SYNE Index Methodology
This document sets out how the SYNE Index derives its two axes - Standards Alignment and Data Quality & Assurance - from the underlying criteria of each SYNE Rating product, how quadrant boundaries are set, and how positions are refreshed as ratings update.
Twelve sections, start to finish.
Scope & Applicability
What the Index does, and does not, do.
02Data Sources & Collection
Published rating scores, data quality flags, and classification data.
03The Two Axes
Standards Alignment and Data Quality & Assurance, explained.
04Axis Calculation Methodology
How two axes are calculated consistently across four products.
05Quadrant Boundaries & Assignment
Four quadrants, defined by where the two axes cross.
06Controversies & Market Intelligence Impact
How an adverse event can move a position before the next refresh.
07Continuous Monitoring
What happens between scheduled quarterly refreshes.
08Quadrant Scale
Four quadrants, mapped to the shared AAA–D grade range.
09Cross-Product Mapping
How each product's own methodology defines its Index mapping.
10Governance & Independence
The Index inherits its governance from the underlying ratings.
11Refresh Cycle & Challenges
When a position updates, and how to challenge one.
12Limitations & Version History
What the Index does not do, and how the methodology has changed.
What the Index does, and does not, do.
The SYNE Index applies to every entity rated under ESG Ratings, Sustainability Ratings, Carbon Ratings, or Supplier Ratings, once that rating has been published with consent for distribution. The Index does not run an independent assessment of its own - it is a derived, normalised view of ratings SYNE has already published, refreshed as those ratings update.
An entity's Index position appears on the public Index once its underlying rating is published and consented for distribution; private, unpublished ratings are excluded from any public Index view but can still be positioned for the client's own internal use.
At a glance
- Applies to
- Every entity rated under ESG, Sustainability, Carbon or Supplier Ratings
- Minimum eligibility
- An underlying rating published with consent for distribution
- Commissioned by
- Not commissioned separately - inherited from the underlying rating
- Geographic scope
- Any of SYNE's 71 licensed jurisdictions
- Excludes
- Private, unpublished ratings - visible internally only, not on the public Index
Where the underlying evidence comes from.
The Index collects no new data of its own. Every coordinate is derived entirely from data already gathered under the relevant product methodology.
Published rating scores
Dimension and composite scores from the entity's most recent published ESG, Sustainability, Carbon, or Supplier Rating.
Data quality flags
The Assured / Disclosed / Estimated flags recorded against each criterion under the relevant product methodology.
Country, sector & industry classification
Standardised classification data used to build the Country, Sector, Industry and Regional Index families.
Two axes, calculated consistently across every product.
Rather than 80 weighted criteria, the Index reduces every rating to two coordinates. Each axis is a re-weighted combination of the same dimension scores and data quality flags already produced by the underlying product methodology - nothing is scored independently.
Standards & Scientific Alignment
How closely an entity's performance adheres to recognised, external frameworks.
- Weighted average of an entity's "performance" dimension scores (e.g. Environmental, Social and Governance for ESG Ratings)
- Excludes the dimension that measures data quality itself, to avoid double-counting
- Normalised to a 0–100 scale, consistent across all four rating products
Data Quality & Assurance
How much confidence can be placed in the underlying data, independent of performance.
- Derived from the product's dedicated data-quality dimension (for example, MRV & Data Integrity for Carbon Ratings)
- Weighted further by the proportion of criteria flagged Assured, Disclosed, or Estimated
- Normalised to the same 0–100 scale as the X axis
How two axes are calculated consistently across four different products.
Each product methodology already publishes exactly which dimensions map to which axis, in its own Section 09 ("Mapping to the SYNE Index"). This section summarises the pattern that's applied consistently across all of them.
Performance dimensions, excluding data quality
The Standards Alignment axis always excludes whichever dimension exists specifically to score data quality, to avoid scoring the same thing on both axes.
The dedicated data-quality dimension, plus flags
The Data Quality & Assurance axis combines the product's data-quality dimension score with the proportion of Assured/Disclosed/Estimated flags across all 80 criteria.
Every axis runs 0–100
Regardless of product, both axes are normalised to the same 0–100 range before being plotted, so positions are genuinely comparable across products.
Four quadrants, defined by where the two axes cross.
An entity's quadrant is assigned by combining its X and Y axis scores - high on both axes places it in Front Runners; high on one axis but not the other places it in Rising Stars or Emerging Stars; low on both places it in Backmarkers.
Front Runners
Strong standards alignment, backed by rigorous, independently verified data.
Rising Stars
Strong framework adoption, with data accuracy or validation still maturing.
Emerging Stars
Rigorously verified data, applied to a narrower or less ambitious set of standards.
