Statement from CIAM on SCOR / COVEA - 11-06-21
Statement from CIAM on SCOR/Covéa – 11.06.21
We take note of the settlement agreement concluded between SCOR and Covéa and welcome its positive impact on Paris as an international financial centre.
Nevertheless, we see that SCOR’s principal shareholder is now forced to vote in favour of the resolutions proposed by the Board of Directors, including on the appointment of Directors, and to oppose any other resolution not approved by the Board.
We note that Denis Kessler is therefore strengthening his position by neutralising his main shareholder.
As such, we will remain very vigilant on SCOR’s governance.
We note that this agreement has very conveniently been announced just a few days before the Annual General Meeting. As a shareholder who considers governance to be a key element of the company and its valuation, we continue to call on shareholders to vote against the resolutions concerning the renewal of directors, as well as against Denis Kessler’s remuneration (chaotic succession and remuneration disconnected from the company’s performance).