Who we are ?
Why us
Our methodology
EFIRES‘ Founders


EFIRES is a consulting agency specialized in Responsible Investing (RI) and
Corporate Social Responsibility (CSR).We provide investors and companies with a large scope of services in these fields, from strategic consulting to operational execution.

Our missions are:

To help investors and companies factor in sustainable development issues in their business models,
using a prospective and targeted approach focused on their specificities (size, sector, asset class, etc.).

To build tailor-made RI & CSR strategies with top management, to assist operational teams in the
effective execution of these strategies and to ensure traceability through robust reporting.

To further dialogue and cooperation between investors, companies and local authorities, by fulfilling a key role as mediator.



Our pragmatic approach consists in combining extra-financial & financial benefits. 360 We systematically seek the best efficiency / responsibility ratio and provide our clients with innovative and differentiating ideas arising from 3 key strengths :


Source : Efires, 2015

Our in-depth knowledge of RI & CSR issues, developed through several years’ experience in these fields from various angles, thus offering a broad perspective view (strategy & project management, ESG / extra-financial research, marketing plan, reporting).

Our ongoing interactions with our clients and partners, , who are also key players interlinked in the development of a sustainable and responsible finance industry.

Our active involvement in French and pan-European organisations dedicated to RI & CSR themes (e.g. French-SIF/Eurosif).
We work hand-in-hand with our clients thanks to our original “integrated consulting” approach, setting us apart from conventional players in the RI and CSR market (CSR rating agencies, audit firms, sustainable development agencies, etc.) :
Beyond specific ad hoc missions, we assist our clients over the long term in the conception and development of their overall CSR & RI policies. They usually consider us as an extension of their internal teams.
EFIRES teams work closely with both top management, for the elaboration of CSR & RI strategies, and operational teams, for the concrete implementation in processes.
Our size and our independence are two advantages that enable us to offer our clients this integrated consulting approach. In order to preserve this flexibility, we make the choice to work simultaneously with a limited number of clients, with different and complementary profiles.



We design tailor-made solutions for our clients and we refuse to make them apply standard strategies and processes that would be unconnected with their context. This customized approach represents the common thread of our consulting missions and relies on the following modus operandi :

Schemas_Site Internet -EN



All our consulting missions result in concrete and exploitable deliverables.



With an average experience of 10 years in Responsible Investing & CSR, Véronique Le Heup and Nadia Tihdaini have developed solid and complementary skills, which they are now placing at the service of companies and investors through EFIRES. They are particularly involved in the finance industry and work closely with asset managers and asset owners representing more than €350bn in assets under management.

Véronique Le Heup

13 years of experience in Responsible Investing & CSR.  Specialist in strategic consulting in RI and CSR policy management

Veronique’s professional background in consulting started in 2009 as Managing Partner of the consulting agency Numaï Partners and founder of the company’s SRI branch. Major investors and companies have been entrusting their RI & CSR policies to her for many years, from strategic positioning to operational execution. She is renowned for her innovative coordination of concerted-dialogue initiatives between key sustainability players. She notably contributed to the launch of an innovative Core SRI fund managed according to an active ownership/engagement strategy. She has also been actively involved in RI initiatives like Cordial, a working group led by the French SIF (Eurosif network) and dedicated to constructive dialogue between investors and issuer organisations.
As a pioneer in the areas of RI & CSR, she explored these themes as early as 2002 within one of the largest European asset management companies, first as an SRI analyst and then as Head of the CSR Department, reporting directly to the CEO.

Nadia Tihdaini

8 years of experience in Responsible Investing & CSR. Specialist in extra-financial research and in SRI product marketing

Nadia’s experience in SRI  & CSR began in 2007 within the Business & Marketing Development department of one of the most progressive asset management companies in the field of Responsible Investing. She provided all internal teams with expertise and technical support on RI & CSR matters, was responsible for the coordination and operational execution of the SRI road map, for market studies, for adapting the SRI product ranges, for the RI labelling processes and for SRI positioning. She notably co-steered the product launch of an innovative fund dedicated to the theme of climate change and actively contributed to the setting up of a scientific advisory committee aiming at informing portfolio management teams about mitigation and adaptation issues.

In 2010, she joined the extra-financial research department as an ESG analyst, specialising in the Sustainable Buildings & Sustainable Consumption themes. This brought her to analyse the CSR practices of European listed companies in the related sectors.

Our associates-partners, with whom we co-build robust Responsible Policies integrating advanced methodologies in terms of concerted dialogue, organizational change management and sustainable business models


You are an investor
You are a company

 Asset managers (listed equity, fixed income, private equity, property)
Institutional investors / Sovereign funds / Private banks




Whether it results from strong beliefs or from growing market pressure (regulations, norms, clients’ expectations, etc.), investors now have to take into account extra-financial issues in their investment decisions. This is a complex evolution for investors in terms of operational execution as it consists in integrating a new paradigm, by essence not included in their fundamentals.

