The Founder’s Word:

“During the Enron scandal, which left thousands of people unemployed, I was working in the United Kingdom as Managing Director of a financial company owned by a major listed group. Even though the group was successful, short-term profitability pressures to meet shareholder expectations always produced the same consequence: increasing margins at the expense of employees. Finally, I could no longer tolerate the lack of consideration for my employees.

This is when I decided to go back to France and create EthiFinance, in reaction to the excesses of a capitalism sometimes deprived of meaning and consciousness. My objective was to make my contribution to the building of a changing finance industry, one that will better take into account the great diversity of stakeholders that it impacts on a daily basis. It is my conviction that we can successfully combine economic growth and human development, that we can be financially efficient, and that we can at the same time take care of all of the stakeholders of a company. EthiFinance has gradually become a response to this vision of economy, in other words, a tool dedicated to a finance that creates value and serves people. I am happy to see that nowadays no company, no investor can reasonably ignore the Environmental, Social and Governance issues of organizations.

We live in a world of increasing complexity where everything is interrelated. In this new dynamic, the financial sector and the non-financial sector will tomorrow be totally intertwined – just like the two sides of one coin – and this is why I have encouraged EthiFinance to join forces with Spread Research, a partner with whom I share the same vision and the same values. The result of this merger is Qivalio, a group of talents at the service of those involved in responsible finance for the good of all.”

Emmanuel de La Ville, Managing Director, EthiFinance

Merger of Spread Research and EthiFinance into Qivalio Group:

Qivalio is an innovative European group providing rating, research and consulting services in the field of sustainable finance. The Group provides solutions for investors, companies and organisations to address the challenges raised by finance as well as social and environmental transformations. Formed in 2017, Qivalio is the result of the merger between Spread Research and EthiFinance, both French, a financial and a non-financial rating agency, both founded about fifteen years ago. Qivalio offers its services to a portfolio of leading international clients through its brands Spread Research, Spread Ratings, EthiFinance and Gaïa Rating.

This strategic partnership reflects:

  • a shared vision based on an integrated understanding of financial and non-financial performance to enhance the value of companies;
  • a shared ambition to become the leading rating agency for midcap companies in Europe.

Our Core Values




EthiFinance is committed to work for an economy that makes sense.

Strong commitment to CSR: We are a team convinced of the usefulness of CSR and committed to those who support it.

Integrity of our work: We are a team whose work is based on transparency and methodological accuracy, as well as on the independence of our analysies and advice.

Sharing with our clients and collaborators: We are a team that co-builds tailor-made solutions for its clients and involves all its stakeholders in its development.