Morningstar (MORN) Proxy Filing summary

Executive summary

• Launched Direct Advisory Suite in January 2025, offering a unified, AI-powered platform for advisors, with global rollout and pricing reviews planned for 2025–2026.

• Retiring Morningstar Office, transitioning clients to SS&C's Black Diamond Wealth Platform, integrating new products and maintaining data partnerships.

• Strategic focus on delivering insights across asset classes, leveraging AI, operational excellence, and talent development for long-term growth.

• M&A strategy prioritizes organic growth, with acquisitions focused on adjacent markets and enhancing data, technology, or customer reach.

• AI adoption is a growth driver, with proprietary data and ratings providing a competitive moat.

Voting matters and shareholder proposals

• Proxy solicitation for the 2025 Annual Shareholders' Meeting will be conducted via a definitive proxy statement, with a record date of March 10, 2025.

• Shareholders are encouraged to review proxy materials and participate in voting on key matters.

Board of directors and corporate governance

• Biographical information for directors and executive officers is available in prior SEC filings, with updates to be included in the 2025 proxy statement.

• The board and management are active participants in proxy solicitation and governance disclosures.