French reinsurer SCOR SE announced on Monday that it would withdraw its proposed dividend to shareholders and its senior executive would lose 30% of its bonus in light of regulatory recommendations issued since the coronavirus pandemic began.
In a statement, the Paris-based reinsurer stated that Chairman and CEO Denis Kessler would give up 30% – or € 325,260 ($ 356,908) – of his variable compensation for 2019, which would reduce that proportion of his total compensation to EUR 758,940 from EUR 1.1 million proposed in SCOR's Universal Registration Document in March.
Mr. Kessler's total remuneration, including salary, variable remuneration, board member, share premiums and stock options, was originally due to € 6.7 million for 201
The decision to lower Mr Kessler's compensation was made in the context of an April appeal by the French Financial Supervisory Authority's Autorité de Contrôle Prudentiel et de Résolution, in order for insurance companies to show restraint in bonus payments.
In addition, SCOR has withdrawn its proposed dividend for 2019 at EUR 1.80 per share to comply with requirements issued by European and French regulators last month, the statement said.
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