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SCOR scraps dividend; CEO takes pay cut

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Denis Kessler

French reinsurer SCOR SE announced Monday that it would withdraw its proposed dividend to shareholders and its top executive would forgo 30% of his bonus in light of regulatory recommendations issued since the onset of the coronavirus pandemic.

In a statement, the Paris-based reinsurer said 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 overall compensation to €758,940 from €1.1 million proposed in SCOR’s universal registration document in March.

Mr. Kessler’s total compensation, including salary, variable compensation, director’s compensation, share grants and stock options was originally due to total €6.7 million for 2019, according to the document.

The decision to lower Mr. Kessler’s compensation was made in light of an April call by Autorité de Contrôle Prudentiel et de Résolution, the French financial regulator, for insurance companies to show restraint on executive bonus payments.

In addition, SCOR has withdrawn its proposed 2019 dividend payment of €1.80 per share to comply with requirements issued by European and French regulators last month, the statement said.

More insurance and risk management news on the coronavirus crisis here.