Category: ESG fundamentals · Reviewed by Jake Leat, Associate Director · Last reviewed 2026-06-10
Refinitiv ESG, now operated as LSEG ESG Scores following London Stock Exchange Group’s acquisition of Refinitiv in January 2021, provides a percentile-based 0–100 ESG score for more than 16,000 companies, calculated from publicly disclosed corporate information. It is widely referenced by UK insurance investment teams and increasingly by underwriters of large corporate risks.
Category: ESG fundamentals Also known as: LSEG ESG Scores, Refinitiv ESG Scores, Thomson Reuters ESG Established / Date: ASSET4 acquired by Thomson Reuters in 2009; rebranded Refinitiv ESG 2018; LSEG acquired Refinitiv January 2021 Related concepts: ESG ratings, Bloomberg ESG, S&P Global ESG
The Refinitiv (now LSEG) ESG Score is calculated from more than 630 individual ESG measures grouped into 10 categories within the three pillars: Environmental (resource use, emissions, innovation), Social (workforce, human rights, community, product responsibility) and Governance (management, shareholders, CSR strategy). The percentile-based methodology produces an absolute score from 0 to 100 and a corresponding letter grade from D– to A+. A separate ESG Controversies Score adjusts the overall LSEG ESG Combined Score downwards for material recent controversies tracked through global media monitoring.
The methodology, documented in the “Environmental, Social and Governance Scores from LSEG” methodology paper [1], relies on publicly disclosed information from annual reports, sustainability reports, regulatory filings and company websites. Unlike S&P Global’s CSA, the methodology does not rely on company questionnaires, which provides comparability across non-participating issuers but reduces the ability of issuers to influence the score outside their public disclosure.
LSEG also produces a separate “TPI Climate Transition Pathway Initiative” alignment view in collaboration with the Transition Pathway Initiative Centre at the London School of Economics.
London Stock Exchange Group plc is incorporated in England and Wales and is a UK-listed company. While LSEG itself is subject to PRA and FCA oversight in respect of its market infrastructure activities, the ESG ratings business has historically operated outside the FSMA regulated activities perimeter. HM Treasury’s November 2023 consultation response on ESG rating provider regulation will bring LSEG ESG Scores within FCA oversight from 2026 [2]. EU Regulation 2024/3005 applies from 2 July 2026 to EU-targeted services.
LSEG ESG Scores are referenced widely in academic literature and supervisory reviews of ESG data quality. The IOSCO Good Practices of November 2021 inform LSEG’s continued methodology development [3], and LSEG publishes methodology revisions on its website with explanatory notes.
Refinitiv and LSEG ESG data are widely embedded in UK financial markets infrastructure, including the LSEG Workspace platform used by many UK insurer investment teams. As a result, LSEG ESG Scores are frequently among the first ESG data points reviewed by insurance investment officers and increasingly by underwriting teams.
For underwriting, LSEG ESG Scores are used in support of D&O liability, professional indemnity and large corporate property submissions. The Combined Score (incorporating the Controversies adjustment) is sometimes preferred for D&O underwriting because of its sensitivity to recent material events that may be relevant to directors’ personal liability exposure. The PRA’s SS 3/19 and the FCA’s PS23/16 expectation of methodology understanding apply.
UK companies should monitor their LSEG ESG Score through the LSEG Workspace or via their company secretarial advisers. Because the methodology relies on public disclosure, companies can directly influence the score by improving the breadth and depth of public ESG reporting, including TCFD-aligned disclosures under section 414CB Companies Act 2006 and modern slavery statements under section 54 of the Modern Slavery Act 2015.
A material controversy event (regulatory enforcement, significant litigation, NGO report) will be reflected in the Controversies Score and may prompt underwriter review at next renewal.
A UK FTSE 250 financial services group has an LSEG ESG Score of B+ but a sub-investment-grade Controversies Score of D following a 2025 FCA Final Notice for systems and controls failures. At renewal of its £40 million D&O programme, the lead Lloyd’s underwriter notes the Controversies Score and requests detail on remediation, including board oversight, third-party assurance and individual accountability outcomes. The underwriter ultimately renews at a 12% uplift with a regulatory investigation sub-limit of £4 million and a warranty regarding implementation of the FCA-mandated skilled person review recommendations.
This entry is part of the Apex Insurance Wiki. Last reviewed by Matt Bartlett on 2026-06-10. Next review: 2026-12-10.
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