 Review of acquisition plans  Annual review of the Group policies
Moreover, 4 training sessions have been organized in 2014 for the board members on:  3 March 2014 on accounting policies and methods in Non-Life reinsurance  5 May 2014 on the Pilar 2 of Solvency 2 and especially on ORSA
 4 November 2014 on the Pilar 3 of Solvency 2
(D) COMMITTEES OF THE BOARD OF DIRECTORS Since 2003, SCOR’s Board of Directors has established five advisory committees to prepare the Board’s proceedings and make recommendations to it on specific subjects. It has especially decided to create, during its meeting on 4 March 2015, a crisis management Committee, as a precautionary measure.
Moreover, the non-executive directors session is composed of all voting directors, with the exception of the employee directors and the executive corporate officers of the Company.
The Strategic Committee is composed of Denis Kessler (Chairman), Gérard Andreck, Andreas Brandstetter, Thierry Derez, Peter Eckert, Charles Gave, Guillaume Sarkozy (as representative of Malakoff Médéric Group), Guylaine Saucier, Kory Sorenson, Claude Tendil, Daniel Valot and Fields Wicker-Miurin. The Committee’s mission is to study the development strategy, including investments in organic growth and major internal restructuring operations, plus any significant operation falling outside of the strategy announced by the Group and to examine any acquisition, merger, asset contribution or disposal plan concerning an amount in excess of EUR 100 million.
The Chairman of the Strategic Committee must exclude the non-independent members of the Committee from the review of the discussions which might create an ethical problem or a conflict of interest. In 2014, the Strategic Committee met on 3 occasions. These meetings lasted approximately 2 hours.
Its work dealt with various aspects of the strategy of the Group and in particular, the review of acquisition plans.
Due to their past experience and the duties that they held during their career, each member of the Committee has a high level of competence in financial matters.
The Audit Committee has two main missions:  Accounting and financial mission, including the analysis of periodic financial statements, the review of the relevance of choices and correct application of accounting standard, the review of the accounting treatment of any material transaction, review of the scope of consolidation, review of significant off-balance sheet commitments, control of the selection and remuneration of statutory auditors, oversight of any accounting and financial reporting documents before they are made public.
The Committee may consult the Chief Financial and Accounting Officer, the Chief Internal Auditor and external auditors on these issues, including when SCOR executives are not present. During the financial year 2014, and for each meeting, it met with the auditors, the Group Chief Financial Officer (during the review of the financial statements) and the Chief of Internal Audit. The review of the financial statements has been accompanied with a presentation made by the auditors underlying the major results of their works of accounting options retained, as well as with a presentation made by SCOR’s Chief Financial Officer describing the risks exposure and its material off-balance sheets liabilities.
During its four meetings in 2014, the Audit Committee discussions focused primarily on the following matters: quarterly and annual financial statements, review of the quarterly internal audit report, management of the Group’s debt, embedded value, impact of the litigations upon the financial statements, review of the Registration Document, update on group corporate finance, annual review of the Group Policies and Group Guidelines, quarterly regulatory reporting.
The average attendance rate of the Committee Members was 85%. The following chart states the attendance of the Audit Committee’s members in 2014: Board members Attendance rate (%) Daniel Valot, Chairman 100 Peter Eckert 100 Guillaume Sarkozy (1) 50 Guylaine Saucier 75 Kory Sorenson 100
The Committee is responsible for highlighting the main risks to which the Company is exposed, regarding both assets and liabilities and for ensuring that the means put in place to monitor and manage those risks have been effectively implemented. It examines SCOR’s risks and its Enterprise Risk Management (ERM) policy. It studies the Group's principal underwriting and financial commitments which are: - underwriting risks (life and Non-Life); - reserving risks (life and Non-Life); - market risks; - concentration risks (assets and liabilities); - counterparty risks; - asset-liability management risks; - liquidity risks; - operating risks.
The Committee met four times in 2014, primarily to discuss the following matters: main exposures of the Group, the Group risk appetite, the Capital Shield Strategy and its effectiveness, the Mortality risks analysis, the Solvency II project, the internal model of assets and liabilities and capital allocation management, the footprint scenario, the cyber risks, the update on supervisory developments, the review of the solvency report and the internal control report.
The Risk Committee meetings lasted approximately 2 to 3 hours. The average attendance rate of the Committee Members was 93.8%. The following chart states the attendance of the members of the Risk Committee in 2014: Board members Attendance rate (%) Peter Eckert, Chairman 100 Thierry Derez 100 Charles Gave 75 Guylaine Saucier 75 Kory Sorenson 100 Claude Tendil 100 Daniel Valot 100 Fields Wicker-Miurin 100 4. The Compensation and Nomination Committee
The Compensation and Nomination Committee meetings lasted approximately 2 to 3 hours. The average attendance rate of the Committee Members was 75%. The following chart states the attendance of the members of the Compensation and Nomination Committee in 2014: Board members Attendance rate (%) Claude Tendil, Chairman 100 Charles Gave (1) 25 Guylaine Saucier 75 Daniel Valot 75 Fields Wicker-Miurin 100 (1) Mr. Charles Gave lives in Hong Kong
During its meeting held on 4 March 2015, the Board of Directors decided to create a crisis management committee. It is charged with assisting and advising the Board of Directors and proposing to the Board any necessary measures and decisions in the event of a crisis affecting the Company, the Group or one of its members, as well as following up on such measures and decisions. It is composed of the following members: - Lead independent director - Chairman of the Compensation and Nomination Committee - Chairman of the Audit Committee - Chairman of the Risk Committee - Chairman and Chief Executive Officer - One or two independent directors appointed by the Board of Directors
This session met twice in 2014, under the chairmanship of the Lead Independent Director, and has especially worked on the functioning of the Board and the assessment of the Board of Directors.
(E) ASSESSMENT OF THE BOARD OF DIRECTORS Pursuant to the recommendations stated by the AFEP-MEDEF Governance Code and in the Board Internal Charter of SCOR SE, an assessment of the Board of Directors and of its committees was conducted in January 2015.
Mrs. Fields Wicker-Miurin, member of the Compensation and Nomination Committee, managed this assessment by sending a questionnaire to the Directors in December 2014. This questionnaire was about the composition of the Board, its organization, its functioning and the functioning and composition of its Committees. The Chairman of the Board has not participated in this assessment. All of the directors completed this questionnaire. Mrs. Fields Wicker-Miurin presented her report during the Board of Directors held on 4 March 2015. Overall, the directors expressed their satisfaction on the organization, functioning and composition of the Board and its Committees. 75 % of the directors said that the governance of the SCOR Group was better than in the other boards on which they sat. They found the consideration of proposals for changes they have made in the 2013 assessment. They especially welcomed the establishment of a Seminar of the Strategic Committee and the creation of a Crisis Management Committee and the regular convening of the Non-executive Directors Sessions. The directors also mentioned the main points of improvement raised by the directors including to have more directors of SCOR SE in the main Group subsidiaries and more time during the seminar of the Strategic Committee to discuss strategic issues for the Company.
(F) PRINCIPLES AND RULES STATED FOR THE DETERMINATION OF COMPENSATION AND IN-KIND BENEFITS FOR CORPORATE OFFICERS The data on compensation for corporate officers appears in Sections 15 – Remuneration and benefits – and 17.2 – Information on shareholding and stock options or company stock purchases by members of administrative and management bodies of the Registration Document.
Every year, the conditions of remuneration for corporate executive officers and Directors are made public through the documents released for the Annual General Meeting. The Shareholders’ Meeting of the Company held on 6 May 2014 resolved that the annual maximum aggregate amount of Directors fees shall not exceed EUR 1,152,000. Upon the proposal of the Compensation and Nomination Committee held on 10 February 2011 and within the limit of this amount, the meeting of the Board of Directors held on 7 March 2011 sets the terms and conditions of the allocation to encourage the attendance of the Directors. It was decided to allocate the Directors fees, which are payable to each Director, partly in one fixed sum of EUR 28,000 per year, on a quarterly basis payable in fourths and partly based on the effective presence of the relevant Directors at the meetings of the Board of Directors and at its Committees, in an
amount equal to EUR 2,000 per Board or per Committee meeting at which they are present, except for the Chairman of the Audit Committee who receives an amount equal to EUR 4,000 as special fees for his function. The payment of the directors’ fees is made at the end of each quarter. Moreover, the individual independent members of the Board received on 19 January 2015, for 2014, the single sum of EUR 10,000 in Company’s shares, that the Director commits to keep until the end of his/her appointment. The paid amounts have been properly used to that effect.
