Corporate governance

Purpose and Values

Since inception in 2015, INBONISRATING’s mission has been to increase the financial inclusion of SMEs by optimizing and democratizing the credit assessment and credit rating process through the development of enhanced risk models and advanced technologies.

VALUES

INBONIS square
Independence We guarantee the neutrality of the credit ratings issued via our ethical standards and strict compliance with European regulations.
INBONIS square
Intellectual curiosity We are attentive to the evolution of the financial market and the latest technologies in order to make the SME credit rating process more efficient.
INBONIS square
Perseverance at work We work as a team to continuously improve our ability to issue credit rating and to provide coverage on as many SME as possible.
INBONIS square
Positive impact We promote the growth of SMEs by creating a market infrastructure that provides efficiency and transparency in the assessment of credit risk.
INBONIS In December 2017, INBONIS<span>RATING</span> obtained the B Corporation certification, which accredits it as one of the leaders of the global movement of companies whose purpose is to improve the world by providing solutions to major problems. SMEs are the economic and social engine of our economy, by simplifying their credit risk analysis, INBONIS favors their growth and the generation of wealth and progress.

In December 2017, INBONISRATING obtained the B Corporation certification, which accredits it as one of the leaders of the global movement of companies whose purpose is to improve the world by providing solutions to major problems. SMEs are the economic and social engine of our economy, by simplifying their credit risk analysis, INBONIS favors their growth and the generation of wealth and progress.

Governing Bodies

Board of Directors

The Board of Directors of INBONIS consists of six members highly qualified and experienced in the financial sector, two of whom are independent members.

This body defines the strategic vision of the company, ensures prudent and sound management and is responsible for ensuring that credit rating activities are carried out in accordance with the requirements of the Regulation on Credit Rating Agencies (EC) No 1060/2009 and the IOSCO Code of Conduct.

The Board of Directors should in particular ensure that:

  • the credit rating activities are independent, including from all political and economic influence and pressure;
  • conflicts of interest are properly identified, managed and disclosed;
  • the remaining provisions of the regulation are complied with.
François David
Chairman+
François David's career has always focused on international trade and finance. He started at the Ministry of Finance in the Department of Commerce, where he ended up as undersecretary in 1989. From 1994 to 2013, he was CEO of Coface, the world's leading export credit company. During that period, Coface expanded to 67 countries and to other activities such as information, debt recovery and factoring. Today, Mr. David is Honorary Chairman of Coface and principal advisor to the U.S. investment bank Moelis & Company. François David is a graduate of the Ecole Nationale d'Administration.
Clémentine Baldon
Director+
Clémentine has over 15 years of experience in competition law and regulatory compliance. As avocate au Barreau de Paris and solicitor of England and Wales, Clémentine has worked in international firms such as Dentons, Weil Goshtal and Freshfields and, later, as deputy legal director of the French mobile operator, Bouygues Telecom. As an expert in European law, Clémentine collaborates with the European Centre for Law and Economics at ESSEC business school, where she also teaches business law. Clémentine graduated from ESSEC Business School and holds a degree in Law from Université Paris II-Assas.
Manuel Castro Aladro
Independent DirectorMember of the Supervisory Committee+
Manuel is a renowned expert in the banking sector. In 1998 he was hired by BBVA, where he held various positions until he became part of the Group's Executive Committee. He was the Group's Risk Manager from 2009 to 2015. He is currently a member of the Board of Directors of Abengoa and BigML, as well as Senior Partner of Bluecap Management Consulting.
Bertrand Jacquillat
Independent DirectorMember of the Supervisory Committee+
Bertrand is an authority in the field of financial evaluation of companies. He is a Professor of Finance at different universities (UB Berkeley, Stanford, HEC, Sciences Po), considered as a reference for his books and articles on this subject and has been an advisor to different entities such as Total and Klépierre. He is currently Honorary President of Associés en Finance, and, among others, has received the distinction of Officer of the Order of the Legion of Honour of the French Republic.
Charles Beigbeder
Director+
Charles is President of his investment holding company Gravitation. Charles was the founder and CEO of Selftrade /SelfBank (a pioneering online broker in France, Spain and the UK) and Poweo (now Direct Energie). Charles is an engineer, a graduate of the Ecole Centrale de Paris.
Alberto Sánchez Navalpotro
Chief Executive Officer+
Alberto is the founder of INBONIS. He is responsible for executing the strategy decided by the Board of Directors and for the operational management of the company. He is specifically responsible for commercial and corporate development. Previously, Alberto was active in the financing of European SMEs - as a venture capital investor - first as Director of Investments Gravitation (Paris), holding company of Charles Beigbeder (French entrepreneur and founder of SelfTrade and Poweo) and then as a partner in the venture capital fund Jolt Capital. He has been a strategy consultant at Kaiser Associates (London) advising large multinationals across Europe. He holds a masters degree from ESCP Europe and a master research in Economics and a degree in Business Administration from the University of Alcalá.