Click on the image below to find out more about the main RI & CSR drivers

csr-enSource : Revue réglementaire, normative et de marché IR & RSE, Efires, 2015




EFIRES helps investors to successfully address this major challenge, thanks to its strong expertise in RI / ESG / CSR fields, developed over several years. Our firm helps investors set up their Responsible Investing Approach and more globally their CSR policy. EFIRES’ consulting services cover a broad scope: from strategy definition upstream to the monitoring of results and KPIs, not forgetting the operational execution of the strategic roadmap.

As a true partner of your teams thanks to its integrated consulting approach, EFIRES provides :

Cutting-edge technical input, valuable in the definition or enhancement of RI / CSR strategies. Investors can rely on EFIRES’ continuous monitoring of national and international norms, standards and best practices.
Tangible solutions systematically adapted to the client’s overall strategy, its ambitions, its development targets, its opportunities and resources.
A tailor-made approach, built hand in hand with clients, and which takes into account the main features of each player: EFIRES has developed a specific and separate approach for each asset class (Contact us for more information).
Concrete assistance in terms of operational execution, used by clients as an extension of their internal teams, sometimes insufficiently staffed to achieve their ambitions or to address market pressures efficiently.

Hover the mouse over the circles for further details

Source : Efires, 2015



Non-listed SMEs
Listed companies




In just a few years, CSR has shifted from voluntary and mainly philanthropic initiatives to forming an integral part of risk and opportunity management. Several factors are leading companies to control their environmental and social impacts better.

Investors and shareholders tend to exert greater pressure on companies in these fields, as shown by the myriad of new SRI products and the growing integration of ESG criteria in mainstream investment processes.
> The technical support of a specialist of ESG issues, as viewed by the financial sector, is a valuable asset for companies that aim to attract responsible investors. EFIRES provides companies with this input.

Click on the image below to find out more about the main RI & CSR drivers

Source : Revue réglementaire, normative et de marché IR & RSE, Efires, 2015




Fort de son expertise éprouvée en gestion de projets RSE combinée à sa solide expérience en gestion d’actifs responsable, EFIRES accompagne les entreprises dans la définition et le déploiement de stratégies RSE :

Focusing on a sector’s main environmental and social issues, i.e. those with significant impacts and tangible improvement levers.
Targeted according to investors’ expectations, notably in terms of ESG reporting dedicated to SRI analysts.

EFIRES’ approach is flexible and can cover either the entire scope of the CSR policy or focus on specific issues.


Source : Efires, 2015



Our selective approach consists in focusing our support and monitoring of companies on the main ESG issues of their sector, i.e. CSR topics :

That represent overriding environmental and social impacts and for which improvement levers are significant => Concept of Responsibility

 Wich are subjected to an increasing and prescriptive regulatory supervision => Concepts of Compliance and Opposabiliy 

Which may have potential economic and financial impacts => Concept of Materiality
Risk sources
E.g. controversies that could affect the company’s image; bad working conditions in the supply chain that could disrupt product stocks or quality.
Opportunity sources
E.g. improvement of energy efficiency allowing both CO2 mitigation and cost reduction.



Our clients





EFIRES and Numaï Partners have developed a strategic partnership on the themes of Responsibility and concerted dialogue between issuers & investors (RI/CSR). These close links aim at combining their complementary skills in order to build together robust and efficient Responsibility Policies. These strategies rely on strong expertise in change management and are designed according to cross-expectations between companies and investors.


RI & CSR ?

The economic and financial corollaries
of Sustainable Development


CSR: Corporate social responsibility consists, for companies, in taking into account Sustainable Development issues in their business practices. This concept includes a three-tier responsibility:
Economic: profitability and durability
Social & Societal: consequences of a company’s behavior on its employees, clients, suppliers, shareholders and, more broadly, society as a whole.
Environmental: compatibility of a company’s activity with the preservation of the ecosystem Companies that put in place CSR policies pay close attention to stakeholders’ concerns, i.e.

all players that impact or are impacted by their activity.


SRI (or RI):
: “[Socially] Responsible Investing encompasses financial products that target economic, social and environmental performance by funding private and public players that contribute to a sustainable development and a responsible economic system.” .
French SIF & AFG’s common official definition, 2013
Concretely, it consists in taking into account Environmental, Social / Societal and corporate Governance (ESG) criteria in investment decisions, on top of financial criteria. SRI favors players which, while generating economic and financial performance, strive to combine their activities with positive extra-financial impacts:
Either through a selection of issuers that demonstrate their ability to control their impact on human and environmental capital.
Or by investing in, or funding, in priority the sectors that provide society with strong social and environmental benefits, to encourage the development of these positive activities.

Several factors encourage companies and investors to implement
this new paradigm in their daily business practices.

Click on the image below to find out more about RI & CSR drivers

Source : Revue réglementaire, normative et de marché IR & RSE, Efires, 2015


Click on the image below to find out more about the main RI approaches

Source : « Segmentation fondée sur une revue du marché de l’IR », Efires, 2015



Responsible Investor


Press release

Instit Invest




i_ttseul EFIRES
20 rue Pelleport
75020 Paris, France
Tel : + 33 (0)

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