Regulation and compliance

Qivalio operates as a credit rating agency

accredited and regulated by ESMA.



Qivalio is a ‘société par actions simplifiée’ (SAS) under French law, registered in Lyon, where it is headquartered. Qivalio is headed by a chairman, surrounded by an executive committee The company has a supervisory board composed of eight members of which three are independent and two have a censorhip role. Qivalio 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

  • 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


Qivalio is registered as a credit rating agency 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.