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:  financial objectives: level of Return on Equity (RoE) achieved by SCOR, with a target at 1000 bps above the risk-free rate;  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.
In the case of departure of the Chairman and Chief Executive Officer during financial current year:  all the variable part of his compensation for prior year will be payable during current year as soon as the Company’s financial statements for prior year are settled by the Board of Directors;
 in addition, in the case of dismissal, the amount of the variable part of his compensation for current year will be (i) determined on the basis of the variable compensation for prior year and prorated on the basis of the departure date for the current year, and (ii) paid as soon as the Company’s financial statements for prior year are settled by the Board of Directors.
On meeting on 4 March 2014, the Board of Directors, 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, decided to allot 125,000 performance shares to the Chairman and Chief Executive Officer. The granting will be effective at the end of a vesting period of two years and subject to the satisfaction of performance conditions as defined by the Compensation and Nomination Committee (see Section 17.3.1 - Stock options plans and see Section 17.3.2 – Free Share allocation plans). Such granting is also submitted to a non-transferability period of two years at the end of which the shares will be available and be freely assigned. The Chairman and Chief Executive Officer shall retain 10% of these shares in the registered form until he ceases to hold his duties of corporate officer. He shall also hold a number of shares equal to 5% of the shares freely assigned to him, as soon as these free shares become transferable.
The allotments of the stock options and performance shares granted to the Corporate Officer cannot exceed neither 10 % of the share capital nor 10 % of the total allocations.
The stock options and performance shares granted to the Corporate Officer in 2014 represent a percentage of 0.117% of the share capital, a percentage of 8.06% compared to the total of 2014 allocations and a percentage of 52.1% compared to global remuneration.
Like all the Group’s Executive officers working in France and employed by the Group as at 30 June 2008, the Chairman and Chief Executive Officer is entitled to a guaranteed pension plan of 50% of his referred compensation, less any pension benefits acquired under other collective and mandatory pension schemes. Thus, this amount may under no circumstances exceed 45% of the benchmark remuneration as for the AFEP-MEDEF recommendations. This amount also follows the recommendation that the increase in potential rights should represent, each year, a limited percentage of 5% of the remuneration of the beneficiary.
Ultimately, the benefits of combining the functions of Chairman and Chief Executive Officer in terms of the decisionmaking process within SCOR and the guarantees provided by the Company’s governance rules justify the Board’s choice of this type of governance.
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 target variable annual compensation of EUR 1,000,000 determined as follows:  50% on the basis of the achievement of financial objectives, defined annually at the beginning of each year by the Board of Directors on the recommendation of the Compensation and Nomination Committee; and
 50% on the basis of the achievement of personal objectives (equally weighted), defined annually at the beginning of each year by the Board of Directors on the recommendation of the Compensation and Nomination Committee.
The stock options and performance shares granted to the Corporate Officer in 2014 represent a percentage of 0.117% of the share capital, a percentage of 8.06% compared to the total of 2014 allocations; and a percentage of 52.1% compared to his global remuneration. It should be noted that SCOR is committed to the neutral impact of each stock option and performance share allocation in terms of dilution. To achieve this, SCOR’s policy is to systematically neutralize, insofar as possible, the potential dilutive impact that could result from the issuance of new Ordinary Shares following the exercise of stock options, by covering the exposure resulting from the issuance of stock options through the purchase of Ordinary Shares in the context of its share buyback program, at a price close to the exercise price, and by cancelling the treasury shares thus acquired as the options are exercised. Moreover, performance share allocation plans are covered through the allocation of existing shares taken from the treasury shares held by the Company in the context of its share buyback program, and not via the creation of new shares. Thus, there is no dilution regarding the granting of performance shares. Finally, in compliance with the AFEP and MEDEF recommendation applicable to the Executive Corporate Officer, he also made a formal commitment not to resort to the use of hedging instruments on the stock options and/or performance shares which have been granted to him for the whole duration of the term of his office.
