managing Director; Head, Fundamental Strategy Group | 15 years (dates not disclosed) | Led strategy research; markets expertise . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| MSCI Advisory Council | Member | Current | Provides strategic input to MSCI . |
| Capula Investment Management LLP | Senior Advisor | Current | Advises a global fixed‑income/absolute return manager . |
| Southbank Centre (London) | Governor | Current | Cultural institution governance . |
| King’s Maths School (London) | Governor | Current | Education governance . |
| Allies and Morrison (London) | Architecture interest | Since 2023 | Personal interest; no MSCI role . |
Board Governance
- Committee assignments: Chair, Strategy & Finance Committee; Member, Governance & Corporate Responsibility Committee .
- Independence: Board determined Rattray is independent under NYSE rules; all non‑employee directors are independent .
- Attendance: Board held 8 meetings and executive sessions after each; each director attended at least 75% of Board/committee meetings in 2024 .
- Committee activity: Strategy Committee met 7 times (capital allocation, M&A oversight); Governance Committee met 6 times (board composition, independence, related‑party policy, corporate responsibility) .
Fixed Compensation
| Component | 2024 Amount (USD) | Detail |
|---|---|---|
| Fees Earned or Paid in Cash | $125,000 | Annual retainer plus committee fees, as applicable . |
| All Other Compensation | $2,773 | Dividend equivalents on RSUs/cash‑in‑lieu shares, paid during 2024 . |
Performance Compensation
| Instrument | Grant Date | Number of Units | Grant‑Date Fair Value (USD) | Vesting | Key Terms |
|---|---|---|---|---|---|
| RSUs (Director annual grant) | May 1, 2024 | 450 | $209,606 | 1‑year cliff to May 1, 2025 | Dividend equivalents; no voting until conversion; generally non‑transferable; accelerated on death/disability/CoC; time‑based (no performance metrics) . |
Notes:
- Director equity for non‑employee directors is RSUs with time‑based vesting; no director stock options or performance conditions disclosed .
- RSUs granted annually on May 1; prorated if appointed off‑cycle .
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Current public company boards | None disclosed for Rattray . |
| Prior public company boards | Not disclosed . |
| Potential interlocks/related‑party | No related‑person transactions disclosed for Rattray in 2024; Governance Committee administers related‑party policy and excludes conflicted directors from approvals . |
Expertise & Qualifications
- Market and investment strategy: Man Group CIO; leadership across systematic strategies; Goldman Sachs MD leading strategy research .
- Innovation and risk: Co‑inventor of VIX index (2003); extensive risk management and portfolio design publications .
- Governance: Chair of MSCI Strategy & Finance Committee; member of Governance & Corporate Responsibility Committee; aligns board oversight with capital allocation, M&A, and governance best practices .
Equity Ownership
| Metric | Value | Context |
|---|---|---|
| Shares beneficially owned | 1,655 | As of Feb 28, 2025. |
| Ownership % of outstanding | <1% | All directors other than CEO own <1%. |
| Unvested RSUs outstanding | 450 (vest May 1, 2025) | 2024 annual grant pending vest. |
| Options (exercisable/unexercisable) | None disclosed | Non‑employee directors listed with RSUs only. |
| Stock ownership guideline status | In compliance (all directors) | Must hold net shares from prior 5 years’ RSUs. |
| Hedging/pledging | Prohibited for directors (policy) | Anti‑hedging and anti‑pledging policy. |
Governance Assessment
- Board effectiveness: As Strategy & Finance Committee Chair, Rattray oversees capital allocation, buybacks/dividend policy, and strategic transactions—areas central to MSCI’s value creation; committee met 7 times in 2024 and engaged on M&A and financing strategy .
- Independence and attendance: Confirmed independent under NYSE rules; attended at least 75% of Board/committee meetings; participates in executive sessions framework that enhances independent oversight .
- Alignment and pay structure: Director pay emphasizes equity RSUs with annual grants and one‑year cliff vest; robust stock ownership guidelines require holding net RSU shares over five years; anti‑hedging/pledging policy strengthens alignment .
- Conflicts and related‑party: No related‑person transactions disclosed for Rattray; Governance Committee administers a stringent related‑party policy with arm’s‑length review and recusal mechanisms, reducing conflict risk .
- RED FLAGS: None disclosed for Rattray in 2024 (no related‑party transactions, no hedging/pledging permitted, attendance threshold met). Monitor external advisory relationships (e.g., Capula Investment Management LLP) for any future business with MSCI under the Related Person Transactions Policy .