Activist fund CIAM is calling for a vote to dislodge Scor SE CEO Denis Kessler as a director on the company's board, citing alleged inappropriate handling of a bid received from SGAM Covéa.
The French fund is also asking other shareholders for a vote to reappoint Kory Sorenson as a director and for a vote against the re-election of Augustin de Romanet as a director. It is also calling for the separation of chairman of the board from the management.
CIAM said Kessler's compensation was not justifiable in light of SCOR's performance or when compared to his peers' payouts. The activist fund called SCOR's governance dysfunctional and said the company's board appears to have ignored shareholder opposition during the last three years.
In response, SCOR's board asked its shareholders to reject the draft resolution and to vote in favor of the proposals put forward by the board of directors. The board said CIAM's statements were seriously unfounded, inaccurate and misleading.
The board noted that the dismissal of Denis Kessler as director would mean that he will have to quit as CEO, putting the stability of the group at risk.