OCTOBER 2023 
Methodology Document
MSCI ESG Research LLC
MSCI ESG Ratings 
Methodology: 
Packaging Material 
& Waste Key Issue  
 
MSCI ESG Research LLC 
October 2023

MSCI ESG Ratings Methodology: Packaging Material & Waste Key Issue | October 2023
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Introduction ................................................................................... 3 
Risks associated with this Key Issue ........................................... 4 
Packaging Material & Waste Key Issue Score ............................. 4 
Packaging Material & Waste Management Score ....................... 4 
Management Score category: Practices Score ........................ 5 
Management Score category: Performance Score .................. 6 
Controversies ............................................................................. 7 
Packaging Material & Waste Exposure Score ............................. 7 
Business Exposure Score .......................................................... 8 
Business Segment Exposure Scores ..................................... 9 
Geographic Exposure Score ...................................................... 9 
Geographic Segment Exposure Scores ............................... 10 
Data Sources ............................................................................ 11 
Model Update History ................................................................. 11 
 
 
 
Contents

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Introduction 
This document provides essential information on the components of the Packaging 
Material & Waste Key Issue to enable users of ESG Ratings to understand how our 
outputs are determined. Packaging Material & Waste is a Key Issue in the 
Environmental Pillar of the MSCI ESG Ratings model. Companies are evaluated on 
their production of or reliance upon packaging materials, their potential exposure to 
waste management and packaging regulations, as well as their efforts to reduce the 
environmental impact of packaging materials. 
For additional details on the MSCI ESG Ratings Model, refer to Section 2, Data, 
ratings and scores, of “ESG Ratings Methodology.” 
 
Exhibit 1: MSCI ESG Key Issue hierarchy 
3 Pillars 
10 Themes 
33 ESG Key Issues 
Environmental 
Climate Change 
Carbon Emissions 
Climate Change Vulnerability 
Financing Environmental Impact 
Product Carbon Footprint 
Natural Capital 
Biodiversity & Land Use 
Raw Material Sourcing 
Water Stress 
Pollution & Waste 
Electronic Waste 
Packaging Material & Waste 
Toxic Emissions & Waste 
Environmental Opportunities 
Opportunities in Clean Tech 
Opportunities in Green Building 
Opportunities in Renewable Energy 
Social 
Human Capital 
Health & Safety 
Human Capital Development 
Labor Management 
Supply Chain Labor Standards 
Product Liability 
Chemical Safety 
Consumer Financial Protection 
Privacy & Data Security 
Product Safety & Quality 
Responsible Investment 
Stakeholder Opposition 
Community Relations 
Controversial Sourcing 
Social Opportunities 
Access to Finance 
Access to Health Care

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3 Pillars 
10 Themes 
33 ESG Key Issues 
Opportunities in Nutrition & Health 
Governance 
Corporate Governance 
Board 
Pay 
Ownership & Control 
Accounting 
Corporate Behavior 
Business Ethics 
Tax Transparency 
 
 
Risks associated with this Key Issue 
• 
Loss of access to markets due to reform of regulations governing packaging 
material and waste. 
• 
Loss of revenue due to changing consumer preferences. 
• 
Increased costs to reformulate packaging and comply with producer 
responsibility regulations. 
 
Packaging Material & Waste Key Issue Score 
The Packaging Material & Waste Key Issue Score evaluates the company’s level of 
exposure to, and management of, risks on this Key Issue. The Key Issue Score on 
this Key Issue is based on the Exposure Score and the Management Score using the 
formula below. The Exposure Score and the Management Score are combined such 
that a higher level of exposure requires a higher level of demonstrated management 
capability in order to achieve the same overall Key Issue Score. 
 𝐾𝐾𝐾𝐾𝑖𝑖= 7 −(max (𝐸𝐸𝐸𝐸𝐸𝐸𝑖𝑖, 2) −𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑖𝑖) 
Where: 
• 
𝐾𝐾𝐾𝐾𝑖𝑖 is the Key Issue Score for company 𝑖𝑖. 
• 
𝐸𝐸𝐸𝐸𝐸𝐸𝑖𝑖 is the Exposure Score for company 𝑖𝑖. 
𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑖𝑖 is the Management Score for company 𝑖𝑖. 
Packaging Material & Waste Management Score 
The Packaging Material & Waste Management Score evaluates the company’s ability 
to manage its exposure to risks on this Key Issue. It is based on an average of the

