An interview with Patrick Mispagel by Rob Fauber President & Chief Executive Officer at Moody's Corporation

Careers

Patrick Mispagel is Manager Director of Sustainable Finance at Moody's ESG Solution, and one of Moodys most outspoken leaders and advocates for global LGBT+ inclusion.

Describe your role.

I oversee Moody’s ESG Solutions’ Sustainable Finance business globally. We help companies and other entities communicate their sustainability projects, incorporate sustainability performance into their financial strategy and enhance their financing opportunities via our second party opinions (SPOs), sustainability ratings and green certifications. In addition, I oversee the organization’s outreach and research team, which delivers market-leading thought leadership and engagement with participants from the rapidly evolving ESG market. Lastly, I manage our data operations team. Outside of these roles, I am an active member of Moody’s EMEA LGBTA Business Resource Group (BRG) steering committee.

I want to congratulate you for being named among the 2020 OUTstanding 100 LGBT+ leaders just a earlier this year. As it is Pride Month, could you tell us more about the work you do to support LGBT+ inclusion and our DE&I initiatives at Moody’s?

Thank you Rob, I was humbled to be included on the list! I was fortunate to have “out” leaders and strong allies on my team when I first joined Moody’s in 2001. The example they set and the supportive environment they created allowed me to thrive. I am committed to setting this same example to ensure new joiners—especially those earlier in their careers—feel safe and know they can similarly thrive. In some cases, this can be as simple as having a rainbow ribbon on the door, like I hear you have always done. Beyond the LGBT+ working groups and events I lead, I enjoy informally mentoring junior colleagues.

One of my proudest accomplishments at Moody’s is working closely with Brendan Greenfield-Turk and many others to help establish our newest European office in Vilnius, Lithuania. When selecting the site for our new office, we felt it was important to ensure we weighed the LGBT+ climate of the locations considered, and we ultimately convened a discussion with members of the LGBT+ community in Vilnius. As one of the first major global firms to enter Lithuania, Moody’s had an outsized opportunity to help meaningfully progress LGBT+ inclusion in the region. Moody’s was a co-sponsor of Baltic Pride, which took place in Vilnius in 2019; it’s a great example of our company’s commitment to making a positive impact for the LGBT+ community.

The Moody’s office in Vilnius, Lithuania, celebrating Baltic Pride 2019.

What’s your story? How did you get into this field?

My roots are in public policy and public service. My first internship was in high school at the local unemployment office. There I developed a passion for workforce development, training, and job creation. I later joined Moody’s US Public Finance Group with a desire to understand how governments raise capital to invest in priorities like infrastructure. The culture and rich learning environment at Moody’s have kept me here, and I have been fortunate to experience many different parts of the business across the U.S., Asia-Pacific, and EMEA. To me, employment is not just a means to provide for one’s needs—it’s a point of access to a community, and that concept has really bridged all of my professional experiences to date and informs my approach to our inclusion strategies.

What is the intersection between sustainable finance and DE&I?

Sustainable finance comprises a shift in business mindset from a primary focus on just shareholders to a more balanced set of stakeholders—including shareholders—but also including employees, suppliers, communities, the environment. Subsequently, we do a lot of thinking around diversity, equity and inclusion (DE&I), which is a subset of the S—the “Social” —in ESG. For example, there’s evidence that suggests companies with greater diversity at the Board level tend to be more sustainable businesses in the longer term. At the same time, I am often thinking about how broader views of diversity, from gender to race, fit into how we assess sustainable business practices and provide support and solutions to our customers at Moody’s.

Figures: excerpts from the Moody’s ESG Solutions report, “Diversity in a Post-COVID-19 Era” that analyzes gender representation across US industries.

Could you tell us about one of the Moody’s programs or events that is particularly meaningful to you?

For several years, I helped organize Coming Out Day events at Moody’s. During the events, a panel of Moody’s employees share their stories and experiences about coming out of the closet. To me, being visible is one of the most powerful things anyone can do—in the workplace or elsewhere—to send a signal to others that they belong and are safe, even if they are not personally yet ready to come out. My hope is that colleagues can be open and bring their authentic selves to the table; Coming Out Day is a powerful example of visibility.

I also organize the annual World AIDS Day Red Run, a UK-based fundraiser to support AIDS research. It means the world me when colleagues can band together to make a difference on an issue that affects many LGBT+ individuals worldwide. Hope you can make it to the next one, Rob!

How is furthering LGBT+ inclusion different from other DE&I efforts?

LGBT+ presents both challenges and opportunities in its inherent intersectionality. Members of the LGBT+ community aren’t always visible in the same way as other groups may be, which can lead to uncomfortable conversations as people can make assumptions about their colleagues without knowing them. The beautiful thing about our community is the diversity—I love going to Pride events because you see people of color, differently-abled people, people of different ages, people with a variety of jobs, and people all along the spectrum of gender expression. That’s inspiring to me, and Moody’s is a similarly diverse, intersectional workplace.

Why is LGBT+ inclusion important for businesses and the finance industry specifically?

Fostering supportive spaces at work leads to increased productivity and creativity from employees, and this diversity of perspectives can help inform more diverse solutions for businesses. I believe it’s critical for companies to support and advocate for their employees and educate other colleagues who may be less familiar with the issues that face the LGBT+ community. Self-harm, suicide, and violence are prevalent in LGBT+ communities, and I believe companies have a responsibility to raise awareness around these issues and embrace the diversity of their workforces.

What has Moody’s been up to this Pride Month?

Despite continued uncertainty around COVID-19, our BRGs have demonstrated extraordinary creativity working to commemorate Pride, even if we can’t all be together. Personally, I was delighted participate in a WorkPride conference that Moody’s is co-sponsoring with myGwork and other companies. The topic was very timely as it explored the impact of the pandemic on the LGBT+ community. I was particularly inspired by people sharing how Moody’s supported its employees through the very challenging year and helped to foster a strong sense of connection and well-being. We’re hopeful that some Pride events may take place in person later this year, but I think we’ve managed to build a sense of celebration and belonging in a virtual setting, nonetheless.

What’s the one thing people might not know about working at Moody’s?

It’s an incredibly dynamic business that offers so many interesting opportunities and challenges no matter what your background is. Moody’s provides opinions to the market, and we provide services that help the market make more effective decisions—we’re leaders in this space because of the diversity of perspectives we can draw from across our offices and our working groups.

What’s the best advice you’ve ever received?

This is a hard question because Moody’s is a place where you receive a lot of great advice. If I had to choose: be authentic. Earlier in my career, I focused on who I thought I needed to be to be successful and fit in. I now recognize that to truly succeed, you need to be frank with yourself and with others about what motivates you and what you want to accomplish. Thankfully, Moody’s is a place—thanks in large part to our leadership—where you can be yourself and find a path that fulfils you.