The performance condition (C_n), determined by the Board of Directors, upon the recommendation of the Compensation and Nomination Committee, will be met for the current year if at least 3 out of 4 criteria below are fulfilled.
An allotment of 100,000 share subscription options to the benefit of the Chairman and Chief Executive Officer was decided on 20 March 2014 by the Board of Directors held on 4 March 2014, upon authorization granted by the Extraordinary general meeting of the Shareholders on 25 April 2013, and upon the recommendation of the Compensation and Remuneration Committee of 25 February 2014. Those options can be exercised at the earliest four years after the grant date, if the presence condition (four years) is respected. The exercise price is calculated without discount, based on the weighted average price of SCOR’s shares on the Euronext Paris over the 20 trading days preceding the decision to award the stock options. The stock options can be exercised on one or more occasions from 21 March 2018 to 20 March 2024 inclusive. From this date, the purchase right shall expire. The exercise of these subscription options is subject to the satisfaction of the same performance conditions as those of the performance shares referred to above. The Chairman and Chief Executive Officer shall retain 10% of the shares due to the exercise of the options in the registered form until he ceases to hold his duties of corporate officer of the Company.
In accordance with the decision taken by the Board of Directors on 21 March 2006, repeated on 12 December 2008, 4 May 2011 and 30 July 2014, the Chairman and Chief Executive Officer benefits from specific life insurance to cover the risks inherent in the duties of Chairman and Chief Executive Officer of the Company, in an amount equivalent to three years of fixed and variable compensation; the insurance is obtained by the Company.
To this end, an individual insurance has been underwritten to complement the “all causes” death or permanent disability insurance policy for Company Executives, dated 30 June 1993, as renewed or renegotiated annually, and whose last version is compliant with the collective and compulsory welfare plan, specific to SCOR, such as modified with effect on 1 July 2014, which benefits from now on to an objective category of employees having an annual gross basis remuneration equal to or exceeding 3 social security ceilings. It is specified that these individual and collective “all causes” death insurances are renewed or renegotiated on an annual basis so that the Chairman and Chief Executive Officer will benefit from any policies that may replace the existing ones. Moreover, the Chairman and Chief Executive Officer benefits from a death or permanent disability insurance in case of an accident, also underwritten for the executives of the Company, among others, on 1 January 2006. It is specified that this collective insurance is renewed or renegotiated on an annual basis so that the Chairman and Chief Executive Officer will benefit from any policies that may replace the existing one.
The Chairman and Chief Executive Officer benefits also from a health insurance policy under the terms of a contract dated 16 September 1988. Retirement
This pension is based on his average compensation over the last five years within the Group. The average compensation is EUR 2,033,300 at 31 December 2014. The Chairman and Chief Executive Officer is entitled to the pension, conditioned on being in the Company as a Chairman or an employee of the Company at the time of the liquidation of the rights.
Denis Kessler joined the Group on 4 November 2002, with the objective of turning the company around in the face of a very difficult financial situation. The Board of Directors considered that, in order to achieve this, it was preferable to entrust Denis Kessler with the powers of Chairman and of Chief Executive Officer. When his mandate was renewed in May 2011, the Board of Directors considered that Denis Kessler had demonstrated the relevance of simultaneously holding the offices of Chairman of the Board of Directors and Chief Executive Officer during the turnaround period experienced by SCOR between 2003 and 2007, and then during the economic crisis between 2007 and 2011. The Board of Directors thus felt it was is in the best interests of SCOR, its shareholders and all its employees, for Denis Kessler to be re-appointed to all of the offices held by him and to pursue the development of the Group. Since 2011, SCOR’s results have demonstrated the success of this form of governance. The combined offices of Chairman & Chief Executive Officer give the Company a faster decision-making process and strategic alignment in terms of its governance bodies, which were particularly useful in the recent acquisitions in the United States in 2011 and 2013. Moreover, several elements of SCOR’s governance enable it to ensure a good balance of powers. Thus, in 2014, all of the directors, except the Chairman and Chief Executive Officer and the employee representative, were independent, as were all of the Committee members (Audit Committee, Risk Committee and Compensation and Nomination Committee).
The Board of Directors of SCOR also has a lead independent director who may include any subject he deems necessary on the agenda of the Board of Director’s meetings and can convene Non-executive Director Session as often as needed.
Furthermore, according to the Board’s Internal Charter, the directors may ask to invite the company’s principal executives to attend meetings of the Board of Directors so as to interview them on topics related to the exercise of their functions, including when the Chairman & Chief Executive Officer is absent.
In accordance with the recommendations stated in the AFEP-MEDEF Governance Code of June 2013 (§24.3) and pursuant to the implementation Guide of the AFEP-MEDEF published in January 2014, the SCOR Group proposes the table below.
Following the recommendation of the Compensation and Nomination Committee on 25 February 2014, the meeting of the Board of Directors on 4 March 2014 decided that the Chairman and Chief Executive Officer will receive a fixed gross annual sum of EUR 1,200,000, payable in twelve monthly instalments. The fixed remuneration of Chairman and Chief Executive Officer has not changed since 1 January 2008.
Moreover, the Group policy states that, for participation and strong involvement in the success of specific strategic projects, an additional and exceptional bonus (“Exceptional Contribution Bonus” - ECB) may be granted;
Description the ECB can reach a maximum of 25% of the target variable annual compensation of the Chairman and Chief Executive Officer.
The total cash variable annual compensation of the Chairman and Chief Executive Officer may not exceed 165% of his target variable annual compensation of EUR 1,000,000. Therefore, the total cash variable annual compensation of the Chairman and Chief Executive Officer may under no circumstances exceed 137.5% of his fixed annual remuneration.
The variable compensation for any given year is paid in year n+1, as soon as the financial statements of the Company for such given year are approved by the Board of Directors.
For 2014, the variable compensation of the Chairman and Chief Executive Officer has been determined according to the following objectives:  For 50% based on financial objectives: level of Return on Equity (RoE) achieved by SCOR, with a target at 1000 bps above the riskfree rate;  For 50 % based on personal objectives: implementation of Solvency II, pursue the reinforcement of the ERM and finalization of the internal model ; continuation of an active policy of increasing the value of the Group in the opinion of the investors and analysts; deepening of the employees management policy; consolidation of the Group's commercial positions; general management. These objectives are equally weighted.
Stock option and free share allotment plans or other kind of long-term compensation
The performance conditions will be deemed satisfied if, in addition to the mandatory condition (5), at least three of the four other conditions listed above are met. Nevertheless, if condition (4) is not met and, in addition, one of the three performance conditions (1), (2) or (3) is considered not to have been met, only a reduced percentage of the initial performance share allocation, in accordance with the table below, will be granted: Therefore, in case of actual misconduct as per the Code of Conduct (condition 5), for instance in the event of fraud, the beneficiary will lose all of his/her performance shares benefits (clawback policy).
Following the authorization by the Shareholders' Meeting on 25 April 2013 in its twenty-third resolution, the Company's Board of Directors of 4 March 2014, on the proposal of the Compensation and Nominations Committee of 25 February 2014, decided to grant performance shares to the Chairman and Chief Executive Officer, the other members of the Executive Committee and the other Partners. The Company's Board of Directors of 4 March 2014, on the proposal of the Compensation and Nominations Committee of 25 February 2014, decided to allocate 125,000 performance shares to the Chairman and Chief Executive Officer. These performance shares are subjected to 100% performance conditions which are the same than those for the stock options.
This information is also referred to in: Section 15 – Remuneration and benefits 15.1 – Amount of remuneration paid and benefits in-kind 15.1.2 – Remuneration of the members of the COMEX and of the Executive Corporate Officer in 2014 15.1.2.1 – Remuneration to the Chairman and Chief Executive Officer
In 2014, the Chairman and Chief Executive Officer received Director’s fees in the form of a fixed amount of EUR 28,000 and a variable amount equal to EUR 2,000 per meeting of the Board and per Committee meeting at which he participated.
He attended four Board meetings, three Strategic committee meetings and one Strategic committee seminar, leading to a variable part of EUR 16,000.
This information is also referred to in: Section 15 – Remuneration and benefits 15.1 – Amount of remuneration paid and benefits in-kind 15.1.1 – Directors’ fees
In addition to the deferred amount, an amount of EUR 72,683 was paid by the company in 2014 with regard to social security schemes and individual health coverage.