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scores associated with each of the Management Score categories listed below, 
modified by Controversies. These scores are derived from data points that are 
scored on a 0-10 scale, with 10 corresponding to best practice and 0 corresponding 
to lack of management. Refer to Section 3.3, Analyzing risk management, of “ESG 
Ratings Methodology” for additional details. Sources are company disclosures 
except where otherwise indicated. The following formula is used to calculate the 
Packaging Material & Waste Management Score - Excluding Controversies: 
𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑃𝑃𝑃𝑃𝑃𝑃,𝑖𝑖= 𝑃𝑃𝑃𝑃𝐴𝐴𝑃𝑃𝑃𝑃𝑃𝑃,𝑖𝑖 + 𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃,𝑖𝑖
2
 
Where: 
• 
𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑀𝑃𝑃𝑃𝑃𝑃𝑃,𝑖𝑖 is the Packaging Material & Waste Management Score - 
Excluding Controversies for company 𝑖𝑖. 
• 
𝑃𝑃𝑃𝑃𝐴𝐴𝑃𝑃𝑃𝑃𝑃𝑃,𝑖𝑖 is the Practices Score for company 𝑖𝑖. 
• 
𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃,𝑖𝑖 is the Performance Score for company 𝑖𝑖. 
 
The following data points, without constituting an exhaustive list, are representative 
of the inputs to the Management Score and are used in the Management Score 
calculation: 
Management Score category: Practices Score 
• 
Disclosure of packaging material mix. 
Definition: How transparent the company is about the type of materials used 
in its packaging. Best practice is full disclosure. 
 
• 
Scope of consumer programs to reduce waste. 
Definition: The scope of the company’s consumer education programs on 
recycling (e.g., take-back locations) or recycling instructions. 
 
• 
Scope of recycling programs where not mandated by law. 
Definition: The extent of the company’s involvement in recycling or recovery 
of packaging materials in locations or circumstances where packaging 
waste recycling is not mandated by law. Best practice is to have an 
overarching packaging waste strategy.

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• 
Strategy to reduce the environmental impact of packaging. 
Definition: The comprehensiveness of the company’s strategy to reduce the 
environmental impact of its packaging, such as through waste elimination, 
packaging redesign, and engagement with suppliers or customers. Best 
practice is to have specific initiatives that reduce the environmental impact 
of packaging. 
 
• 
Targets to increase recycled or renewable material content of packaging. 
Definition: The specificity of the company’s targets related to recycled or 
renewable content in packaging. Best practice is to set specific and time-
bound targets. 
 
• 
Scope of targets to increase recycled material content of packaging. 
Definition: The scope of the company’s targets related to recycled or 
renewable content in packaging. Best practice is for targets to be company-
wide or across all relevant packaging. 
 
• 
Targets for packaging material circularity or waste elimination. 
Definition: The specificity of the company’s targets on packaging material 
circularity and waste elimination. Best practice is specific and time-bound 
targets. 
 
• 
Scope of targets for packaging material circularity or waste elimination.  
Definition: The scope of the company’s targets related to packaging material 
circularity and waste elimination. Best practice is for targets to be company-
wide or across all relevant packaging. 
 
Management Score category: Performance Score 
Representative performance metrics: 
• 
Achievements on packaging content.

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• 
Achievements on product recovery.  
 
Controversies 
A controversy deduction ranging from 0 to 5 points is subtracted from the overall 
Management Score, based on the severity and type of controversies facing the 
company on this Key Issue. The following categories of controversies are used in the 
assessment: 
• 
Packaging waste controversies. 
For more details on how controversies are included in the MSCI ESG Ratings model, 
refer to Section 3.3.2, Controversies cases, of “ESG Ratings Methodology.”  
 
