22Mar06

Press release

Group

SCOR will continue with the implementation of its plan to pay employees a variable portion of salary following the judgment of the Versailles appeals court

SCOR decided in July 2005 to implement a plan to pay all Group employees a variable portion of salary, based on performance, in addition to base salary. This plan was approved, through an additional clause to the employment contract, by 96% of SCOR Paris employees and by all of SCOR employees outside France.

SCOR decided in July 2005 to implement a plan to pay all Group employees a variable portion of salary, based on performance, in addition to base salary. This plan was approved, through an additional clause to the employment contract, by 96% of SCOR Paris employees and by all of SCOR employees outside France.
 
The CFDT and CFE-CGC trade unions have initiated summary proceedings (“action en référé”) in order to stay the implementation of this plan. On September 20th, 2005, the court issued an injunction order (“ordonnance de référé”) which stayed the implementation of the plan for SCOR Paris employees. SCOR immediately appealed this decision.
 
The Versailles appeals court today overturned the September 20th 2005 injunction order. From this moment on, the implementation of this new plan can proceed.
 
This judgement now means that 86 SCOR Paris employees will receive the variable portion which they should have been paid in September 2005.
 
Following the judgement delivered today, all SCOR employees can benefit from this variable payment plan in 2006. 

Contact

Marie-Laurence Bouchon

Group Head of Communications

+33 (0)1 58 44 75 43

mbouchon@scor.com

 

Ian Kelly

Head of Investor Relations

+44 203 207 8561

ikelly@scor.com