Governance
Governance designed to ensure independence
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.
Ownership Structure
The sole shareholder of Standard Ethics Europe Srl is Standard Ethics Ltd, a company incorporated under English law and based in London, which, since 2026, has ceased its ESG rating activities and now plays a non-operational role as a shareholder, refraining from any interference in the Agency’s activities and rating processes. Standard Ethics Europe’s operations commenced gradually prior to the entry into force of Regulation (EU) 2024/3005.
Standard Ethics Ltd is not subject to direct or indirect control by any shareholder within the meaning of Article 22 of Directive 2013/34/EU — neither through the holding of a majority of voting rights, nor through the right to appoint a majority of the members of the Board of Directors, nor through shareholders’ agreements or coordinated voting arrangements. Its shareholders comprise individuals (current or former members of management), among whom no Shareholder Agreements or voting pacts exist, and one legal entity — a company belonging to the Gruppo Class Editori — holding a 24.75% stake, which does not confer any right of control.
This structure means that Standard Ethics Ltd does not belong to, nor is it consolidated within, any group, nor is it subject to any management, coordination or control activities. None of its shareholders engages directly in activities that would be incompatible with the Agency’s independence within the meaning of Article 16(1) of the Regulation.
From left to right: Orla Ralph, Marcello Cardi, Jacopo Schettini Gherardini, Blanche Ullens de Schooten,
Filippo Cecchi, Myrianne Coen e Veronique Lafon-Vinais
Orla Ralph, Gabriele Capolino and Jacopo Schettini Gherardini also hold positions on the Board of Directors of Standard Ethics Europe, to ensure continuity in the experience and expertise gained by one of the longest-established ESG rating agencies on the market. Although they do not participate in the Agency’s analysis and rating process — in compliance with internal policies on the separation of activities and the management of conflicts of interest — they contribute to the Agency’s governance and organisational decisions.