To this end, an individual insurance has been underwritten to complement the “all causes” death or permanent disability insurance policy for Company Executives, dated 30 June 1993, as renewed or renegotiated annually, and whose last version is compliant with the collective and compulsory welfare plan, specific to SCOR, such as modified with effect on 1 July 2014, which benefits from now on to an objective category of employees having an annual gross basis remuneration equal to or exceeding 3 social security ceilings. It is specified that these individual and collective “all causes” death insurances are renewed or renegotiated on an annual basis so that the Chairman and Chief Executive Officer will benefit from any policies that may replace the existing ones.
Moreover, the Chairman and Chief Executive Officer benefits from a death or permanent disability insurance in case of an accident, also underwritten for the executives of the Company, among others, on 1 January 2006. It is specified that this collective insurance is renewed or renegotiated on an annual basis so that the Chairman and Chief Executive Officer will benefit from any policies that may replace the existing one.
Appendix B – Report of the Chairman of the Board of Directors I. Terms and conditions for preparing and organizing the work of the Board of
Directors (F) – Principles and rules stated for the determination of compensation and in-kind benefits for corporate officers
(B) SCOR Global P&C’s net combined ratio must be less than or equal to 102% on average over the two prior years; (C) SCOR Global Life’s technical margin must be higher than or equal to 3% on average over the two prior years; (D) The SCOR group’s ROE must be higher than (or equal to) 300 points above the risk-free rate on average over the two prior years.
Section 20 – Financial information concerning the issuer’s assets and liabilities, financial position and profits and losses 20.1 – Historical Financial information: consolidated financial statements 20.1.6 – Notes to the consolidated financial statements 20.1.6.24 – Note 24 – Related party transactions
No amount is payable in respect of the year ended 31 December 2014
Appendix A – Unconsolidated corporate financial statements of SCOR SE 1.5 – Notes to the corporate financial statements Note 14 – Compensation of the corporate officer
In 2014, a benchmarking study realized by Mercer for the Compensation and Nomination Committee of the Board of SCOR SE showed that the total compensation of the Chairman and CEO of SCOR was equal to 97% of the median total compensation of CEOs from a sample of the main reinsurers in the Standard and Poor’s index for which sufficient information on executive compensation was available (Arch Capital Group, Axis Capital Holdings Limited, Endurance Specialty, Everest Re, Hannover Re, Munich Re, Partner Re, Reinsurance Group of America, Swiss Re, Transatlantic Holding – Alleghany, Validus Holdings).
The Group has used the COSO 2 framework “Enterprise Risk Management – integrated framework” published by the “Committee of Sponsoring Organizations of the Treadway Commission” (COSO) to further develop and formalize the risk management and internal control systems.
This framework covers the following components: (1) defining the internal environment; (2) ensuring objectives are set; (3) performing a risk identification; (4) performing a risk evaluation; (5) defining a risk response; (6) documenting and formalizing control activities; (7) presenting the information and communication process; (8) ensuring monitoring of the risk management and internal control systems.
The structure of this report is based on these components corresponding to the framework implemented by SCOR:  Components 1 and 2 are being dealt with in the paragraph “Internal environment and setting of objectives”
Like any internal control system, the Group’s system cannot guarantee that the risk of not achieving the internal control objectives will be eliminated. For example, among the various limitations inherent in the effectiveness of internal controls relating to the preparation of financial documents, those involving decision-making errors based on human judgment are particularly high in a reinsurance company. In effect, the accounting data are subject to numerous estimates, primarily because of the evaluation by the reinsurer of claim reserves, either those not yet declared to the ceding companies or the reinsurer, or those for which development is uncertain or subject to a number of assumptions.
Following the organization of the Group in Hubs, the local support functions are gradually assumed by entities especially dedicated and set up in each Hub. This organization enables the execution of centers of expertise and serves to strengthen the coherence and control of our activities. Thus the head of Hub (Hub CEO) is responsible for defining the business continuity plan and implementing it in all locations within his Hub.
 In fo rm at io n Sy st em s 
 Ge ne ra l S ec re ta ry (i nc lu di ng
Fi na nc ia l C om m un ic at io ns
Tr an sv er sa l f un ct io ns
an ag em en t Bu sin es s fu nc tio ns 
M ar ke t r isk m an ag em en t, Re po rt in g
Gr ou p In ve st m en t O ffi ce 
& In ve st m en t co nt ro l 
 Established in 2011, the Group Risk Committee meets quarterly and is a dedicated body of the COMEX in charge of the monitoring of the internal control system and risk management framework. The Group Risk Committee is made up of the COMEX members and of one additional voting member, the Group Chief Economist. Other assurance functions such as the risk management and control functions of the divisions, the Director of the Group Internal Audit are regularly convened to the Group Risk Committee meetings. Role and responsibilities of the Group Risk Committee are set out in its internal charter.
 Monitoring of the internal control procedures falls under the remit of the Group General Management. The Group departments and functional or transversal departments of SCOR Global P&C, SCOR Global Life and SCOR Global Investments invested with a control responsibility have the task of defining and controlling the implementation of rules pertaining to the areas of their responsibility and applicable to all of the Group’s entities. These rules, and the participants, are described in detail in part c) of this report on control activities;  the operational entities of SCOR Global P&C and SCOR Global Life, the operational departments of SCOR Global Investments and the Hubs’ support departments must apply the rules defined above. They carry out all of the first-level controls related to business management and ensure compliance with regulatory, accounting and fiscal laws, at both local and Group levels;  the Head of Group Internal Audit Department reports directly to the Chairman and Chief Executive Officer of SCOR SE and functionally to the Audit Committee of the Board of Directors of the Company. This standing gives it the necessary independence, and allows it the largest possible room for investigation, while at the same time ensuring the effective and timely implementation of its recommendations. The Group Internal Audit eventually checks independently the effectiveness and relevance of the internal control procedures for all the Group’s entities whatever the area following a methodical risk based approach in accordance with the “International Standards for the Professional Practice of Internal Auditing” set out by the Institute of Internal Auditors and the Institute’s Code of Ethics. The SCOR Internal Audit Charter, approved by the Audit Committee, defines the position within the organization, the role and areas of activity, the principles and main operating procedures of the Group Internal Audit Department.
the relevant business process owners if necessary. The ICS standards are applied to the Group and its entities based on the principles of proportionality and criticality. The ICS documentation is being progressively deployed.
Group business standards and practices are governed by Group Policies established in a common format, by the operational divisions (SCOR Global P&C and SCOR Global Life) and central functions such as Group Internal audit, Group Chief Financial Officer functions (Group Tax, Group Accounting, Group Consolidation and Reporting), Group Chief Operating Officer functions (Group Legal, Group Communication, Group Human Resources) and Group Chief Risk Officer functions. The latter are approved by the Group COMEX and for relevant topics are submitted annually to the Audit Committee and to the Board of Directors of the Company. These Group policies are not intended to enumerate all the rules governing SCOR’s activities in the different countries in which the Group operates, but rather to establish certain rules intended to ensure that SCOR Group companies and employees share a common understanding of the Group’s Standards and that they work in compliance with these standards. When approved, these documents are made available to employees on the SCOR intranet on a dedicated page where Group policies are all grouped together.
In addition, the following new Group policies were drafted or amended reflecting latest legal and other requirements. This list is not an exhaustive list of all policies drafted or amended in 2014.
 The Group Compliance Policy was amended reflecting organizational changes and additional responsibilities for the Compliance Function
To embed the latest Group Compliance Policies in force and other business-related legal & compliance requirements (e.g. anti-fraud, anti-bribery, anti-money laundering and sanctions compliance, anti-trust/competition law) as per latest developments into the organization, training sessions targeted for underwriters, claims and accounting staff were also held during 2014 in all Hubs and other major locations.
The strategic plans set the Group risk appetite framework, from which the Group’s strategy stems. As mentioned, the COMEX defines the procedures for implementing the strategy and reviews the consistency of the operational plans or policies (e.g. underwriting, finance, retrocession, information technology) with the strategic plan. The COMEX also ensures that there is an optimal risk-based allocation of capital and diversification. Under the responsibility of the Group Chief Risk Officer, the Capital Shield Strategy sets risk limits to ensure a protection of the Group’s capital in line with the strategic plan’s objectives. The Capital Shield Strategy is approved and monitored by the Group Risk Committee and the Board Risk Committee. The clarity and precision of strategic objectives and their implementation within the Group ease the identification, evaluation and control of risks, whatever their nature (e.g. underwriting risk, market risk, and operational risk), possibly caused by these objectives.