Packaging Material & Waste Exposure Score 
The Packaging Material & Waste Exposure Score evaluates the company’s exposure 
to risks on this Key Issue. It is based on the Business and Geographic Exposure 
Scores. The Geographic Exposure Score functions as a multiplier on the Business 
Exposure Score, with an impact ranging from -50% to +50%. The Business and 
Geographic Exposure Scores are scored on a 0-10 scale, with 10 corresponding to 
the highest risk and 0 corresponding to the lowest risk. Refer to Section 3.2, 
Analyzing risk exposure, of “ESG Ratings Methodology” for additional details. The 
following formula is used in the Exposure Score calculation: 
𝐸𝐸𝐸𝐸𝐸𝐸𝑃𝑃𝑃𝑃𝑃𝑃,𝑖𝑖= 𝐵𝐵𝐵𝐵𝐵𝐵𝑃𝑃𝑃𝑃𝑃𝑃,𝑖𝑖(1 + 0.1൫𝐺𝐺𝐺𝐺𝐺𝐺𝑃𝑃𝑃𝑃𝑃𝑃,𝑖𝑖−5൯) 
Where: 
• 
𝐸𝐸𝐸𝐸𝐸𝐸𝑃𝑃𝑃𝑃𝑃𝑃,𝑖𝑖 is the Packaging Material & Waste Exposure Score of company 𝑖𝑖. 
• 
𝐵𝐵𝐵𝐵𝐵𝐵𝑃𝑃𝑃𝑃𝑃𝑃,𝑖𝑖 is the Business Exposure Score of company 𝑖𝑖. 
• 
𝐺𝐺𝐺𝐺𝐺𝐺𝑃𝑃𝑃𝑃𝑃𝑃,𝑖𝑖 is the Geographic Exposure Score of company 𝑖𝑖.

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Exhibit 2: Exposure Score components 
 
Business Exposure Score 
The Business Exposure Score is a weighted average of the Business Segment 
Exposure Scores of a company’s business segments. Scores are weighted by the 
proportion of a company’s total revenue in each business segment, using the 
following formula to calculate the Business Exposure Score: 
𝐵𝐵𝐵𝐵𝐵𝐵𝑃𝑃𝑃𝑃𝑃𝑃,𝑖𝑖= ෍
𝑤𝑤𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅,𝑖𝑖,𝑗𝑗𝐵𝐵𝐵𝐵𝐵𝐵𝑃𝑃𝑃𝑃𝑃𝑃,𝑗𝑗
𝑛𝑛𝑖𝑖
𝑗𝑗=1
 
Where:  
• 
𝐵𝐵𝐵𝐵𝐵𝐵𝑃𝑃𝑃𝑃𝑃𝑃,𝑗𝑗 is the Business Segment Exposure Score for business segment 𝑗𝑗. 
• 
𝑤𝑤𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅,𝑖𝑖,𝑗𝑗 is the weight of business segment  𝑗𝑗 for company 𝑖𝑖 based on the 
contribution to total company revenue.  
• 
𝑛𝑛𝑖𝑖 is the number of business segments of company 𝑖𝑖. 
 
Packaging Material & Waste 
Exposure Score 
 Geographic Exposure  
Score 
Business Exposure  
Score 
Business Segment Exposure 
Scores 
Geographic Segment 
Exposure Scores 
Reliance on Production or Use 
of Packaging Material 
Regulation on Plastic and 
Waste Generation, Plastic 
Waste Mismanagement

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Business Segment Exposure Scores 
The Packaging Material and Waste Business Segment Exposure Score is based on a 
mapping of the business segment as disclosed by the company to a corresponding 
business activity. MSCI ESG Research uses the Standard Industrial Classification 
(SIC) system along with industry-specific adjustments to define business activities. 
The score associated with a business activity is used to calculate a Business 
Segment Exposure Score.  
Each business activity score is determined by a simple average of the Plastic 
Packaging Use and Waste Intensity Score and the Plastic Packaging Reliance Score. 
𝐵𝐵𝐵𝐵𝐵𝐵𝑃𝑃𝑃𝑃𝑃𝑃,𝑗𝑗= 𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑗𝑗+ 𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑗𝑗
2
 
