ADR-0009 Amendment 1: GICS code corrections (cycle 3)
Amends: ADR-0009 (GICS classification for pilot institutions)
Status: Accepted
Date: 2026-05-20
Migration: 019_gics_inheritance.sql
What changed
Migration 019 corrected three non-financial institution GICS codes that were set incorrectly in migration 005. ADR-0009 recorded the original codes as accepted decisions; this amendment records the corrections.
INST-0005 Amazon.com, Inc.
| Code | Label | |
|---|---|---|
| Before | 25 / 2550 / 255040 / 25504010 | Internet & Direct Marketing Retail |
| After | 25 / 2550 / 255030 / 25503030 | Broadline Retail |
Reason: GICS restructure effective August 2023. The "Internet & Direct Marketing Retail" sub-industry (255040 / 25504010) was retired; Amazon reclassified to "Broadline Retail" (255030 / 25503030). ADR-0009 documented the code as "25504010 labelled Broadline Retail" — this was the correct label in intent but the wrong code (the label was ahead of the GICS revision). Migration 019 brings code and label into alignment with post-2023 GICS.
INST-0006 Unilever PLC
| Code | Label | |
|---|---|---|
| Before | 30 / 3020 / 302020 / 30202010 | (wrong — Food Products under Food/Bev/Tobacco) |
| After | 30 / 3030 / 303020 / 30302010 | Personal Care Products |
Reason: Transcription error in migration 005. ADR-0009 stated the sub-industry as "Personal Care Products (30202010)" but the correct sub-industry code is 30302010 (under industry group 3030 — Household & Personal Products). The code 30202010 maps to Food Products under the wrong industry group (3020 — Food, Beverage & Tobacco). Unilever is correctly classified in Household & Personal Products (3030), not Food/Beverage/Tobacco.
INST-0008 Ingka Holding B.V. (IKEA)
| Code | Label | |
|---|---|---|
| Before | 25 / 2520 / 252020 / 25202020 | Home Furnishings (Consumer Durables & Apparel) |
| After | 25 / 2550 / 255020 / 25502020 | Homefurnishing Retail (Specialty Retail) |
Reason: Classification error in migration 005. IKEA/Ingka is primarily a furniture retailer (87.4% of FY25 revenue from IKEA Retail). The Consumer Durables & Apparel industry group (2520) covers manufacturers of consumer durables, not retailers. Ingka is correctly classified under Retailing (2550) → Specialty Retail (255020) → Homefurnishing Retail (25502020). ADR-0009 note on private-company proxy still applies.
What is unchanged
- ADR-0009 decision to hand-map GICS and store in the four dedicated institution table columns: unchanged.
- ADR-0009 note on IKEA private-company proxy (medium confidence, revisit if scoring artefacts surface): unchanged and applicable to the corrected code.
- ADR-0009 flag evaluation logic (fossil fuel → sector '10', weapons → sub_industry '20101010'): unchanged. None of the corrections affect flag evaluation outcomes for current pilot institutions.
- Caterpillar (INST-0007): unchanged (20 / 2010 / 201060 / 20106010, correct).
Additional GICS records added in migration 019
Migration 019 also added 13 new gics_classification table entries not present
after migration 005:
| Code | Level | Label | Institution |
|---|---|---|---|
| 4020 | industry_group | Financial Services | Goldman Sachs (INST-0020) |
| 402030 | industry | Capital Markets | Goldman Sachs |
| 40203020 | sub_industry | Investment Banking & Brokerage | Goldman Sachs |
| 255030 | industry | Broadline Retail | Amazon (INST-0005) |
| 25503030 | sub_industry | Broadline Retail | Amazon |
| 3030 | industry_group | Household & Personal Products | Unilever (INST-0006) |
| 303020 | industry | Personal Care Products | Unilever |
| 30302010 | sub_industry | Personal Care Products | Unilever |
| 255020 | industry | Specialty Retail | Ingka/IKEA (INST-0008) |
| 25502020 | sub_industry | Homefurnishing Retail | Ingka/IKEA |
| 2510 | industry_group | Automobiles & Components | Volkswagen (INST-0022) |
| 251020 | industry | Automobiles | Volkswagen |
| 25102010 | sub_industry | Automobile Manufacturers | Volkswagen |
Existing wrong labels in gics_classification were also corrected:
| Code | Old label | Corrected label |
|---|---|---|
| 3020 | Household & Personal Products | Food, Beverage & Tobacco |
| 302020 | Personal Care Products | Food Products |
| 30202010 | Personal Care Products | Food Products |
| 255040 | Broadline Retail | Internet & Direct Marketing Retail |
| 25504010 | Broadline Retail | Internet & Direct Marketing Retail |
References
- ADR-0009: original classification decisions
docs/design/gics-classification-rationale.md: classification rationale + confidence notes- Migration 019 (
src/db/migrations/019_gics_inheritance.sql)