Regulation and compliance

EthiFinance Ratings operates as a credit rating agency
accredited and regulated by ESMA through the companies Qivalio SAS and ARM SLU.



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, Aviva France, Bpi France, Eiffel Group, Groupama ARA, Klésia, Siparex, and SMA BTP.

Supervisory Board France

  • Pierre Ducret, chairman, climate advisor for the Caisse des Dépôts group, chairman of the Institute for Climate Economics - I4CE - and interim chairman of Finance For Tomorrow
  • Monique Barbut, president of WWF France, independent
  • Caroline Blois, deputy managing director of Andromède
  • Blaise Ganguin, chairman of SwissThink, former head of corporate and infrastructure rating at S&P Global
  • Dominique Hériard-Dubreuil, former CEO of Rémy Cointreau
  • Bertrand Jounin, managing director Apicil AM and Gresham Banque, representing the Club Rating
  • Jean-Florent Rérolle, chairman of VienGi (Value and Governance), independant
  • Carol Sirou, chairman of Safineia advisors, former Chief Risk Officer and Chief Compliance Officer of S&P Global, independent
  • Marie-Amélie Jacquet, deputy managing director of Andromède, censor
  • Julien Rérolle, founder of Spread Research, censor

Supervisory Board Spain

  • Blaise Ganguin
  • Élie Hériard-Dubreuil
  • Carol Sirou
  • Bruno Diaz Ined
  • Myriam Fernandez de Heredia Ined


EthiFinance Ratings is registered as a credit rating agency, through the companies Qivalio SAS and ARM SLU, with the European Securities and Markets Authority (ESMA) and as an External Credit Assessment Institution (ECAI) with the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA).

European legislation has introduced rules of transparency, good governance and accountability. Credit rating agencies must publish their methodologies. ESMA is an independent European supervisory authority and all European financial regulators, including the AMF, are associated with its work. ESMA closely monitors credit rating agencies and publishes an annual report on the practices of registered credit rating agencies each year.