The Shareholders’ Annual General Meeting of 3 May 2012, in its 5th resolution, approved in accordance with the arrangements of Article L 225-421 of the “Code du commerce”, the following commitments taken by the Board of Director to the benefit of the Chairman & Chief Executive Officer: In the case of departure of the Chairman and Chief Executive Officer during financial current year:  all the variable part of his compensation for prior year will be payable during current year as soon as the Company’s financial statements for prior year are settled by the Board of Directors;  in addition, in the case of dismissal, the amount of the variable part of his compensation for current year will be (i) determined on the basis of the variable compensation for prior year and prorated on the basis of the departure date for the current year, and (ii) paid as soon as the Company’s financial statements for prior year are settled by the Board of Directors.
In the event of termination of the Chairman and Chief Executive Officer, the benefits he may be allocated would be determined according to the following situations:  In the event that the Chairman and Chief Executive Officer is dismissed for misconduct or following a notoriously negative performance of the Company (non-achievement of the performance condition (C_n) as described below, and for at least two years during the three previous) no compensation will be due;  Where his departure is imposed or a dismissal ad nutum mainly for typical difference of opinion regarding the Group's strategy, the Chairman and Chief Executive Officer will benefit from a cash payment equal to the amount of fixed and variable compensations paid to him by the Group for the two financial years prior to his departure. This payment is subject to the satisfaction of the performance condition (C_n) defined below for at least two out of the three years preceding the date of departure of the Chairman and Chief Executive Officer;  Where his departure is imposed or a dismissal resulting from the event of a hostile takeover bid leading to a change in control situation of the SCOR group, the Chairman and Chief Executive Officer will benefit from a cash payment equal to the amount of fixed and variable compensations paid to him by the Group for the two financial years prior to his departure. This payment is subject to the satisfaction of the performance condition (C_n) as defined below for at least two out of the three years preceding the date of his departure. Furthermore, the performance shares and stock options which have been granted prior to his departure will be subject, in their entirety, only to performance conditions of each plan as approved by the Board of Directors at the time of the grant.
(A) SCOR financial strength by S&P rating must be maintained (minimum) “A” on average over the two prior years;
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 2013 15.1.2.1 – Remuneration to the Chairman and Chief Executive Officer
The Shareholders’ Annual General Meeting of 3 May 2012, in its 5th resolution, approved in accordance with the arrangements of Article L 225-421 of the “Code du commerce”, the following commitments taken by the Board of Director to the benefit of the Chairman & Chief Executive Officer: Like all the Group’s Executive officers based in France and employed by the Group as at 30 June 2008, the Chairman and Chief Executive Officer is entitled to a guaranteed pension plan of 50% of his referred compensation, less any pension benefits acquired under other collective and mandatory pension schemes. Moreover, this amount may under no circumstances exceed 45% of the benchmark remuneration, pursuant to the AFEP-MEDEF Governance Code. This amount also follows the recommendation that the increase in potential rights should represent, each year, a limited percentage of 5% of the compensation of the beneficiary. 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. No retirement benefit (or commitment) has been paid to the Chairman and Chief Executive Officer. Total pension benefits commitments relating to the
This information is also referred to in: Section 15 – Remuneration and benefits Section 15.2 – Total amounts set aside or accrued to provide pension, retirement, or similar benefits for financial year 2014
The modalities of the participation of the Shareholders to the General meetings and notably the mode of operating, the main powers of the Shareholders’ General meetings, the description of the Shareholders’ rights as well as the modalities of the exercise of the voting rights are set forth by the Article 19 of the Company’s bylaws, an electronic version of which is available on SCOR’s web site (www.scor.com). Information required by Article L.225-100-3 of the French Commercial Code The information referred to in Article L.225-100-3 of the French Commercial Code is made public in the Annual Financial report which is included in this Registration Document (see Appendix E for the cross reference table to Annual Financial Report).
 Components 3, 4 and 5 are described in the paragraph “Identification and assessment of risks”.  Components 6, 7, and 8 are respectively dealt within the paragraph “principal activities and participants of risk control”, “information and communication”, “internal control system monitoring”
 The elements concerning accounting and financial reporting are separate and are presented in the last part. Monitoring of the internal control procedures falls under the remit of the Group General Management. Since November 2013, SCOR’s ERM is rated “Very Strong” by Standard & Poor’s.
