How the index family and the methodology are governed
Ownership, administration, external perspective, conflicts and correction.
Index administration
Indices built on the methodology are calculated and administered by an independent index administrator under its own governance framework and published index guidelines. The administrator determines index levels and applies each guideline’s rules for rebalancing, corporate actions and eligibility; Lumenary supplies the classification on which eligibility rests.
Methodology ownership and change process
The founder-led classification methodology is owned and maintained by Lumenary. Lumenary decides how the framework is defined, how it is applied to the universe and when it changes. Changes are documented in the methodology change log before they take effect in any index, and the current Methodology & Implementation Guide is supplied to licensees under licence.
Advisory Panel
Lumenary draws on an Advisory Panel of experienced practitioners for independent perspective on the methodology and the development of the index family. Decisions on the methodology rest with Lumenary.
Members: Ian Todd and Phil Aris. Biographies are on the About page.
Conflicts of interest
Lumenary owns the founder-led classification framework, licenses indices built on it, publishes research on it, and manages a fund that applies it. The firm manages the resulting conflicts as follows.
- Rule-based methodology. Constituent eligibility follows the published framework. The framework is versioned; changes are made only through the change process described above and recorded in the change log with the date and rationale.
- Independent calculation. The index administrator calculates and publishes the indices and executes scheduled reviews. Lumenary does not calculate index levels and cannot alter published values.
- Research independence. Research published on Lumenary Research is written by Lumenary staff and researchers, is not commissioned by any licensee, and discloses where the author or the fund holds a position in a company discussed.
- Personal dealing. Staff and Advisory Panel members are subject to Lumenary’s Code of Conduct and Conflicts of Interest Policy, including their personal trading requirements.
- Disclosure. This statement is available as a standalone document for licensee due diligence on request.
Data and error correction
- Sources. Founder-led classification draws on company filings, regulatory disclosures, and licensed corporate data. Each classification records its source and date.
- Review cadence. The universe is reviewed annually by default, and more frequently where customised indices require it at their scheduled review dates. Individual classifications are updated for material corporate events, such as founder departure, succession or a change of control.
- Errors. Where an error in classification is identified, Lumenary corrects it at the next practicable point and records the correction. Where an error affects a published index, the administrator’s error-correction procedure under the index guideline governs whether and how index levels are restated.
- Reporting an error. Suspected errors can be reported via the Contact page. Lumenary responds within five business days.
Research publications
Analysis published on Lumenary Research follows the firm’s editorial standards, which set out how research is conducted, how AI tools are and are not used, and how published claims are verified and corrected. Read the editorial standards ↗︎
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