Our governance
Experienced leaders guiding EthiFinance's growth and shaping its long-term vision
Governance built on independence and expertise
At EthiFinance, governance is more than a framework. It is the foundation that supports our independence, accountability, and long-term vision. Through experienced leadership and dedicated governance bodies, we ensure effective oversight, strategic guidance and responsible decision-making across the Group.
Our governance model supports sustainable growth while preserving the objectivity, integrity, and quality of our products, methodologies and services.
Clear responsibilities, robust oversight, and a strong commitment to transparency enable us to create long-term value for our clients, employees and stakeholders.
Ownership structure
EthiFinance SAS*
100%
Sustainability SAS*
100%
GmbH
100%
Ratings SL*
100%
GmbH
100%
Ltd
EthiFinance Group, whose headquarters are based in Lyon, France, operates in Germany, Spain, France and the UK, as well as in the US, Japan and India, through a network of subsidiaries and branches.
EthiFinance SAS is the parent company of EthiFinance Group.
EthiFinance SAS is held by Andromède, Energy Impact Partners, Meridiam and Club Rating, which together hold up to 90% of the share capital. EthiFinance SAS acts as the holding company of the Group, providing central support functions to the group, advisory services and Credit Research.
EthiFinance Sustainability SAS, a wholly owned subsidiary of EthiFinance SAS, intends to apply for authorisation from the European Securities and Markets Authority (ESMA) as an ESG Rating provider in accordance with Regulation (EU) 2024/3005.
EthiFinance Ratings SL, a wholly owned subsidiary of EthiFinance SAS, is a regulated entity under Regulation (EC) No 1060/2009 of the European Parliament and of the Council, authorised and supervised by ESMA to provide Credit Ratings.
Executive committee
The people steering EthiFinance forward
Sustainable Finance leader with 30 years’ experience in ratings, governance and international financial services - Paris.
CFO with 20+ years’ experience in finance, operations and transformation across financial services - Paris.
ESG ratings expert and Sustainable Finance leader, Chair of EASRA (European Association of Sustainability Rating Agencies) - Paris.
ESG & Analytics leader with 30+ years’ experience in financial markets, entrepreneurship and Sustainable Finance - Paris.
Senior credit and finance expert, President of the European Association of Credit Rating Agencies (EACRA) - Madrid.
B2B SaaS and ESG product leader with 20 years’ experience scaling data intelligence businesses - London.
Technology leader with 35 years’ experience building enterprise platforms and scaling high-performing tech teams - London.
EthiFinance Group governance
Supervisory board
Independent Members
Chairwoman of the Supervisory Board
Non-independent Members
Élie Hériard-Dubreuil
Director, Executive Chairman of Andromède
Caroline Bois
Director, Deputy Chief Executive Officer at Andromède
Eric Rey
Director, Managing Director of GIGF, representing Meridiam Green Impact Growth Fund
James Sprinz
Principal at Energy Impact Partners, representing Energy Impact Fund SCSp and Energy Impact Fund II LP
Censors (non-voting members)
Bertrand Jounin
Chief Executive Officer of Apicil AM and Gresham Banque, representing Club Rating
Pierre Ducret
Former Chief Executive Officer of Caisse des Dépôts Climat
Laura Kone
Investor at Energy Impact Partners Europe
Alexandre Derreumaux
Associate at Meridiam
EthiFinance Credit Ratings governance
Board of Directors
Chairman of the Board of Directors
Élie Hériard-Dubreuil
Andromède CEO
Director
Carol Sirou
CEO
Independent Non-Executive Directors
Myriam Fernandez de Heredia
Former S&P Global Ratings Managing Director, International Consultant
Olivier Delfour
Former Fitch Ratings Managing Director, Independent Consultant
Mauricette Salque
Former Moody’s France Associate Managing Director
Audit Committee
Chairwoman of the Audit Committee - INED
Myriam Fernandez de Heredia (INED)
Former S&P Global Ratings Managing Director, International Consultant
Members
Carol Sirou
CEO
Olivier Delfour (INED)
Former Fitch Ratings Managing Director, Independent Consultant
Mauricette Salque (INED)
Former Moody’s France Associate Managing Director