Nasdaq Inc. (NDAQ) — ESG & Values Scores

Environment story

Nasdaq demonstrates above-average environmental performance for a financial-services technology company. The firm has established science-based net-zero targets (validated by SBTi in 2022 and updated in 2025) and achieved CDP A List designation in 2025. However, scope 1 and 2 emissions data are not disclosed in the 10-K, and scope 3 supply-chain emissions remain opaque. The company owns a majority stake in Puro.earth (carbon removal platform), which signals commitment to decarbonization infrastructure, though this does not offset the lack of direct operational emissions transparency. No controversies regarding environmental compliance or resource depletion are disclosed.

Criticisms on file

No material criticisms on file for this pillar.

Disclosed initiatives

Science-Based Net-Zero Targets

Nasdaq established and validated short- and long-term net-zero targets with the Science Based Targets initiative in 2022; updated and validated in 2025 to reflect integration of Adenza's operations.

Provides framework for decarbonization roadmap, though specific interim milestones and 2050 final year are not optimally ambitious.
CDP A List Recognition

Nasdaq was named a CDP A List company in 2025 for environmental programs and transparency.

Third-party validation of environmental disclosure quality and climate strategy maturity.
Majority Stake in Puro.earth

Nasdaq owns a majority stake in Puro.earth, a Finnish carbon removal platform offering engineered carbon removal instruments verified and tradable on an open platform.

Demonstrates investment in verified decarbonization infrastructure and sustainability-technology innovation; adds to portfolio of sustainability-focused solutions for clients.
Sustainability Solutions Portfolio

Nasdaq Metrio platform enables clients to collect, measure, disclose and communicate investor-grade, audited ESG data across multiple frameworks.

Enables clients to achieve sustainability goals; represents commercial sustainability offering but does not directly reduce Nasdaq's own environmental footprint.

Social story

Nasdaq reports strong social performance on documented metrics. The firm has achieved a record employee engagement score of 81% (94% participation) as of 2025, placing it in the top 10% of tech companies. Voluntary attrition rate of 5.6% in 2025 is near-industry-standard for tech. The 10-K discloses 9,525 full- and part-time employees globally and describes flexible hybrid workplace arrangements, six paid flex days annually, and expanded leadership development programs. CEO-to-median-worker pay ratio is not disclosed in the filing, limiting full assessment of pay equity. No documented union-suppression activity, strikes, or major labor complaints are mentioned. Diversity metrics (gender and racial/ethnic composition) are not quantified in the 10-K; the firm references commitment to inclusivity but does not provide specific representation percentages.

Criticisms on file

No material criticisms on file for this pillar.

Disclosed initiatives

High Employee Engagement & Retention

81% favorable engagement score (biannual survey, 94% participation rate) with 5.6% voluntary attrition in 2025, down nearly 1 percentage point from 2024. Placement in top 10% of tech companies per survey provider.

Strong culture and workplace satisfaction; low attrition reduces recruitment/training costs and supports business continuity.
Flexible & Hybrid Workplace

Majority of employees work hybrid model; all employees receive 6 paid flex days annually for mental health, family time, or personal use.

Supports work-life balance and employee retention; forward-looking workplace flexibility model.
Leadership Development & AI Enablement

Launched 'Elevate' leadership strategy in 2025 with peer coaching circles, executive coaching, and manager forums. More than half of all managers attended 'Accelerating Manager Potential' program in 2025. Established 'AI Champions' community and facilitated AI training across significant portion of workforce.

Investments in management excellence and digital-skills development support career advancement and operational modernization.
Professional Development & Internal Mobility

Access to multiple eLearning platforms, tuition assistance, external training sponsorship, mentoring programs, and AI-driven Career Hub matching employees to training, mentors, projects, and roles.

Supports career satisfaction and internal mobility; reduces external hiring reliance.
Employee Recognition Programs

Anniversary recognition program with major milestone recognition on Nasdaq Tower in Times Square; peer-to-peer recognition program highlighted on internal social media.

Reinforces culture of recognition and belonging.

Governance story

Nasdaq demonstrates strong governance on most quantified metrics. The company reports MSCI ESG rating of 'AA' (Leaders category) as of 2025. The 10-K does not disclose board independence percentage or detailed share-structure data (e.g., dual-class voting), limiting full assessment. The firm emphasizes robust AI governance frameworks aligned with NIST standards and commits to ethical, responsible AI use across products and operations. Regulatory relationships with SEC and FINRA are extensive and transparent; no major antitrust, consumer-safety, or financial-fraud proceedings are disclosed in the 10-K. Lobbying expenditures are not quantified in the available filing section. The company has established a Nominating & Governance Committee with formal responsibility for corporate sustainability policies and a Corporate Sustainability Steering Committee co-chaired by executive leaders.

Criticisms on file

No material criticisms on file for this pillar.

Disclosed initiatives

AI Governance Framework

Established comprehensive AI governance structure aligned with NIST AI Risk Management Framework. Applies risk management across AI-related product development and business usage through multi-disciplinary approach, company-wide policies, procedures, and preventative/detective controls.

Addresses responsible AI risks; supports ethical deployment of AI in Verafin, AxiomSL, Calypso, market surveillance, and Eqlipse platforms.
Responsible AI Usage Principles

Nasdaq is committed to ethical and responsible use of AI in products, services, and business operations. Framework balances innovation with risk mitigation.

Proactive governance of emerging technology risks; aligns AI development with core company values.
Nominating & Governance Committee Oversight

Committee has formal responsibility and oversight for corporate sustainability policies and programs; receives regular reports on key sustainability matters and initiatives.

Board-level governance integration of ESG and sustainability strategy.
Corporate Sustainability Steering Committee

Serves as central coordinating body for sustainability strategy; co-chaired by executive leaders and comprised of cross-functional Nasdaq senior executives.

Executive-level governance coordination ensures alignment across business segments on sustainability strategy.
Supplier Code of Ethics

In 2025, Nasdaq requested all leading suppliers by spend to attest to Supplier Code of Ethics. New suppliers required to attest as condition of engagement.

Supply-chain governance and ethical risk mitigation; encourages suppliers to adopt sustainability and environmental practices.

These are Missionomics' own editorial scores — directional signals built from disclosed facts under a published method, not certifications or definitive ratings of Nasdaq Inc.. Coverage and confidence vary by data point, and figures can lag real-world changes. Read the full Methodology for sourcing, scoring, and correction details — or open Nasdaq Inc. in the app for interactive charts and portfolio building.

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