Editing S&P Global Ratings (section)

== Governance scores ==
S&P has had a variety of approaches to reflecting its opinion of the relative strength of a company's [[corporate governance]] practices. Corporate governance serves as investor protection against potential governance-related losses of value, or failure to create value.

===CGS scores===
S&P developed criteria and methodology for assessing corporate governance. It started issuing Corporate Governance Scores (CGS) in 2000. CGS assessed companies' corporate governance practices. They were assigned at the request of the company being assessed, were non-public (although companies were free to disclose them to the public and sometimes did) and were limited to public U.S. corporations. In 2005, S&P stopped issuing CGS.<ref>{{cite web|last1=Taub|first1=Stephen|title=S&P Stops Issuing Governance Scores|url=http://ww2.cfo.com/risk-compliance/2005/09/sp-stops-issuing-governance-scores/|website=CFO|access-date=28 May 2017|date=9 September 2005|url-status=live|archive-url=https://web.archive.org/web/20170827195138/http://ww2.cfo.com/risk-compliance/2005/09/sp-stops-issuing-governance-scores/|archive-date=August 27, 2017|df=mdy-all}}</ref>

===GAMMA scores===
S&P's Governance, Accountability, Management Metrics and Analysis (GAMMA) scores were designed for equity investors in emerging markets and focused on non-financial-risk assessment, and in particular, assessment of [[corporate governance]] risk. S&P discontinued providing stand-alone governance scores in 2011, "while continuing to incorporate governance analysis in global and local scale credit ratings".<ref>{{cite web |title=S&P affirms and withdraws Banco Santander (Brasil) GAMMA score |url=http://lta.reuters.com/article/idLTAWLA450620110901 |website=lta.reuters.com |publisher=Reuters |access-date=28 May 2017 |date=1 September 2011 |url-status=dead |archive-url=https://web.archive.org/web/20180428000942/https://lta.reuters.com/article/idLTAWLA450620110901 |archive-date=April 28, 2018 |df=mdy-all}}</ref>

===Management and Governance criteria===
In November 2012, S&P published its criteria for evaluating insurers and non-financial enterprises' management and governance credit factors.<ref>{{cite web|title=S&P report on criteria for management and governance scores|url=http://mobile.reuters.com/article/idUSWNA943220121113|website=Reuters|access-date=28 May 2017|date=13 November 2012}}</ref> These scores are not standalone, but rather a component used by S&P in assessing an enterprise's overall creditworthiness. S&P updated its management and governance scoring methodology as part of a larger effort to include [[enterprise risk management]] analysis in its rating of debt issued by non-financial companies. "Scoring of management and governance is made on a scale of weak, fair, satisfactory or strong, depending on the mix of positive and negative management scores and the existence and severity of governance deficiencies."<ref>{{cite web|last1=Berkenblit|first1=Howard E.|last2=Trumble|first2=Paul D.|title=Standard & Poor's brings "enhanced transparency" to management and governance credit factors methodology|url=http://www.lexology.com/library/detail.aspx?g=7e04321e-4c29-41b6-a637-450305abc8c5|website=www.lexology.com|publisher=Sullivan & Worcester LLP|access-date=28 May 2017|date=2 January 2013|url-status=live|archive-url=https://web.archive.org/web/20170106235827/http://www.lexology.com/library/detail.aspx?g=7e04321e-4c29-41b6-a637-450305abc8c5|archive-date=January 6, 2017|df=mdy-all}}</ref>