The Group is organized around two main reinsurance business activities and one asset-management activity:  The SCOR Global P&C division (Non-Life Reinsurance) operating activities include the following business areas: Property and Casualty Treaties, Specialty lines, Business Solutions (facultative), Business-ventures and Partnerships. This division hosts functional departments;  The SCOR Global Life division carries out the operational life reinsurance business, and also hosts global functions;  SCOR Global Investments SE (SGI), regulated by the “Autorité des marchés financiers” (AMF) and fully operational since 2009, is an asset management company owned 100% by SCOR.
SCOR SE, a European company having its registered office in Paris, avenue Kléber (France), is the parent company of SCOR Group. Beyond its responsibilities as a parent company, the Company has operational responsibilities for cash management, capital management and functional responsibilities.
Following several acquisitions, the Group has set up a functional organization structured around regional management platforms, or “Hubs”: London, Paris and Zurich / Cologne for Europe, Singapore for Asia and for the Americas’ hub (New York, Charlotte and Kansas City). Each subsidiary, branch, and representation office has a functional link to a given Hub. Each Hub includes the following functions: Legal and Compliance, Information Systems, Finance, Human Resources and Risk Management. Moreover several Group functions are carried out from different locations in order to fully benefit from the competencies disseminated across the world.
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Within this environment, control responsibilities are exercised as follows:  SCOR SE’s Board of Directors relies on the Audit Committee and the Risk Committee to exercise its control responsibility over the objectives it has set for the Company. These committees are both chaired by independent directors;  SCOR SE is represented in the governance bodies of its principal subsidiaries. Eventually, SCOR SE’s Board of Directors, following a recommendation made by the Compensation and Nomination Committee, has decided to appoint independent directors of SCOR in each council of the principal foreign subsidiaries; SCOR SE’s Executive Committee (the “COMEX”) is chaired by the Chairman and Chief Executive Officer of SCOR SE. The COMEX defines the procedures for implementing the strategy decided by the Company’s Board of Directors, the underwriting plan, the financial policy, the investment policy, the risk management policy, and the allocation and management of the resources. In addition, the COMEX supervises the functioning of the Group and the Hubs through a quarterly monitoring of the bodies contributing to the sound administration of the Group. It meets on a weekly basis. In addition to the CEO, the COMEX is currently made up of: - The Chief Financial Officer (CFO), - The Chief Risk Officer (CRO), - The Chief Operating Officer (COO), - The SCOR Global P&C Chief Executive Officer (CEO) and his deputy, - The SCOR Global Life Chief Executive Officer (CEO) and his deputy, - The SCOR Global Investments Chief Executive Officer (CEO).
The main tasks of the Group Risk Management Department (GRM) are to further develop the Enterprise Risk Management (ERM) framework and to promote an ERM culture within the Group so that risks are managed consistently within each department.
The approach used to develop and maintain the internal control system is specified in the ICS Group Policy and monitored by the Board Risk Committee of the Company. The policy sets out the reference framework and details the Group principles, the responsibilities of the different participants in internal control and the quality requirements. The principal characteristics of the internal control cycle are as follows:  a risk-based approach, i.e. addressing risks which, if not controlled, could exceed the risk tolerance limits defined by the Group (critical risks). The optimal risk response is obtained through appropriately designed key controls at company level, process level and IT level;  on a process level, appointment of global process owners (GPO) at the Company, SCOR Global P&C, SCOR Global Life and SCOR Global Investments levels and local process owners (LPO). The GPOs’ responsibility is to document the processes, identify the related critical risks, define the appropriate key controls and to ensure their deployment and application in the various entities of the Group. The LPOs’ main responsibilities are to assess processes, risks and key controls on a local level based on the defined global process and to ensure application of risk based control activities;  monitoring, upon completion of the initial documentation through a self-assessment procedure on the maturity (quality) of processes and controls by their owners;  in accordance with its risk-based audit plan and through its periodic missions, the Group Internal Audit Department assesses the internal control system effectiveness. Any level of effectiveness assessed as insufficient leads to management remediation actions followed up by the Group Internal Audit.
