Shareholding
The EthiFinance group is made up of the company Qivalio, a simplified joint-stock company under French law, whose head office is in Lyon, and the company EthiFinance, a simplified joint-stock company under French law, whose head office is in Paris. EthiFinance is headed by a chairman, surrounded by an executive committee. The company has a supervisory board composed of ten members of which three are independent and two have a censorhip role. EthiFinance is majority-owned by Andromède. A set of institutional investors − the Club Rating − as well as the founders and management hold the rest of the capital. The Club Rating is made up of: AG2R La Mondiale, Apicil, Abeille Assurances, Bpi France, Eiffel Group, Groupama ARA, Klésia, SMA BTP.


Accreditations
EthiFinance SAS is a European credit rating, research and innovative counselling group based in Lyon. EthiFinance SAS is headed by a CEO, Carol Sirou, and an executive committee. The Supervisory Board has 10 members of which 3 are independent and 2 are non-voting members (censors). EthiFinance’s main shareholder is Andromede. The founders, directors, and a group of institutional investors (Club Rating holding) hold the rest of the capital.
EthiFinance Ratings SL is a subsidiary of EthiFinance SAS. EthiFinance Ratings SL registered as a rating agency by the European Securities and Markets Authority (ESMA) as an External Credit Assessment Institution (ECAI) by the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA).
European law regulates rating agencies and sets up transparency, good governance, and accountability standards. As an example, rating agencies have to publish their methodologies. ESMA is an independent supervisory authority and all European securities and markets authorities, such as the Autorité des Marchés Financiers (AMF), are associated with its work. ESMA closely monitors rating agencies and publishes a yearly report on registered rating agencies’ practices.
Supervisory board
EthiFinance SAS
- Monique Barbut, WWF France CEO, non-executive independent board member
- Caroline Bois, Andromède deputy CEO
- Stella Clarke, head of Marketing and Strategy at Fenergo, non-executive independent board member
- Catherine Clément-Chabas, former RSM associate, non-executive independent board member
- Pierre Ducret, former CEO at Caisse des Dépôts Climat
- Blaise Ganguin, SwissThink CEO, former head of companies and infrastructure rating at S&P
- Élie Hériard-Dubreuil, Chairman, former EthiFinance CEO
- Bertrand Jounin, CEO at Apicil AM and Gresham Bank, representing Club Rating
- Jean-Florent Rérolle, former Morrow Sodali CEO, censor (non-voting member)
- Julien Rérolle, Spread Research founder, censor (non-voting member)
EthiFinance Ratings SL
- Bruno Díaz Carazo, non-executive independent board member
- Myriam Fernandez de Heredia, non-executive independent board member
- Blaise Ganguin, SwissThink CEO, former head of companies and infrastructure rating at S&P
- Élie Hériard-Dubreuil, EthiFinance Ratings CEO, Chairman of EthiFinance SAS Supervisory Board, former EthiFinance SAS CEO
- Carol Sirou, EthiFinance SAS CEO, Chair of the Board
Audit committee
EthiFinance SAS
- Catherine Clement Chabbas, Chair of the Committee, former RSM associate, non-executive independent board member
- Bertrand Jounin, CEO at Apicil AM and Gresham Bank, representing Club Rating
- Blaise Ganguin, SwissThink CEO, former head of companies and infrastructure rating at S&P
- Caroline Bois, Andromède deputy CEO
EthiFinance Ratings SL
- Myriam Fernández de Heredia, Chair of the Audit Committee, EthiFinance Ratings SL non-executive independent board member
- Carol Sirou, EthiFinance SAS CEO, Chair of EthiFinance Ratings SL Supervisory Board
- Blaise Ganguin, SwissThink CEO, former head of companies and infrastructure rating at S&P
- Bruno Díaz Carazo, EthiFinance Ratings SL non-executive independent board member