The shareholders of French reinsurer SCOR rejected a request by activist fund CIAM to oust chief executive Denis Kessler from the board of SCOR, although Kessler’s pay deal was only approved by a slim majority.
About 54 percent of shareholders present at the company’s annual meeting approved Kessler’s pay package for 2018 and 2019.
Kessler was granted a 6.5 million euro ($7.24 million) pay package for 2018.
CIAM’s attempt to oust Kessler came after months of tension over French co-operative insurer Covea’s failed 8.2 billion euro takeover bid for SCOR last year, which was opposed by Kessler and had earned him criticism from CIAM.
SCOR also reported earlier on Friday that its first quarter net profits had fallen by 21 percent as a result of the impact of 2018 typhoons in Japan.
($1 = 0.8979 euros) (Reporting by Inti Landauro; editing by Sudip Kar-Gupta)
Related:
- SCOR’s Q1 Net Profit Drops 21% on Japan Typhoons in 2018
- French Activist Fund Aims to Remove SCOR CEO Kessler from Board
- Update: SCOR CEO Says Activist Fund Criticisms of Covea Tactics Constitute Slander
- French Insurer Covea Abandons Hostile Takeover of SCOR
- SCOR Forces Board Resignation of CEO of Covéa (Biggest Shareholder, Spurned Suitor)
- French Reinsurer SCOR Spurns $9.6B Acquisition Offer from Insurer Covea
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