The Board has a Supervisory Committee, made up of the two independent non-executive directors, appointed for five-year mandate, non-renewable.

The members of the Supervisory Committee must at all times maintain their independence of analysis, decision and action and have the obligation to inform the European Securities and Markets Authority (ESMA) of any significant breach of the Regulation or any change impacting the initial registration conditions. The Supervisory Committee has the specific task of monitoring:

  • the development of the credit rating policy and the methods used by Inbonis Rating in their credit rating activities;
  • the effectiveness of Inbonis Rating internal quality control system in relation to credit rating activities;
  • the effectiveness of the measures and procedures put in place to ensure that any conflicts of interest are identified, eliminated or managed and disclosed; and
  • the compliance and good governance processes, including the effectiveness of the review function.

Functional Heads

The activity of INBONIS requires good functioning and collaboration between different areas. Those responsible for each area are professionals of recognised prestige in their respective fields of activity.

Antonio Alcalde
Head of rating+
Antonio leads the credit rating actvities. He is responsible for reviewing ratings and chairing the Rating Committee, designating analysts and ensuring their legal rotations. Thanks to his experience and commitment, Antonio ensures the skilled development and the professional growth of the analysts’ team. Spanish national, Antonio has more than 25 years of experience in credit risk analysis and team management in the BBVA Group. He has been Chief Risk Officer for BBVA in several geographies: Spain and Portugal during the crisis (2007-2012), Latin America during the expansion period (2002-2007) and in Argentina during the recession (1997-2002). He holds a degree in Law with a Master's degree in Finance from the University of Deusto and has studied various leadership and management programmes at IESE, INSEAD and Universidad Austral. He is a certified team coach by ICF.
Rafaëlle Hapetian
Compliance officer+
Rafaëlle is responsible for the compliance function, which aims at ensuring the respect of the regulatory framework and monitors the application of policies and procedures within the governance and operations of INBONIS RATING. French national, Rafaëlle has international experience in the management of regulatory compliance risks in areas such as the anti-money laundering and terrorism financing. She started her career with the Wealth Management group Blevins Franks where she was ensuring of the enforcement of policies and procedures (KYC). Most recently, Rafaëlle served as Compliance Officer at Amicorp, a leading fiduciary services company. She holds a law degree from the University of Saint-Etienne in France.
Gert Pregel
Head of data analytics, and review officer+
Gert leads the data analytics team in charge of developing advanced models and exploring big data and machine learning technologies for continuous improvement. Gert is also the responsible of the review of Inbonis' credit rating methodologies, and is a member of the Methodologies Committee, along with the independent advisors of the Supervisory Committee. Austrian national, Gert has a long career in banking - at Banco Santander and at BBVA - where he has held key management positions such as Head of Management Control Global Markets, Head of Customer Knowledge and Value-based Management. Gert has been a finance professor at IESE for 10 years. Gert holds a Master's degree in Finance and Applied Economics from the Wharton School, an MBA from IESE and is a civil engineer from the Polytechnic University of Catalonia.
Samuel Santiago
Head of technology+
Samuel defines and is responsible for the execution of the technology roadmap that seeks continuous improvements in processes. With his team, they support the credit rating activity. Spanish national, Samuel is an experienced web application developer with more than 10 years of experience. His specialty is Front-End or UI (user interface) and UX (user experience) development, but he likes to face new challenges and has done multiple projects as fullstack developer. Before joining INBONIS, Samuel worked with companies such as El Corte Inglés, ONO and Securitas Direct.
Alberto Sánchez Navalpotro
Chief Executive Officer+
Alberto is the founder of INBONIS. He is responsible for executing the strategy decided by the Board of Directors and for the operational management of the company. He is specifically responsible for commercial and corporate development. Previously, Alberto was active in the financing of European SMEs - as a venture capital investor - first as Director of Investments Gravitation (Paris), holding company of Charles Beigbeder (French entrepreneur and founder of SelfTrade and Poweo) and then as a partner in the venture capital fund Jolt Capital. He has been a strategy consultant at Kaiser Associates (London) advising large multinationals across Europe. He holds a masters degree from ESCP Europe and a master research in Economics and a degree in Business Administration from the University of Alcalá.

