MSCI, a provider of critical decision support tools and services for the global investment community, uses a "AAA" to "CCC" ratings scale to measure over 8,500 companies according to their exposure to industry-specific and financially material ESG risks, and their ability to manage those risks relative to peers. MSCI's ESG ratings reports help institutional investors identify companies' ESG risks and opportunities. Starting in 2017, active engagement with MSCI—underpinned by enhancements to ESG programs, policies, and disclosure—led to Nasdaq's four-tier MSCI rating increase from B to AA.