Press Release January 29, 2019 - N° 2
SCOR announces a one-off bonus to employees in France and awards performance shares to involve all its employees worldwide in the Group's success
SCOR has decided, through a collective agreement, to award a one-off bonus of EUR 1,000 to all employees in France whose salary is less than 1.5 times the minimum wage, and a bonus of EUR 500 to all employees whose salary is between 1.5 and 2.5 times the minimum wage.
30% of SCOR's employees in France will receive this bonus, which will be paid by the end of February 2019.
The bonus, which is exempt from tax and social charges, is being awarded in the context of the measures approved by the French parliament in December 2018 to boost purchasing power.
This comes in addition to the performance shares awarded in December 2018 to all Group employees worldwide, with nearly one million SCOR shares distributed to more than 2,800 employees.
SCOR's performance share award policy has been a strong component of its remuneration policy since 2005. This deferred compensation, which vests in 3 years, is a way to align the interests of the Group's shareholders and employees over the long term. The Group acquires awarded shares on the secondary market to avoid any dilution for shareholders.
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Contact details
Marie-Laurence Bouchon Group Head of Communications +33 (0)1 58 44 75 43 mbouchon@scor.com
Ian Kelly Head of Investor Relations +44 (0)203 207 8561 ikelly@scor.com
Twitter: @SCOR_SE
Forward-looking statements
SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC) Regulation n°809/2004 of the European Commission. Thus, any forward-looking statements contained in this communication should not be held as corresponding to such profit forecasts. Information in this communication may include "forward-looking statements", including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions and include any statement which does not directly relate to a historical fact or current fact. Forward-looking statements are typically identified by words or phrases such as, without limitation, "anticipate", "assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may increase" and "may fluctuate" and similar expressions or by future or conditional verbs such as, without limitations, "will", "should", "would" and "could." Undue reliance should not be placed on such statements, because, by their nature, they are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, on the one hand, to differ from any results expressed or implied by the present communication, on the other hand.
Please refer to the 2017 reference document filed on February 23, 2018, under number D.18-0072 with the French Autorité des marchés financiers (AMF) posted on SCOR's website www.scor.com (the "Document de Référence"), for a description of certain important factors, risks and uncertainties that may affect the business of the SCOR Group. As a result of the extreme and unprecedented volatility and disruption of the current global financial crisis, SCOR is exposed to significant financial, capital market and other risks, including movements in interest rates, credit spreads, equity prices, and currency movements, changes in rating agency policies or practices, and the lowering or loss of financial strength or other ratings.
The Group's financial information is prepared on the basis of IFRS and interpretations issued and approved by the European Union. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 "Interim Financial Reporting".
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