Where: 
• 
𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑗𝑗 is the Plastic Packaging Use and Waste Intensity Score for business 
activity 𝑗𝑗. 
• 
𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑗𝑗 is the Plastic Packaging Reliance Score for business activity 𝑗𝑗. 
The Plastic Packaging Use and Waste Intensity Score for each business activity is 
determined by a combined measure of plastic use and plastic waste intensities in 
metric tons per million euros of economic output in the business activity. 
The Plastic Packaging Reliance Score for each business activity is determined by a 
qualitative assessment of whether packaging plays a critical role in the delivery of 
products and services and whether plastic is a common form of packaging material 
used. 
 
Geographic Exposure Score 
The Geographic Exposure Score is a weighted average of the Geographic Segment 
Exposure Scores of the countries and regions in which a company operates. Scores 
are weighted by the proportion of a company’s total revenue in each geographic 
segment through the following equation:  
𝐺𝐺𝐺𝐺𝐺𝐺𝑃𝑃𝑀𝑀𝑀𝑀,𝑖𝑖= ෍
𝑤𝑤𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅,𝑖𝑖,𝑟𝑟𝐺𝐺𝐺𝐺𝐺𝐺𝑃𝑃𝑃𝑃𝑃𝑃,𝑟𝑟
𝑛𝑛𝑖𝑖
𝑟𝑟=1
 
Where:  
• 
𝐺𝐺𝐺𝐺𝐺𝐺𝑃𝑃𝑃𝑃𝑃𝑃,𝑟𝑟 is the Geographic Segment Exposure Score of region 𝑟𝑟. 
• 
𝑤𝑤𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅𝑅,𝑖𝑖,𝑟𝑟 is the weight of total assets in region 𝑟𝑟 for company 𝑖𝑖.

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• 
𝑛𝑛𝑖𝑖 is the number of geographic segments for company 𝑖𝑖. 
 
For geographic segments disclosed as regions (example: Asia Pacific), a nominal 
GDP-weighted country aggregation is used to calculate region-level scores, using the 
following equation: 
𝐺𝐺𝐺𝐺𝐺𝐺𝑃𝑃𝑃𝑃𝑃𝑃,𝑟𝑟= ෍
𝑤𝑤𝐺𝐺𝐺𝐺𝐺𝐺,𝑟𝑟,𝑐𝑐𝐺𝐺𝐺𝐺𝐺𝐺𝑃𝑃𝑃𝑃𝑃𝑃,𝑐𝑐
𝑛𝑛𝑟𝑟
𝑐𝑐=1
 
Where: 
• 
𝐺𝐺𝐺𝐺𝐺𝐺𝑃𝑃𝑃𝑃𝑃𝑃,𝑐𝑐 is the Geographic Segment Exposure Score of country 𝑐𝑐. 
• 
𝑤𝑤𝐺𝐺𝐺𝐺𝐺𝐺,𝑟𝑟,𝑐𝑐 is the specific weight of country 𝑐𝑐 within region 𝑟𝑟. 
 
Geographic Segment Exposure Scores 
The Geographic Segment Exposure Score is determined by a simple average of the 
Recycling Mandates Score, the Extended Producer Responsibility Score, the Single-
use Plastic Law Score and the Plastic Waste Mismanagement Score: 
𝐺𝐺𝐺𝐺𝐺𝐺𝑃𝑃𝑃𝑃𝑃𝑃,𝑐𝑐= 𝑅𝑅𝑅𝑅𝑐𝑐+ 𝐸𝐸𝐸𝐸𝐸𝐸𝑐𝑐+ 𝑆𝑆𝑆𝑆𝑆𝑆𝑐𝑐+ 𝑃𝑃𝑃𝑃𝑃𝑃𝑐𝑐
2
 
Where: 
• 
𝑅𝑅𝑅𝑅𝑐𝑐 is the Recycling Mandates Score in country c. 
• 
𝐸𝐸𝐸𝐸𝐸𝐸𝑐𝑐 is the Extended Producer Responsibility Score in country 𝑐𝑐. 
• 
𝑆𝑆𝑆𝑆𝑆𝑆𝑐𝑐 is the Single-use plastics Score in country 𝑐𝑐. 
• 
𝑃𝑃𝑃𝑃𝑃𝑃𝑐𝑐 is the Plastic Waste Mismanagement Score in country 𝑐𝑐. 
 