(B) IDENTIFICATION AND ASSESSMENT OF RISKS Several processes for identifying and assessing risks have been implemented to approach risk from different angles and to deal with them in an exhaustive manner. These include:  A risk information process: every quarter, the Group Risk Committee reviews the "Group Risk Dashboard" which describes and assesses the major risks the Group is exposed to. This report assembles various risk assessments from different identification and assessment processes for all risk categories.
 A process for the monitoring of risk exposures compared to risk tolerances i.e. the limits established in order to ensure that the Group’s risk profile remains aligned with the risk level validated by SCOR SE’s Board of Directors. The Group uses various risk measures to define these exposures, which are measured based on either model outputs and / or expert opinions, depending on the technical constraints and the level of information available. This notably includes: - A ‘risk driver’ system ensuring that the Group’s annual aggregate exposure to each major risk is well managed. The objective is to avoid overconcentration of risk and hence maximize diversification benefits. The amount of post-tax retained annual exposure per main risk driver (with a probability of 1 in 200 years) is limited to 20% of the Group’s Available Capital; - An ‘extreme scenario’ system designed to avoid the Group’s overexposure to one single event. The amount of post-tax retained exposure to each defined extreme scenario (with a probability of 1 in 200 years) is limited to 35% of the Buffer capital (refer to definition in Appendix C)
The Group Chief Risk Officer presents the assessment of the corresponding exposures and the associated limits to the Group Risk Committee and to the Risk Committee of SCOR SE’s Board of Directors (the “Board Risk Committee”) on a quarterly basis.
 A ‘footprint scenarios’ process: this process aims at reviewing and assessing the potential impact on the Group of selected deterministic scenarios. This process provides an alternative perspective on the Group’s exposures. Working groups dedicated to specific subjects are composed of experts across the Group, and coordinated by the Group Risk Management Department with the support of the divisional Chief Risk Officers. These groups perform quantitative studies which are summarized in specific reports. Then, the Group Chief Risk Officer presents the latters to the Group Risk Committee and to the Board Risk Committee.
(C) PRINCIPAL ACTIVITIES AND PARTICIPANTS OF RISK CONTROL Because of its activities, SCOR SE is exposed to many risks: reinsurance related risks, market risks and other risks (e.g. liquidity, rating). These risks are detailed in the Section 4 – Risk Factors of the Registration Document. This report does not detail these risks, but aims at summarizing the principal activities and participants of Risk Control for the following important areas.
 SCOR Global P&C Underwriting Management and Retrocession Department establishes and implements the external retrocession plan for P&C activities. This department is responsible for its proper application, for monitoring the solvency of the retrocessionaires, the related counterparty risks and well recovery, when necessary, for the collection of balances due.
For SCOR Global Life:  Generally, life reinsurance business is underwritten throughout the year, the share of annually renewable business being comparatively low. The life business plan is monitored on a quarterly basis against the business actually underwritten and regular update is provided to SGL Senior Management and COMEX.
 A quarterly review of technical results is performed by region and by business area.
 Underwriting and pricing guidelines, defined by SCOR Global Life, specify the underwriting rules and principles to be compliant with, as well as the underwriting capacities delegated to each entity. Revisions and updates follow a formalized approval process.
 Business opportunities going beyond the stipulations of the guidelines are subject to special referral procedures at two key levels: (1) by the Central Actuarial & Underwriting Department, and where applicable the Risk Management Department, the Finance Department of SCOR Global Life, and Legal Departments, (2) by the Group Risk Management Department and by the Group Chief Accounting Officer and Group Controller for cases which may have a significant impact on SCOR (thresholds and/or conditions defined in a procedure or specific guidelines).
 “Cross reviews” are commissioned by SCOR Global Life's CEO to evaluate on one hand the quality of underwriting, pricing, medical underwriting and claims handling of particular market areas or lines of business, and on the other hand to identify and assess risks, to evaluate the appropriateness and effectiveness of controls and to propose risk-management actions.
 For SCOR Global Life, scenarios are established in conjunction with the Risk Management Department of SCOR Global Life in order to define the need for retrocession coverage. The retention and the retrocession structure are revised every year and subject to approval by the SGL Risk Committee, and for significant changes additionally by the Group Chief Risk Officer.
 Risks specific to the administration of contracts are subject to controls performed at the level of the subsidiaries and branches. SCOR’s IT Systems include multiple automatic controls and additional control tools.
 Investment decisions are implemented by SCOR Global Investments in accordance with the directives of the Group and Local Investment Committees, with the investment guidelines and AMF requirements.
 The Group has harmonized the principles governing the management of its assets: the Statement of Group Investment Principles defines the Group’s governance in terms of asset management and the Manual of Group Investment Guidelines determines the limits for concentration risk as well as limits of exposure to different asset classes. The Manual of Group Investment Guidelines thus determines the conditions in which SCOR Global Investments will implement, on behalf of all Group subsidiaries, the investment policy as defined by the Group’s Investment Committee; both of these documents have been approved by the Group’s COMEX.
 The Group Treasury Department manages the Group’s operating cash flow, directly or indirectly and carries out a weekly centralized reporting of the Group’s cash situation.
 Control of the Group information system stands at two complementary levels: IT processes and business processes all covered by IT solutions. For IT processes, a special unit of the Group Information System Department, deals with all issues of information system security. Periodic audits of information security applications and procedures are conducted. For a number of years, SCOR has been improving its control procedures based on the COBIT guidelines (Control objectives for information and technology) covering the risks listed in the major processes of COBIT, in particular relating to the development, evolution and run of all solutions, and logical access to databases. The IT business continuity plan has been reviewed and reinforced with regards to the migration of production centers to a private cloud where the data is constantly replicated to a second remote site. In addition, the employees can be temporarily moved to any other Group Hub office, or even work from home with their laptop or personal computer.
 The Group Financial Planning & Analysis Department establishes an annual financial plan for the Group by company and monitors actual data in relation to this plan on a quarterly basis. A presentation of the results of the analysis is made to the COMEX every quarter.
 The General Secretary contributes on his side to the management of the following functions: (i) legal and functional governance of the Group, (ii) compliance, with the Group Compliance Officer reporting to the General Secretary (special attention is given to anti-trust / competition law, anti-money laundering and terrorism financing, sanctions and embargoes, anti-bribery, anti-fraud, data protection and privacy, insider trading and conflicts of interest) (iii) management of the regulatory supervision of the Group and coordination at legal entity level with the relevant legal departments, (iv) Group’s insurance policies, in particular with respect to D&O and professional liability, (v) follow up of the Group Structuring (optimization of the Group structure and its entities).
 The Prudential Affairs Department guides the group in its regulatory environment. It ensures the group actively positions itself vis-à-vis the different jurisdictions and requirements to which it is exposed or could be exposed. It also coordinates the preparation relating to new regulations, especially for the Solvency II project.
(E) INTERNAL CONTROL SYSTEM MONITORING AND RISK MANAGEMENT Monitoring of the internal control procedures falls under the remit of General Management which is supported by two departments:  the Group Risk Management Department  the Group Internal Audit Department Through its Internal Control Competence Center, the Group Risk Management Department monitors the documentation and formalization status of the processes deemed critical, according to Group standards. Besides the activities depicted in section A of this report, the Group Risk Management Department monitors the main risks to which the Group is exposed. A quarterly dashboard with key risk indicators is reported to the Group Risk Committee and the Board Risk Committee. The Group Internal Audit provides independent, objective assurance and consulting services designed to add value and improve an organization’s operations. The internal audit activity helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance, risk management and control processes. Furthermore, the Group Internal Audit must inform the senior managers and heads of operating and functional units of any unsatisfactory conditions or risks.
Finally, reinsurance technical results are analyzed quarterly by the finance departments of SCOR Global P&C and SCOR Global Life. The Group Chief Actuary establishes reports on the adequacy of the reserves of SCOR Global P&C and on the adequacy of the majority of reserves of SCOR Global Life.
The implementation of a new information system enabling the booking valuation and monitoring of all assets owned by Group entities improves substantially the investment accounting model. These accounting tools have been substantially deployed throughout the Group’s principal subsidiaries. The completion of this project in early 2011 improved the investment accounting organization, definition of roles, responsibilities and processes.
