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Argo announces governance, compensation review after SEC subpoena

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Argo announces governance, compensation review after SEC subpoena

The independent directors of Argo Group International Holdings Ltd. are conducting a review of the company's governance and compensation matters, following the board's approval of compensation-related changes in August.

The review also comes after Argo received a subpoena from the SEC for documents related to the company's disclosure of certain compensation-related perquisites. The company said it is working with outside counsel and fully cooperating with the regulator. The company does not expect the amounts involved to be material to its financial position or results of operations.

In August, Argo's board proposed amendments to the company's bylaws, which included suggestions to decrease the board's maximum size and start a phased declassification process. The board also authorized changes to the company's executive compensation program, including changes to performance awards and stock ownership guidelines, effective in fiscal year 2020.