Backmarkers
Limited standards alignment, combined with limited or unverifiable underlying data.
How an adverse event can move a position before the next refresh.
The Index's scheduled cadence is quarterly, but a severe controversy identified through SYNE's Market & Trade Intelligence coverage on an underlying rated entity can trigger an interim recalculation of that entity's Index position, without waiting for the underlying rating's own review cycle.
Inherited from Market & Trade Intelligence
The Index doesn't run its own controversy monitoring - it reuses the same systematic coverage that feeds every underlying rating.
Severity-scored events only
Only events crossing a defined materiality threshold trigger an interim repositioning - routine or minor events wait for the next scheduled refresh.
Flagged as interim, not final
An interim repositioning is clearly flagged as provisional until the underlying rating's own review confirms or revises it.
What happens between scheduled quarterly refreshes.
Positions are not frozen for a full quarter. Continuous monitoring tracks signals that could affect an entity's Index position in real time, feeding into the refresh triggers described in Section 11.
Rating update & controversy alerts
A republished underlying rating or a material controversy is reflected immediately, not held until the next quarterly cycle.
Quarterly full-index recalculation
Every position across every product is recalculated at least quarterly, even where nothing underlying has changed.
Threshold-based escalation
A monitoring signal crossing a defined materiality threshold is escalated to the Index Methodology Committee for an interim recalculation decision.
Six grades, mapped cleanly to the four quadrants.
Every letter grade corresponds to a single, non-overlapping composite score range on the same AAA-D scale used across every SYNE Rating, so quadrant position and letter grade always agree.
Front Runner - highest confidence in financial stability, compliance and continuity, verified on-site and in documentation.
Front Runner or Rising Star - strong across most criteria, with only minor gaps in monitoring or documentation.
Rising or Emerging Star - material gaps in compliance or continuity identified and being actively addressed.
Emerging Star or Back Marker - significant improvement needed in financials, compliance or continuity planning.
Back Marker - fundamental gaps in financial viability or compliance controls.
No material evidence of financial viability or compliance capability.
How each product's own methodology defines its Index mapping.
Every SYNE Rating methodology publishes its own Section 09, specifying exactly which dimensions feed the X and Y axes for that product. This Index methodology does not override those definitions - it standardises the process that produced them.
| Product | X axis source | Y axis source |
|---|---|---|
| ESG Ratings | Environmental + Social + Economic & Industry | Governance (controversies & disclosure quality) |
| Sustainability Ratings | Environmental + Social + Economic & Industry | Governance (controversies & disclosure quality) |
| Carbon Ratings | Additionality + Permanence + Co-benefits | MRV & Data Integrity |
| Supplier Ratings | Compliance + Environmental Practices | Financial Stability verification depth |
The Index inherits its governance from the underlying ratings.
No independent Index Rating Committee
The Index does not hold its own sign-off committee - every coordinate traces back to a rating already approved by that product's own Rating Committee.
Methodology Committee for the calculation itself
A separate methodology committee reviews and approves the axis calculation and quadrant boundary logic described in this document.
No commercial influence over positioning
No fee or commercial relationship can move an entity's Index position independently of its underlying rating.
When a position updates, and how to challenge one.
Quarterly refresh
Every Index position is recalculated at least quarterly, even if the underlying rating hasn't changed, to keep peer-group comparisons current.
Immediate refresh on rating update
Whenever an underlying rating is republished, the affected entity's Index position updates immediately, ahead of the next scheduled quarterly refresh.
Routed through the underlying rating
Because the Index has no independent score of its own, any challenge to a position is handled as an appeal against the underlying rating, per that product's own methodology.
What the Index does not do.
The SYNE Index is a comparative positioning tool, not an independent rating - it cannot be more accurate or more current than the underlying rating it's derived from. It should not be used to evaluate a single entity in isolation; it is designed for comparing entities within a peer group, sector, or market.
| Version | Effective date | Summary of changes |
|---|---|---|
| v1.2 | Jul 2026 | Added the missing Backmarkers quadrant to Section 05; added Controversies & Market Intelligence Impact and Continuous Monitoring sections; updated cross-product mapping for ESG and Sustainability Ratings' revised dimension structure. |
| v1.1 | Jan 2026 | Added Supplier Ratings to cross-product mapping; moved to quarterly refresh from semi-annual. |
| v1.0 | Jan 2024 | Initial publication of the SYNE Index Methodology, covering ESG, Sustainability and Carbon Ratings. |
This document is available in full, including prior versions, on request as part of SYNE's regulatory disclosure pack. For questions about how a specific position is calculated, contact SYNE's methodology team.
See where your organisation sits on the Index.
Talk to our team about a benchmark report, or explore the underlying rating methodology for your product.