Profile
Standard Ethics is one of the founding ESG rating agencies to operate at a global level. It has been playing a formative role in shaping and advancing the sustainability ratings market since 2004.
From its inception, the Agency made a deliberate choice to specialise exclusively in ESG rating activities. It does not provide consultancy or other services, nor does it sell data. This independence underpins the development of its ESG compliance rating — an assessment designed to measure how closely an organisation aligns with the environmental, social and governance guidelines provided by the United Nations, the OECD and the European Union. Rather than relying on subjective judgement or sector‑specific scoring models, Standard Ethics' methodology is anchored in internationally recognised, voluntary sustainability frameworks.
Today, Standard Ethics works with a broad spectrum of large listed and unlisted companies operating in sectors which include telecommunications, utilities, payment systems, motorway infrastructure, fashion, healthcare, construction, industrial manufacturing, insurance, energy infrastructure, food, systemic banking and smaller financial institutions. These entities request the Standard Ethics Rating (SER), which is produced through a process based entirely on document analysis and expert human evaluation — AI platforms and online questionnaires are NEVER used.
For the most recent Standard Ethics Rating (SER) updates, presented in chronological order, please consult the dedicated page here.
The origins
Standard Ethics traces its origins to the European Economic Interest Grouping Aei Standard Ethics, headquartered in Brussels. From 2004, the Group dedicated its work to scientific research on Sustainability, which meant participation in European projects alongside universities and foundations. In that same year, it developed the Standard Ethics Rating (SER) as an assessment tool designed to evaluate the degree to which organisations implement the voluntary sustainability guidelines established by the United Nations, the OECD and the European Union — a distinctive approach at a time when emerging ESG rating agencies were largely focused on benchmarking companies against one another rather than adopting a broader, principles‑based perspective.
The Agency began issuing the Standard Ethics Rating (SER) — initially on an unsolicited basis — to major listed companies in Europe and the United States. In the absence of a widely accepted definition of ESG at the time (the acronym would only gain currency later), the term ethical rating was introduced to describe the Agency’s assessment. The expression remains formally recognised today, and is an entry in the Treccani Encyclopaedia.
In some cases — notably the forty largest companies in Italy — the Standard Ethics Rating (SER); first issued as Unsolicited and later as Solicited, has been published continuously from 2004 to now. This likely represents the longest uninterrupted historical series of public ESG ratings available for any index‑related group of companies.
The commercial phase
The commercial development of Standard Ethics took shape after the establishment of Standard Ethics Ltd in London. Between 2014 and 2015, the Agency transitioned from its research‑driven origins to a fully operational market presence. During this phase, the Standard Ethics Rating (SER) was formally positioned as a compliance rating aligned with voluntary international sustainability guidelines.
Its construction followed a rigorous and distinctive methodology: ratings are aggregated on an absolute basis through proprietary algorithmic calculation, yet the entire analytical process is conducted exclusively by human analysts. No automated data‑collection systems are used, and no consultancy, data‑sales activities or ancillary services are offered. This Model — fully consistent with the Applicant‑Pay approach — is designed to minimise potential conflicts of interest and preserve the independence of the rating activity.
The European framework and current developments
In December 2020, Standard Ethics Europe Srl was established in Milan with the aim of serving the Italian and wider European markets in anticipation of the EU regulation governing ESG rating providers. Since then, Standard Ethics Ltd has progressively transferred the licences for the intellectual and operational assets developed over the course of its activities to Standard Ethics Europe .
Today, Standard Ethics Europe issues the Standard Ethics Rating (SER) within the European Union. Standard Ethics Europe has been officially registered in the European Register of ESG Rating Providers, pursuant to Regulation (EU) 2024/3005, with effect from 13 August 2026. The Agency operates under the direct supervision of ESMA.
Throughout this evolution, the Agency has remained faithful to the philosophy it adopted in 2004: delivering only ESG compliance ratings, executed with the highest professional standards, and offering no additional services. Nothing more, nothing less.