Given the importance to have Group policies and guidelines embedded into the organization, SCOR’s Group Framework for Policies and Guidelines was strengthened. The updated version includes notably clearer definitions on Group policies and guidelines and their hierarchy, as well as a stricter review and notifications process.
 A new Group Fit and Proper Policy was drafted reflecting principles and requirements as per Solvency II implementation
SCOR has implemented and formalized for several years 3 year strategic plans. The strategic plan, “Strong Momentum” (SMV1.0) covering the years 2010 to 2013 was approved by the Board in July 2010. It was updated and publicly presented on the 7 September 2011 following the acquisition of Transamerica Re and the sale of our US equity indexed annuity business. The updated strategic plan reaffirmed the three objectives set out in the initial version of the plan SMV1.0, i.e.: the optimization of the Group’s risk profile, a “AA” level of financial security and a profitability target of 1,000 basis points above the risk free-rate over the cycle. For the new initiatives set in the initial plan, SCOR has reinforced its ERM through the development of specific indicators reported on a quarterly basis to the Group Risk Committee and the Board Risk Committee of the Company in order to enable them to benefit from an overall overview of the development of these initiatives. On 4 September 2013, SCOR presented publicly its new strategic 3-years plan “Optimal Dynamics” which represents the main objectives of the Group, especially the two main objectives: a profitability
of 1000 bases points above 3-months risk free over the cycle, and a solvency ratio of between 185% and 220% in percentage of required capital calculated by SCOR’s Group Internal Model.
 An Emerging Risks process: emerging risks are subject to a specific process of identification and analysis. A dedicated collaborative site has been created on the Group’s intranet allowing designated observers, who are experts in their field, to collate market information, articles or studies on topics that might constitute emerging risks. In addition, a special email address allows all Group employees to submit information. This information is processed by a Committee administered by the Group Risk Management Department and composed of members of the risk management function in the Division (SCOR Global P&C, SCOR Global Life, SCOR Global Investments) and of the Group actuarial function, Group Legal Department and Group Competitive Intelligence unit.
SCOR uses an internal model for determining economic capital managed by the Group Financial Analysis & Risk Modeling Department of the Group Risk Control Department. Its results are used to implement its underwriting and asset management policies and guidelines. Economic capital is allocated to SCOR Global P&C, SCOR Global Life and to the asset management, and constitutes the reference for deciding and verifying the profitability expected from each of them.
For SCOR Global P&C:  Most of the business underwritten is renewed on agreed dates. This enables SCOR to establish annual underwriting plans, both qualitative (description of the environment) and quantitative (activity budget). These plans are approved by the COMEX.
 A quarterly review of technical results is performed by business area (Property and Casualty Treaties, Specialty Lines, Business Solutions (Facultative), business ventures and partnerships) and region. The review enables the analysis of technical results by underwriting year, by nature and by line of business.
 The Risk Modeling & Global Natural Hazards Department is in charge of monitoring accumulations. A “Cat” sub-group of the P&C Risk Committee meets regularly to review the accumulation reporting package and decide or arbitrate the allocation of Cat capacities by country. Earthquake and storm risks are managed by market models (AIR and RMS) in the regions considered to be the most exposed.
 SCOR Global P&C's Risk Management organizes the quarterly P&C Risk Committee, which is responsible for highlighting the main risks to which the Non-Life division is exposed, regarding both assets and liabilities.
 In order to ensure an adequate and efficient control of the reserves, a report is established on a yearly basis by the Group Actuarial Department, reporting to the Group Chief Risk Officer, where the Group Chief Actuary gives his opinion on year end booked reserves ‘adequacy. The main objective of this report is to provide SCOR Executive Committee as well as the Audit Committee an overall opinion on the reserving adequacy of the P&C
division but also to highlight the inherent uncertainties surrounding this assessment. The control of the reserves by the Actuarial Department of the division and of the Group is articulated around three axes: - a quarterly follow-up of the claims activity and review of reserve for each segment through adequate reporting procedures; - an internal annual actuarial analysis, including a review of all segments together with a full analysis of the segments that may have a substantial impact on SCOR’s balance sheet. This analysis is performed by the SCOR Global P&C reserving actuaries and the Group Actuarial department. These analysis are recorded in an annual actuarial report; - an external review of SCOR Global P&C division reserves adequacy performed at least every three years, in addition to several annual external reviews already required by local regulators (Canada, Australia, Hong Kong, South Africa, China and SCOR Lloyds’ syndicate).