At the end of 2009, SCOR decided to fully review all its Finance applications by launching a Group wide “one ledger” Program. The main objective of this Program is to simplify, through an innovative approach based around SAP, and vastly improve the Finance function for all SCOR entities. This program includes:  one single chart of accounts (with minimum local specificities, aligned with existing source systems);  one system for one IT solution;  streamlined, integrated and standardized processes across the Group;  limited and automatized mappings between systems;  extended capabilities for Reporting (including drilldown from Financial to source system data);  enhanced audit trail.
Control of the quarterly consolidation procedure under IFRS is provided in particular through:  use of a market recognized consolidation software package ("SAP BFC”) common to all Group entities, which ensures the whole consolidation process through automated and formalized controls;  the formalization of the reconciliations between the systems or auxiliary accounting methods with the general and consolidation accounting systems;  at least three levels of control of the consistency and completeness of the consolidation package, one by the entity in question, another by the finance departments of SCOR Global P&C and SCOR Global Life relative to technical accounting and the third by the Group Controller’s Department;  systematic analyses of the results, shareholders’ equity, taxation and cash flow;  internal monitoring of changes in legislation and accounting standards, together with the Group’s external consultants and auditors;  daily monitoring of the closing process of each of the Group entities;  an audit performed by external auditors as at 31 December and a limited review as at 30 June.
In our capacity as statutory auditors of SCOR SE and in accordance with article L. 225-235 of the French Commercial Code (code de commerce), we hereby report on the report prepared by the Chairman of your company in accordance with article L. 225-37 of the French Commercial Code “code de commerce” for the year ended 31 December 2014.
APPENDIX C: GLOSSARY* *This glossary is a list of selected reinsurance terms. It is not a complete list of terms used in this Registration Document in the insurance or reinsurance industry.
CATASTROPHE (CAT) SCOR defines a natural catastrophe as events involving several natural risks including but not limited to flood, windstorm, earthquake, hurricane, tsunami, that give rise to an insurable loss. For reporting purposes, the Group separately considers catastrophes as events causing pre-tax losses, net of retrocession, totaling EUR 3 million.
CREDIT DEFAULT SWAP The most conventional form of credit derivatives, allows one side to buy the protection against the default of its counterparty by regularly paying a third part a premium and receiving from it the pre-determined amount in the event of default.
CESSION OR CEDED BUSINESS Transaction whereby an insurer (cedent or ceding company) either mandatorily or facultative transfers part of its risk to the reinsurer against the payment of premium. The opposite of ceded business is assumed business.
CREDIT AND SURETY INSURANCE Credit insurance provides insurance coverage against loss to a supplier caused by customer failure to pay for goods or services supplied. Surety insurance relates to sureties and guarantees issued to third parties for the fulfillment of contractual liabilities.
DEFERED TAX ASSET Defined under IAS 12 as amounts of income tax recoverable in future accounting periods due to temporary difference or Net Operating Losses (NOL) carry forward
ENTERPRISE RISK MANAGEMENT (ERM) Enterprise Risk Management is a process, effected by an entity's Board of Directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risks to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.
F FACULTATIVE REINSURANCE Reinsurance on an item-by-item or risk-by risk basis. Facultative reinsurance is usually written for very large-line risks. It may be either proportional or non-proportional.
G GOODWILL Goodwill comprises the residual difference between the identifiable assets of an acquired entity and the purchase price paid in a business combination. Goodwill is recognized as an asset in the balance sheet, and represents future economic benefits expected to be generated from assets that are not capable of being individually identified and separately recognized. Goodwill is tested for impairment on a yearly basis.
IMPAIRMENT EXPENSE The write down which is recorded when the current fair value of the asset is less than its accounted book value.
LIFE AND HEALTH REINSURANCE Collective term for the lines of business in connection with the insurance of persons, i.e. life, pension, health critical illness, long-term care and personal accident insurance.
LOSS ADJUSTMENT EXPENSE Amount relating to actual or estimated claims expenses declared or not declared that occurred in the accounting year.
M MARINE AND AVIATION INSURANCE ALSO REFERRED TO AS OFFSHORE/SPACE AND TRANSPORTATION INSURANCE Insurance covering damage occasioned during carriage (by sea, river, land, or air) to the means of transport (“hull”), excluding motor-driven land vehicles, and to the goods carried (“cargo”), and third party liability incurred by the carrier.
MORBIDITY The probability that an individual in a given group will develop a certain disease or disorder.
NON-TRADITIONAL REINSURANCE Initially, this concerned a multi-year, multiline form of reinsurance whose contract terms included an aggregate limit of liability and loss sensitive features (e.g. profit sharing or additional premium). Currently, it also encompasses technical and investment accounts within a single cover, securitization of insurance risks, credit derivatives, and climate derivatives.
POLITICAL RISK All political or administrative events, actions or decisions that could lead to losses for companies contracting or investing abroad.
PROVISION FOR CLAIMS PAYABLE Reserve for claims reported but not yet settled. These are estimated by ceding companies and communicated to the reinsurer.
REINSURANCE Procedure whereby an insurance company in turns insures itself with an outside company (the reinsurer) for part or all of the risks covered by him, in return for payment of a premium.
REINSURANCE PREMIUM Amount received by the reinsurer as a consideration for covering a risk.
REINSURER Company that undertakes to cover the portion of a risk ceded to it by the insurer.
RESERVE FOR UNEXPIRED RISKS Reserves intended to cover the portion of the cost of claims not covered by the unearned premiums reserve, for the period between the accounts closing date and the contract expiration date.
RISK-FREE (INTEREST) RATE The rate of interest that remunerates assets with no counterparty risk. Usually, the weighted three months daily interest rates of treasury bills (T-bills) in the Euro area, the US, UK, Canada and Switzerland averaged over the period under consideration are used as proxies for the risk-free (interest) rate. The weighted average used for this calculation is based on the percentage of our managed assets denominated in the currency of each such asset.
RISK APPETITE Defines the target risk profile (assets and liabilities combined) that SCOR actively seeks in order to achieve its expected return. The target risk profile is represented as the Group’s target profit/loss probability distribution.
RISK APPETITE FRAMEWORK Consistently defines the three following metrics: SCOR risk appetite, SCOR risk preference and SCOR risk tolerance.
RITC (REINSURANCE TO CLOSE) Lloyd’s accounting practice based on a 3-year accounting process for Lloyd’s syndicates. The syndicate underwriting account is closed at the end of the third year by means of reinsurance into the following year, which reinsures all future liabilities for the closed year and all previous years.
ROE Return on equity is based on the Group’s share of net income divided by average shareholders’ equity (calculated as shareholders’ equity at the beginning of the period adjusted for the effect of all movements during the period, prorata temporis).
STAMP CAPACITY The volume of business measured in gross written premiums net of acquisition costs underwritten by the group through its managed syndicates.
STRONG MOMENTUM In September 2010, the Group presented its new three-year plan “Strong Momentum” covering the period 2010-2013. In September 2011, SCOR released the updated version “Strong Momentum V1.1” of this plan.
T TAIL The period of time that elapses between either the writing of the applicable insurance or reinsurance policy or the loss event (or the insurer’s or reinsurer’s knowledge of the loss event) and the payment in respect thereof. A “short-tail” product is one where ultimate losses are known comparatively quickly; ultimate losses under a “long-tail” product are sometimes not known for many years.
2 Fluctuation of SCOR SE quotation throughout 2014 399 3 Social impact of SCOR’s activity 400 4 Environmental impact of SCOR’s activity 411 5 Information related to societal commitments in support of sustainable development 417 6 Related party agreements 420 7 Additional information relating to the management report of the Company and the Group – Table of compliance 421 8 Statutory auditors’ report on the review of
Statements and information relating:  to the resolutions submitted to the Shareholders’ Meeting, pursuant to the provisions of Articles R.225-83, 4° of the French Commercial Code;  to the 2014 stock option plans and stock purchase plans; and  to the 2014 free shares allocation plans, are presented in separate reports of the Board of Directors.
1.1 Year 2014 1.1.1 OPERATING AND FINANCIAL REVIEW OF SCOR SE IN 2014
The total of financial assets of SCOR SE is EUR 6,213,916,703.
None of the expenses referred to in paragraph 5 of Article 39 of the French General Tax Code are considered as nondeductible for tax income 2014.