The Recycling Mandates Score is based on a country’s recycling mandate policies’ 
stringency and the extent to which the policies are applied within a country.  
The Extended Producer Responsibility Score is based on a country’s extended 
producer responsibility regulations’ stringency and the extent to which the policies are 
applied within a country. 
The Single-use Plastic Law Score is based on a country’s single-use plastics 
regulations’ stringency and the extent to which the policies are applied within a 
country.

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The Plastic Waste Mismanagement Score for each country is based on the quantity 
of plastic waste generated per capita.  
 
Data Sources 
The following sources are used to determine the Packaging Material & Waste 
Exposure Score: 
“Plastics Policy Inventory,” Duke University; United Nations Environment Programme, 
Legal Limits on Single-Use Plastics and Microplastics: A Global Review of National 
Laws and Regulations; “What A Waste Global Database,” World Bank; Cimpan, C., 
Bjelle, E.L., and Strømman, A.H., “Plastic packaging flows in Europe: A hybrid input-
output approach,” Journal of Industrial Ecology 25, no. 6: 1572-1587; World 
Development Indicators, World Bank; Refinitiv; MSCI ESG Research; and company 
disclosures. 
 
Model Update History 
• 
In April 2023, the Geographic Exposure Score model was updated to capture 
regulatory risk arising from country-level recycling mandates and extended 
producer responsibility regulations. A measure of plastic waste produced per 
country area was also introduced. 
• 
In October 2023, the Business Segment Exposure Score model was updated 
to account for a more granular assessment of reliance on plastic packaging 
and plastic packaging usage and waste by business activity.

MSCI ESG Ratings Methodology: Packaging Material & Waste Key Issue | October 2023
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© 2023 MSCI Inc. All rights reserved. 
AMERICAS 
 
Americas 
1 888 588 4567 * 
Atlanta  
+ 1 404 551 3212 
Boston  
+ 1 617 532 0920 
Chicago 
+ 1 312 675 0545 
Monterrey 
+ 52 81 1253 4020 
New York 
+ 1 212 804 3901 
San Francisco + 1 415 836 8800 
São Paulo 
+ 55 11 3706 1360 
Toronto 
+ 1 416 628 1007 
 
EUROPE, MIDDLE EAST & AFRICA 
 
Cape Town 
+ 27 21 673 0100 
Frankfurt 
+ 49 69 133 859 00 
Geneva  
+ 41 22 817 9777 
London  
+ 44 20 7618 2222 
Milan  
+ 39 02 5849 0415 
Paris 
 
0800 91 59 17 * 
 
ASIA PACIFIC 
 
China North 
10800 852 1032 * 
China South 
10800 152 1032 * 
Hong Kong 
+ 852 2844 9333 
Mumbai 
+ 91 22 6784 9160 
Seoul  
00798 8521 3392 * 
Singapore 
800 852 3749 * 
Sydney  
+ 61 2 9033 9333 
Taipei  
008 0112 7513 * 
Thailand 
0018 0015 6207 7181 * 
Tokyo  
+ 81 3 5290 1555 
 
* = toll free 
About MSCI 
MSCI is a leading provider of critical 
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over 50 years of expertise in research, 
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About MSCI ESG Research Products 
and Services  
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services are provided by MSCI ESG 
Research LLC, and are designed to 
provide in-depth research, ratings and 
analysis of environmental, social and 
governance-related business practices 
to companies worldwide. ESG ratings, 
data and analysis from MSCI ESG 
Research LLC. are also used in the 
construction of the MSCI ESG Indexes. 
MSCI ESG Research LLC is a Registered 
Investment Adviser under the 
Investment Advisers Act of 1940 and a 
subsidiary of MSCI Inc. 
 
To learn more, please visit 
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MSCI ESG Ratings Methodology: Packaging Material & Waste Key Issue | October 2023
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