 SCOR Global Life's Risk Management organizes the quarterly Life Risk Committee, which is responsible for highlighting the main risks to which the Life division is exposed, regarding both assets and liabilities.
 The Group Chief Actuary gives his opinion on the reserves adequacy with regards to products or portfolios whose estimation is particularly complex. The scope under the review of the Group Actuarial Department, which reports to the Group Chief Risk Officer, includes among others products containing Guaranteed Minimum Death Benefit (GMDB), long-term care in France, health, mortality and critical illness in the UK and in Ireland, and mortality in the US. The Group Actuarial Department does not intend to provide a second best estimate but verifies the adequacy of the assumptions and methods and processes used by the teams of SCOR Global Life to determine the life reserves. In some cases, the Group Actuarial Department applies a global approach and calculates a confidence interval in order to check that the reserves booked are within the said confidence interval. Similar to the P&C side, an annual report is established by the Group Actuarial Department, where the Group Chief Actuary gives his opinion on the reviewed booked reserves. The main objective of this report is to provide to the Group COMEX as well as to the Accounts and Audit Committee of the Group an opinion on the level of the reviewed reserves of the Life division, and to highlight the uncertainties surrounding this assessment.
 A head of Compliance and Internal Control was appointed within SGI in 2009 in order to meet the requirements of the regulatory body. His role is to ensure the compliance and the effective implementation of procedures, via an effective internal control program which covers all activities relating to financial asset management.
 The investment portfolios managed by SGI or by external service providers are reviewed during quarterly investment committees, attended by the external fund managers, the Senior Managers of the subsidiary in question and representatives of SCOR Global Investments.
 Investments going beyond the stipulations thus defined are subject to special referral procedures managed by the Group Risk Management Department.
 The information systems used by SCOR Global Investments monitor transactions on publicly traded securities (audit trail, valuation of securities). Assets owned by all Group entities are monitored in one central information system
 Middle office and Back office departments of the asset management company have been delegated to BPSS in November 2014. Information systems remain those of SCOR and tools for monitoring and controlling transactions remain unchanged following this transfer of activity.
 Within the General Secretariat, the Group Legal Department exercises a control function in areas such as the entry into agreements and the supervision of major disputes. This department is also involved where relevant in the aforementioned control with regards to underwriting of reinsurance business. It also monitors compliance with the Group’s filing obligations, including toward the “Autorité des marchés financiers” (AMF) and the Six Swiss Exchange (SWX).
 The Group Project Office monitors the Group project portfolio and defines standard project methodology. It regularly provides to the management key indicators and recommendation on the project portfolio for an effective management. On COMEX request, it can also manage strategic projects.
(D) INFORMATION AND COMMUNICATION  Financial communication: The establishment and centralization of all financial information - particularly press releases, intended for the market, investors, financial analysts, and the press - are the responsibility of the Corporate Communications Department and the Investor Relations & Rating Agencies Department, which respects a formalized process. Financial information intended for rating agencies is the responsibility of the Investor Relations & Rating Agencies Department. All of this information is ultimately controlled by General Management.
Concerning the Registration Document, a specific process has been implemented to ensure the contribution of all relevant departments and the consistency of the information provided. A final edit is made by members of the COMEX. The Corporate Communications Department systematically and simultaneously publishes regulated information, including press releases, via a professional host included in the official list published by the AMF and on SCOR’s website (www.scor.com).
The Group Internal Audit carries out a quarterly follow-up process to monitor and ensure that management actions agreed in the audit reports have been effectively implemented or that senior management has accepted the risk of not taking action. The follow-up results are provided to the Management and the Audit Committee. The Audit Committee receives at least on a quarterly basis a report on the Internal Audit activities.