1.2 Operating results of SCOR SE during the last financial years 1.2.1 OPERATING RESULTS OF SCOR SE DURING THE LAST FIVE FINANCIAL YEARS
Pursuant to the provisions of Article R.225-102 of the French Commercial Code, the following table presents a summary of SCOR SE operating results during each of the last five financial years: RATIO NATURE 2014 2013 2012 2011 2010 I. - Financial position at the end of the year a) Social Capital (EUR million) 1,518 1,518 1,515 1,513 1,479 b) Number of issued shares 192,691,479 192,757,911 192,384,219 192,021,303 187,795,401 c) Number of convertible bonds to shares - - - - - II. - Global Profit and loss of effectives transactions (EUR million) a) Turnover without taxes 1,585 1,369 1,245 1,136 910 b) Net Profit before taxes, depreciations and reserves 355 240 188 56 184 c) Current income tax 14 1 10 9 25 d) Net Profit after taxes, depreciations and reserves 387 227 208 235 204 e) Allocated Net Profit amount 270 (1) 251 . 231 211 207 III. - Profit and loss per share: a) Net Profit after taxes, and before depreciations and reserves 1,92 1.25 1.03 0.34 1.13 b) Net Profit after taxes, depreciations and reserves 2,01 1.18 1.08 1.22 1.10 c) Paid dividend per share 1.40 (1) 1.30 . 1.20 1.10 1.10 IV. - Salaries: a) Number of salaries 648 591 566 554 777 b) Gross wages amount 105 77 79 54 81 c) Amount of paid employees benefits (Healthy contribution, others benefits, etc. 26 29 22 17 21
(1) Subject to adjustment according to the 30 April 2015 shareholders' meeting’s decision as per the allocation of 2014 income 1.2.2 DIVIDENDS DISTRIBUTED BY SCOR SE OVER THE LAST THREE FINANCIAL YEARS
Over the three previous fiscal years, the amounts distributed by SCOR SE as dividends were as follows: Fiscal year ended on: 31/12/2013 31/12/2012 31/12/2011 Number of shares .(1) 181,572,894 192,166,752 192,021,303 Net dividend per share EUR 1.30 EUR 1.20 EUR 1.10 Amount eligible for the deduction allowance specified by Article 158-3 of the French General Tax Code
(1) Number of shares of the Company, with a nominal par value of EUR 7.8769723, existing at the moment of distribution of the related dividend, including treasury shares (actions auto-détenues). (2) For natural persons only: the dividend paid in 2011, 2012, 2013 and 2014 for the fiscal years 2010, 2011, 2012 and 2013 gave entitlement to a 40% deduction
(1) The headcount is calculated on the basis of employees registered as at 31 December. Each hub covers a region and may encompass several countries.
For example, the Paris hub covers France, Spain, Italy, Belgium, the Netherlands, Russia and South Africa. As temporary workers and external service providers are managed according specific rules in each site, this data is not mentioned in the headcounts this year. For detail of countries per hub, please refer to section 17.1.
Partners (1) 658 651 570 Designate Partners 89 57 52 Non-Partners 1,670 1,607 1,528 TOTAL 2,417 2,315 2,150
(1) Definition of the Partner: see “Note 3.2.8 – Total Compensation: Elements relating to the remuneration policy." The Corporate Officer is included in this population. This figure includes the decisions taken during the 2015 partners promotions and nominations process which took place at the end of 2014.
(1) We consider that the trainees are paid and under a tripartite relationship between the company, the school and the student.
SCOR had 74 trainees as at 31 December 2014 (42 in France, 12 in Switzerland, 5 in Germany, 4 in the US, 2 in Canada, 5 in the United Kingdom, 2 in Russia, 1 in Spain, 1 in Brazil). The trainees’ working contracts differ according to country and training objectives. All trainee programs aim to introduce the students to the world of work, whether through internships during studies or vocational training courses for learning about specific professions.
Methodology: the definitions for “fixed-term contract” and “trainee” may vary from one country to another. We define “fixed-term contract” as a signed working contract mentioning a termination date. We define “trainee” as an employee paid by the company under a tripartite agreement between the company, school and student employee.
Retirement 21 14 35 14 9 23 5 6 11 Resignation 67 52 119 45 43 88 63 48 111 Dismissal 15 14 29 27 22 49 14 25 39 End of Fixed-term contract 6 8 14 2 7 9 6 5 11
(*2014 Group’s staff turnover: number of departures in 2014 (excluding dismissals, deceases, company transfers and trainees) / headcount as at 31 December 2013)
“Grenelle II” Indicator: Compensation (composition of the package) In EUR 2014 2013 2012
(1) The Corporate Officer is not included. The total compensation is calculated on the basis of 2,416 employees as at 31 December 2014. (2) The average fixed remuneration is based on the annual base salary paid to the employee, prorated to actual hours worked. (3) Amount calculated by multiplying the number of shares granted by the fair value of each plan which is calculated in accordance with the IFRS rules.
Base salaries are set according to criteria that consider a variety of factors, such as conditions on the local labor market, professional education and professional experience before entering SCOR, accumulated expertise, the present position of the jobholder, and his/her responsibilities. SCOR reviews the base salaries on a yearly basis to reward individual performance as well as when new responsibilities are assumed by the job-holder. An automatic adjustment to inflation is not applied as a general rule and is only granted in the few countries where it is legally required. SCOR has established a “Partners” program. This program, which aims to involve the Partners in the capital of the Group, applies to approx. 25% of the total number of employees. It is a specific and selective program in terms of information sharing, career development and compensation schemes. There are four main Partner Levels: Associate Partners (AP), Global Partners (GP), Senior Global Partners (SGP), and Executive Global Partners (EGP). With the exception of the EGP level, these levels are then divided into two levels, allowing seniority or special achievement promotions. The Company has a formal, carefully designed procedure for appointing and promoting Partners. Appointments and promotions are made every year during an Executive Committee (“COMEX”) session. Candidates must have consistently demonstrated their skills, leadership and commitment in the past. For non-Partners employees, the SCOR cash bonus rewards individual performance over the previous year. Depending on the rating received in the individual appraisal by the employee’s direct superior, the bonus varies between 0% and 6% of the annual base salary. This scale is increased by a multiplier (2 or 3) in some Hubs in order to take account of specific local labor markets.
The cash bonus is calculated based on the annual gross salary. The components of the Partners’ bonuses are linked to their partnership level. The Partners of SCOR are also eligible for free shares and stock options. However, this does not mean that an allocation has to occur every year or that every Partner will receive an allocation. The process is supervised by the Compensation and Nomination Committee which consists only of independent members of the Board of Directors who are informed of all the individual shares and options grants.
In addition, the Group pursues a policy of employee shareholding, which resulted in 221,160 shares being allocated to non-Partners in 2010, 141,020 shares in 2011, 168,440 shares notified in 2013, 199,750 shares in 2014.
All employees benefit from the basic scheme. In addition, there are supplementary schemes managed by AGIRC (“cadres”) and ARRCO (“cadres” and “non-cadres”) that work on a points accrued basis, with different brackets depending on the employee’s status and date of birth.
“Indemnités de Départ à la Retraite”, “Congés Fin de Carrière” and supplemental Defined Benefit Plan for a limited number of beneficiaries (with an executive status).
Compulsory complementary health insurance for all companies in the insurance sector (RPP) + additional health insurance for insurance companies (option G Allianz). Specific protection used for specific cases/populations.
The current pension scheme is a defined contribution scheme run by Generali. Six defined benefits pension schemes are still in force: for three of them, the payment of the pension benefits is calculated on the basis of duration of affiliation to the pension scheme. For the three others, the pension schemes serve the purpose of supplying benefits to the employees on their retirement, or in the event of disability or death.
National Health Service (provides a comprehensive range and free of charge health services).
Private Medical benefits for employees and their dependents: around 100 employees concerned.
Seven defined benefits pension schemes (amount of annual benefit is paid at normal retirement date in monthly instalments for life, percentage of average monthly remuneration multiplied by a fraction, not exceeding 1 and based on seniority upon retirement). One defined contribution pension scheme. (401k).
- United Health Care: medical fees, eye care and pharmacy fees including preventative, well-care visits and emergency care. Cost is divided between SCOR and employee (around 500 employees concerned in the Americas hub).
The system of mandatory occupational pensions is based on “defined credits” accrued to an individual’s pension account and the payment of a pension.
Central Provident Fund (CPF) is a mandatory retirement savings scheme for Singapore citizens and permanent residents. The maximum CPF contribution rate for employer and employee is 16% and 20% respectively.