Compliance

The Compliance Function is permanent and dedicated to ensure respect of the legal framework of credit rating agencies by INBONIS and its employees.

The Compliance Function assists and advises the management, rating analysts and any person related to the agency to ensure regulatory compliance. In particular, the compliance function is responsible for continuously supervising the adequacy of the policies and procedures established to guarantee the quality and independence of INBONIS' rating activities.

The Compliance Function spots and manages any deficiency identified and reports to the Board of Directors and the Supervisory Committee. The Compliance Function is in charge of:

  • Enforcing, updating and signing of policies and procedures dedicated to ensuring a sound operational and governance process, including the Code of Conduct;
  • Accountability and maintenance of conflict of interest disclosures and policy enforcement in order to ensure that conflicts of interest are identified, eliminated or managed and disclosed efficiently;
  • Maintaining the list of actual or potential conflicts of interest;
  • Preparation of the list of entities excluded from rating activities and of the list of companies to which ancillary services are provided;
  • Maintenance of the list of rated entitites and control of the rotation of rating analysts;
  • Development and execution of a training programme for all persons related to INBONIS;
  • Creation and maintenance of a Compliance Workplan, Risk Assessment Report and Compliance Report for the Independent Non-Executive Directors;
  • Publication and updating of general legal requirements to the public and periodic information;
  • Responsibility for dialogue with the Regulatory Authorities and disclosure of quarterly, half-yearly and annual information;
  • Responsibility for ad hoc requests and the disclosure of ratings information;
  • Preparation of the annual transparency report and its publication;
  • Responsability for periodical and ad hoc control over pricing, segregation of activities and remuneration practices;
  • Responsability for periodically and ad hoc control of segregations and access restrictions in the computer system;
  • Management of interviews with employees and specifically control of past and future activities of rating analysts;
  • Responsibility and maintenance of records and information according to the Record Keeping Policy;
  • Control and testing of the Plan of Continuity and Regularity of the activities and the outsourced activities;
  • Investigations in case of breach and information to the Supervisory Committee.

The Compliance Officer reports functionally to the Supervisory Committee and administratively to the Chief Executive Officer. To carry out its functions independently, the Compliance Officer has the authority, resources, technical knowledge and access to relevant information. To ensure its independence, the compliance function does not participate in credit rating activities and its remuneration is not linked to INBONIS' business results.

Regulation and transparency

INBONISRATING is a Credit Rating Agency (CRA) registered by the European Securities and Markets Authority (ESMA). It is governed by Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 for credit rating agencies.

This Regulation forms part of the initiatives adopted in response to the commitments made at the G20 Summit held in Washington DC in November 2008. The Regulation aims not only to strengthen the confidence in the market, but also to improve investors’ protection and to prevent European financial markets from being exposed to the risk of irregular practices. It guarantees the independence and integrity of the credit rating process and improves the quality of the ratings issued.

Similarly, INBONISRATING is committed to pursuing objectives of quality, transparency and accountability. It has put in place sound and adequate internal control systems with the objective of continuously ensuring the independence and objectivity of its assessments. The following sections are part of the Policies and Procedures that INBONISRATING has implemented:

Policies and Procedures