SCOR Cited For Employee Share Ownership Model

French reinsurer SCOR said it received an award for promoting and engaging employees in its comprehensive share ownership scheme.

SCOR was awarded the silver medal in the Grand Prix de l'Actionnariat Salari? 2007 (Employee Shareholder Awards) in the category of SBF250 (Soci?t?s de Bourse Fran?aise), which listed companies for promoting and engaging employees in its comprehensive share ownership scheme.

SCOR was cited for informing its employees on employee share ownership, as well as for its efforts to promote such ownership, notably through its international employee shareholder association, l'Association Internationale des Salari?s Actionnaires de SCOR (AISAS) and dedicated Web site.

SCOR employee shareholders own slightly less than 1 percent of the company's share capital, the company said. Over the next five years, AISAS aims to increase employee share ownership to 3 percent of share capital and to expand its worldwide membership to 60 percent of the group's employees.

Employee share ownership has provided the company with a key vehicle for promoting international integration following mergers with Revios in 2006 and Converium in 2007, the company said, adding that it was one of the first French companies to create such schemes on an international scale.

Denis Kessler, chairman and chief executive officer of SCOR, commented that “shareholding employees play a crucial part in the sustainable success of our company.”

The awards were presented as part of the Salon Actionaria conference, Nov. 16 at the Palais des Congr?s in Paris.