- Working professionals who are Singapore citizens or permanent residents are automatically provided with a low-cost medical insurance – a basic tier of insurance protection for all Singaporeans.
The length of absence (1) within the Group is 8,722 days in France, 4 days in Belgium, 2 days for Netherlands, 448 days in Spain, 313 days in Italy, 140 days in Russia, 13 days in South Africa, 299 days in Ireland, 1,211 days in United Kingdom, 521 days in Sweden, 2,096 days in Switzerland, 16 days in Israel, 2 261 days in Germany, 238 days in Austria, 13,594 days in the USA, 154 days in Brazil, 10 days in Argentina, 1 497 days in Canada, 92 days in Mexico, 104 days in Colombia, 223 days in Chile, 19 days in Australia, 76 days in China, 66 days in Hong Kong, 9 days in India, 1 day in Malaysia, 42 days in South Korea, 747 days in Singapore, 17 days in Japan.
 Benefits for children such as back-to-school vouchers, the “early childhood” bonus,
(1) For France, this figure includes the work councils meetings and the employee representative meetings (“délégués du personnel”). (2) The summer camps are managed by the Works Council (social activities) but their related expenses are deducted from a supplementary dedicated budget defined by the company. The amount of expenses for summer camps was EUR 111,667 in 2014.
“Grenelle II” Indicator 13 meetings were held with the Group’s staff representatives to discuss local health and safety conditions (7 in France, 1 in Italy, 1 in Germany, 1 in Argentina, 2 in Chile, 1 in Mexico).
Health and security 3 occupational accidents (2) on the working place with sick leave were recorded as at 31 December 2014 (1 in France, 1 in Switzerland, 1 in the United States)(3). 7 occupational accidents on the working place without sick leave were recorded as at 31 December 2014 (3 in France, 1 in Russia, 1 in Switzerland, 2 in the United Kingdom) (3).
- In Austria, workplace evaluation (visits by safety engineers and occupational health physicians from the Austrian Workers' Compensation Board).
- In Switzerland, specific actions have been implemented to support employees with stress management (including yoga and fitness, membership in sports club), and solutions have been implemented to improve ergonomics at the workstation and to take care of the health of the employees (e.g.: promoting healthy food).
(1) Due to the multiplicity of local laws on this subject, the information relating to occupational diseases is not available in 2014 for technical reasons. (2) Number of occurrences in the course of work which leads to physical or mental harm and absence. (3) It was not possible to calculate the frequency rate and the severity rate of accidents during this year within the hubs. SCOR therefore identified the number of occupational accidents within the Group to provide rudimentary information on this subject.
Since 2013 the training policy forms part of the "SCOR University" concept, which extends training to the international level and harnesses the synergies of existing training schemes. The concept is structured around three pillars: Business, Management & Leadership, and Excellence.
Description of the training policy 40,323 (1) training hours have been offered by the Group in 2014. 15,842 training hours (EUR 533,284 (2), 2,004 training participants) were offered in the Paris hub, 10,303 training hours (EUR 476,112, 1,382 training participants) were offered in the Zurich/Cologne hub, 4,081 hours in the London hub (GBP 294,297, 224 training participants), 4,116 training hours (SGD 268,293, 152 training participants) were offered in the Singapore hub, 5,981 training hours (USD 315,362, 422 training participants) were offered in the Americas hub. In 2014, on average, approximately 17 hours of training were followed per employee.
A Code of Conduct was introduced in 2009, in which SCOR committed to providing a work environment free from discrimination and / or harassment based on gender, sexual orientation, race, religion, disability, or acting as a staff representative or participating in a trade union.
 SCOR promotes its female talent, notably through the Group’s participation in the Women in Insurance Awards in France.
In parallel, the following commitments (resulting from the agreement) have been made at the Paris site: 1 / Develop and maintain diversity in employment and recruitment; 2 / Promote and ensure equal treatment in terms of pay and training between women and men working in equivalent fields, similar functions and having the same skills, experience, responsibilities, performance and education; 3 / Ensure that absences related to maternity do not affect career development and salary; 4 / Promote compatibility between work and family life.
 In the US, the annual Equal Employment Opportunity report is completed annually as required by the law.
 Non-discriminatory measures for older employees are applied in the Hubs, especially in Paris where an agreement was signed in 2009 (on the non-discrimination and equal treatment, recruitment and job retention, anticipation of changes during a career, skills management for seniors).
 In Austria: adherence to measures specified in the collective agreement of the Austrian Insurance Association (equal treatment, etc.)
 In Singapore, an employee referral program was launched in 2014. The objective is to implement an alternative source of job applicants to bring in the best high quality talents and support the mission of equal employment opportunity for all candidates.
- Establishment of an individual training dedicated to the new retirement scheme for deaf employees.
(1) Due to the local law, the information cannot be gathered for the United-States
- Employees on fixed-term contracts are considered as definitively leaving SCOR when their contracts expire. Employees who signed a permanent contract in 2014 at the end of their fixed-term contract are not included in the fixedterm contract endings.
- For the employees who signed several similar working contracts during the year, only the initial hiring and the final departure are counted. - 2014 Group staff turnover: number of departures in 2014 (excluding dismissals, deceases, company transfers and trainees)/headcount as at 31 December 2013.
Although reinsurance is not an industrial activity, SCOR strives to conduct its global operation in accordance with the environmental principles which are set out by the United-Nations Global Compact with regards to prevention, protection and precaution. Therefore, the environmental policy aims to reduce the environmental impacts directly linked to SCOR’s activity and whose main source is derived from office management (energy consumption, water consumption…), business travel (in particular air travel due to the international nature of its activity) and to a lesser extent office equipment (furniture, Information Technology equipment, paper…).
(2) With a view to reduce energy intensity of the information technology system (“GREEN IT”), actions have been taken in the field of Data management and IT furniture.
Moreover since the 2012 data collection the threshold of 30 employees is no longer applicable for the calculation of the environmental impact of air travel. Although information for all of the sites falling within the data collection scope is not available at this stage, data relating to the use of air travel now covers 94.6% of the legal entities fully consolidated in the financial statements in terms of headcounts. 99.7% of them were able to report on this indicator.
Due to the unavailability of data for the full year on some of the locations included in to the environmental report, extrapolation has been done via on an estimate of the consumption missing data. Moreover, depending on the share of the surface area occupied, the information collected entails different parameters, in particular with regards to the consolidation or not of the energy consumption derived from the use of services located in private areas of the building. Where SCOR is the sole or the main tenant (i.e. more than 50% of the surface area is occupied by SCOR’s staff), the data includes the share of SCOR in the energy consumption of the private area. Below this threshold, this share is not included in the data collected. Last but not least, besides Channel Syndicate employees who are included in this environmental report two of the locations surveyed (Paris and Zurich) include other tenants’ energy and water consumption and to a lesser extent waste production. Therefore the environmental impact of the Group is overestimated. Channel Syndicate employees and other tenants’ employees hosted by these two sites account for 20,3% of the target perimeter mentioned in the section “Scope of environmental data collection”.
In addition, the Group consolidates these indicators and presents them expressed in tons of CO2 equivalent. This conversion of the different energy sources into Green House Gas emissions is performed centrally on the basis of the
With regards to the source of emissions (to be distinguished from the volume of emissions) within each “Scope”, the rate of coverage is estimated to around 100% for the “Scope 1” (refrigerant liquid volumes are not estimated) and to 100% for the “Scope 2”. The rate of coverage for the “Scope 3” is limited to approximately 10% since the Group has adopted a pragmatic approach with a clear focus on business transportation which has an important environmental footprint. Within this “Scope”, the main sources excluded are commuting and the so-called depreciation of furniture and property offices such as the outsourcing of data center.
Environmental indicators: sections of the decree n°2012-557 on transparency obligations of companies with regards to social and environmental information GENERAL POLICY WITH REGARDS TO THE ENVIRONMENT
Description and 2014 Data Scope 1- Company organization to manage, assess environmental issues and certification initiatives
Quantitative information is not itemized in our budget and control monitoring system. However, besides compliance with local standards and regulation as well as the rollout of a travel policy calling for a moderate use of transportation, SCOR dedicates proportionate means and resources to the prevention of environmental risk and pollution. As described in the chapter with regard to “SCOR’s environmental policy: general organization and main areas”, Group’s affiliate deploy environmental management systems on most of the premises where it is the sole or the main manager.
