Proxy Contest SCOR
Our votes at the 2021 AGM
VOTE NO
Item 5
The remuneration of Denis Kessler for 2020
We refuse to reward Denis Kessler for SCOR's chronic poor performance
- 0% achievement of the bonus’ financial criterion. Largely compensated by the opaque and undeserved overachievement of qualitative criteria
- No blank check to a Board of Directors that has ignored the discontent of shareholders for years
VOTE NO
Item 8
Denis Kessler’s remuneration policy for 2021
Poorly structured and particularly opaque in view of the separation of functions
- No information on the fate of these shares and stock options in the process of vesting, while Denis Kessler will only be executive for half of the performance period
- No information on a possible cumulation of his pension rights with his (significant) remuneration as non-executive Chairman
- A remuneration package for the new CEO that is much lower than Denis Kessler’s: proof, if any more were needed, that he was far too well-paid…
VOTE NO
Item 9
Reelection of Denis Kessler as member of the Board of Directors
Denis Kessler is the first responsible person for this succession fiasco and SCOR’s governance needs to be improved with an independent Chairman
- There is a Denis Kessler discount in the stock price today
- Need for a new breath to redress SCOR
- Laurent Rousseau does not need to be managed, quite the contrary
VOTE N0 & NO
Items 11 & 10
Reelection of Claude Tendil and Bruno Pfister, members of the Compensation and Nomination Committee.
We hold this Committee accountable for :
1- The succession fiasco:
- Was the risk of non-approval by the ACPR, which weighed on the succession, really taken into account by the Compensation and Nomination Committee?
- What will be the consequences (financial and reputational) of this reversal?
2- The lack of responsiveness to problematic and contested compensation practices
VOTE YES
Item 13
Nomination of Laurent Rousseau as member of the Board of Directors
YES for a succession.
Laurent Rousseau needs his hands free to redress SCOR