Description and 2014 Data Scope 5- Description of the measures taken to prevent any air, water and ground pollution
In 2014, sorted and recycled "paper waste" amounted to 151,2 tons. Paper recycling is a practice implemented in most of the locations surveyed. The volume of paper sorted and collected for recycling is higher than the volume of paper purchased over the year (76.9 tons). This difference is mainly due to recurring archive clean-ups and to the inclusion of other waste in the "paper waste" category such as cardboard and newspapers.
Description and 2014 Data Scope 8- Water consumption and procurement of water depending on local constraints
SCOR's offices are located in urban areas not subject to water stress. Total Group’s water consumption was 33,857 m3 in 2014 or 10.8 m3 per employee and contractor.
NB: as water consumption may be included in rental charge, it is not possible to identify the true consumption for some of the locations included in the scope of reporting. In these situations, the consumption is estimated by application of a standard ratio set out in the environmental reporting protocol (50 liters per employee and contractor on the basis of 220 business days). The share of water consumption estimated accounts for 17% of the quantity reported above. Moreover, condensed water used for the cooling of the data center on very few of the locations subject to the environmental reporting is excluded from the scope of reporting.
Financial services activities do not consume directly raw materials, rather indirectly through their procurement of furniture, office equipment, Information Technology (IT) equipment and the
acquisition of property offices. Where the Group has a centralized function dedicated to the purchase of offices supplies such as IT, environmental standards have been globally considered in the selection of equipment (see section: “Group’s environmental policy: general organization and main areas” on the “GREEN IT” policy). This holds true for the acquisition of property offices where a clear focus has been put on “green” credentials (i.e. environmental certification of the conception).
Otherwise, furniture and office equipment are managed locally and “green” standards are progressively integrated in various areas such as paper ream purchases reaching 76.9 tons in 2014 (i.e. 27.7 kg per employee and contractor). Recycled paper and paper carrying the FSC or PEFC label represented around 81% of these purchases (94% in 2013).
If we exclude from the calculation the gas not included in the Kyoto Protocol, the Group’s emissions fall to 14,323 tons of CO2 equivalent of which air transportation accounts for 70% in this case.
In addition to this participation, workshops (Campus) are regularly organized with SCOR’s clients on topical issues related to climate change such as the insurance of renewable energies.
Information required by the decree n°2012-557 Description and 2014 Data Scope 14- Measures taken to preserve and develop biodiversity
Air transportation Km 38,082,982 94% 32,334,476 88% Rail transportation Km 1,890,835 83% 1,793,907 73% Greenhouse Gas Emissions TeqCO2 22,263 20,046
5 INFORMATION RELATED TO SOCIETAL COMMITMENTS IN SUPPORT OF SUSTAINABLE DEVELOPMENT The information below, which relates to the Group’s societal commitments in favor of sustainable development, are presented in accordance with the regulatory provisions set out in Article 225 of the law on France’s national commitment to the environment. The sections are presented in the same order as Decree n° 2012-557 of 24 April 2012 relating to the transparency obligations of companies in social and environmental terms. Unless otherwise specified, this information covers the Group and its direct impacts.
Not applicable in view of the location and nature of the sites used by SCOR SE and its subsidiaries in France and abroad.
The creation of the SCOR Corporate Foundation for Science in 2012 marked a new phase in SCOR’s commitment to scientific disciplines, and beyond this to its contribution to society as a whole. Registered in the Official Journal of Associations and Foundations in July 2012, the Foundation is supported by a Board of Directors chaired by André LevyLang. The Foundation is also supported by a very high-level interdisciplinary and international scientific board, which helps it to define its strategic priorities and to select projects to support.
In 2014, the scientific board of the SCOR Corporate Foundation for Science has decided to support an applied research project on risk management behaviors of insurance companies located in the United-States, as well as a set of upcoming seminars and colloquiums addressing various fields of science all related to uncertainty and risk management. These new projects add to the commitments taken by the Foundation over the last few years: EUR 1 million over 5 years to the Foundation for the research on Alzheimer’s disease, the French actuarial prize and a project with the ISFA of the University Claude Bernard from Lyon, aiming to promote the development of actuarial science in Africa through the creation of a training network was launched.
Any employee who deals with a supplier must, before concluding a contractual partnership, ensure that such supplier gives an undertaking to comply with the requirements of the Code of Conduct established by the SCOR Group (or a commitment from the company that it respects equivalent requirements). The framework agreement developed by the Group’s legal department, which must be used by the Group’s various different components, thus contains a specific section on the Code of Conduct. This framework agreement also contains an appendix, the sustainable development charter, which begins with a reminder of SCOR’s adherence to the principles of the United Nations Global Compact, and sets out the Group’s expectations with regard to its suppliers and subcontractors in the fields of labor relations, health and safety conditions, the environment, ethics and the way in which they must integrate these expectations into the design of their products and services.
SCOR is committed to carrying on its business in a manner reflecting a high degree of integrity, professionalism and responsibility. SCOR is a member of the United Nations Global Compact and is in line with this UN corporate initiative. SCOR's Code of Conduct forbids all forms of bribery to public officials, clients, business partners and others in the private sector and to government and other officials.
 2014 fiscal year’s important events for the Group and SCOR SE Section 5.1.5, 6 and Appendix A. § 1.1
 Board of Directors - Composition Section 14.1.1 - List of the other functions and offices held by the Board Members in 2014 Section 14.1.1 - Delegation of competences / powers granted to the Board Section 21.1
 Compensation and benefits granted to SCOR SE’s officers and executives in 2014 Section 15
 Purchase of shareholdings in 2014 Sections 20.1.6.3 and 4.1.13 Appendix A § 2.3
(1) The Company did not hold any cross shareholding in 2014
As independent third-party, members of Mazars’ network, statutory auditors of SCOR SE, whose accreditation was accepted by COFRAC under the number 3-1058( 1 ), we hereby present our report on the consolidated social, environmental and societal information provided in the management report prepared for the year ended December 31, 2014, (hereinafter referred to as “CSR Information”), pursuant to Article L.225-102-1 of the French Commercial Code (Code de commerce).
Responsibility of the company The Board of Directors of SCOR SE is responsible for preparing a management report including the CSR Information required under Article R. 225-105-1 of the French Commercial Code, in accordance with the reporting criteria of the company (hereafter the “Reporting Criteria”) and available on request to the society headquarter. Independence and quality control Our independence is defined by regulatory texts, the profession’s Code of Ethics and by the provisions of Article L. 82211 of the French Commercial Code. Furthermore, we have set up a quality control system that includes documented policies and procedures designed to ensure compliance with deontological rules, professional standards and applicable legal texts and regulations.
We conducted the work described below in accordance with the professional standards applicable in France and the legal order dated May 13, 2013 determining the methodology according to which the independent third party body conducts its mission (2) and, on the reasoned opinion, in accordance with ISAE 3000 (3).
We compared the CSR Information presented in the management report to the list set forth in Article R. 225-105-1 of the French Commercial Code.
We checked that the CSR Information covers the consolidated scope, which includes the company and its subsidiaries within the meaning of Article L. 233-1 of the French Commercial Code (Code de commerce) and the companies that it controls within the meaning of Article L. 233-3 of the French Commercial Code (Code de commerce), subject to the limits set forth in the methodological note presented in Appendix D of the management report, in the paragraphs entitled “Methodological note” and “Environmental indicators: scope, methodology and limitations”.
The selected sites contribution to group data equals to 29 % of headcount and from 20 % to 34 % of the quantitative environmental information tested.
Finally, we assessed the relevance of the explanations relating to, where necessary, the omission of certain information.
(5) Sites of London, New-York, Kansas - City (social indicators only) and Charlotte.
Based on our work, we did not identify any material misstatements that would lead us to believe that the CSR Information, taken as a whole, has not been fairly presented, in all material respects, in accordance with the Reporting Criteria.
APPENDIX E: CROSS REFERENCE TABLE – ANNUAL FINANCIAL REPORT In order to assist readers of the Annual Financial Report, the following table cross-references the information required by Articles L.451-1-2 of the French Monetary and Financial Code and 222-3 of the General regulation of the Autorité des marchés financiers.
Information about items that could affect a public offer, as required by Article L.225-100-3 of the French Commercial Code 284 Information about share buybacks (Article L.225-211, paragraph 2, of the French Commercial Code) 287 FINANCIAL STATEMENTS 192 Full-year financial statements 316 Statutory Auditors’ report on the full-year financial statements 383 Consolidated financial statements 192 Statutory Auditors’ report on the consolidated financial statements 279