(F) FINANCIAL REPORTING The accounting and finance function is the responsibility of the Chief Financial Officer (CFO), who manages all financial areas in order to have an overall view of the Group’s technical and financial results. The CFO does not, however, exercise direct control over all accounting information systems and relies on the accounting departments of operating companies, who provide him with quarterly consolidation packages, as well as on the accounting departments of SCOR Global P&C, SCOR Global Life and SCOR Global Investment who assist him in coordinating aspects relative to the processes, methods and reporting.
General accounting for SCOR subsidiaries is supported by two main auxiliary group of accounting systems, namely (1) technical reinsurance accounting: premiums, claims, commissions, technical reserves, value of business acquired (VOBA), deferred acquisition costs (DAC), funds held; and (2) financial asset accounting: securities, bank accounts, investment income and expenses.
The processes described below concerning reinsurance accounting and calculation of technical reserves, which are predominantly within the single technical information system (OMEGA), are applied by Group entities. A high level of control already exists in OMEGA. As part of the on-going OMEGA reengineering project, OMEGA 2.0, which has been confirmed as a strategic project in July 2010 by the Board of the Group and by the Executive Committee, several improvements have already been or will be implemented to reinforce the level of control provided.
Regarding the process of aggregating and consolidating accounting data by the Group Accounting Department, current internal control is ensured by:  the use of general and consolidation accounting software shared by all Group entities;  the definition by the Group Accounting & Consolidation Department of a closing process, clear responsibilities and a detailed financial statement closing schedule, which is monitored, in the closing period, on a daily basis;  a definition of responsibilities for controlling the integration of auxiliary accounting systems;  the centralized management of charts of accounts;  the work of the IFRS Center of Excellence whose objectives are to (1) communicate developments in accounting standards to all contributors and (2) coordinate justification and documentation of accounting processes for complex operations.
The initial phases of this Program of defining the business requirements and developing a Core Solution (design, build & test) are complete, and the Core Solution validated. This solution was rolled out in all locations, except in Kansas City, scheduled for 2015.
In addition, and without calling into question the implementation of internal control rules by SCOR and its managers, General Management requests, within the framework of the reporting and quarterly consolidation procedure, that all local managers of Group entities, as well as Senior Managers of SCOR Global P&C, of SCOR Global Life and of the Group Controller’s department for certain Group functions such as tax and consolidation, make a specific quarterly statement to the Chairman and Chief Executive Officer, and to the Group Chief Financial Officer in internal management representation letters as to the reliability and fair presentation of the accounts of the entities they manage and the effectiveness of the internal controls. Management of the SCOR Global P&C and SCOR Global Life divisions review the individual entity level internal representation letters and submit a divisional letter. The results of all internal management representation letters are analyzed and monitored by a committee including the General Secretary of SCOR, the Group General Counsel, the Group Chief Accounting Officer, and the Head of the IFRS Center of Excellence. The key points are communicated to the Group CFO and Group CEO, and communicated to internal audit.
Conclusion on the control procedures implemented SCOR believes that its risk management and internal control systems are appropriate and adapted to its activities and is engaged in an ongoing process to improve its internal control standards and their implementation. In 2014, the Group has pursued its efforts on compliance issues as briefly summarized in this report by releasing new Group policies, and by improving existing policies to align them with the Group’s developments. The full review of all its Finance application across the Group has enabled to simplify and vastly improve the Finance function for all SCOR entities.
III. Statutory auditors’ report, prepared in accordance with article L. 225-235 of the Commercial code, on the report prepared by the Chairman of the Board of Directors of SCOR SE
Statutory auditors' report, prepared in accordance with article L. 225-235 of the French Commercial Code “code de commerce”, on the report prepared by the Chairman of the Board of Directors of SCOR SE
It is the Chairman's responsibility to prepare and submit for the Board of Directors' approval a report on internal control and risk management procedures implemented by the company and to provide the other information required by article L.225-37 of the French Commercial Code “code de commerce” relating to matters such as corporate governance.
 confirm that the report also includes the other information required by article L. 225-37 of the French Commercial Code “code de commerce”. It should be noted that our role is not to verify the fairness of this other information.
The professional standards require that we perform the necessary procedures to assess the fairness of the information provided in the Chairman's report in respect of the internal control and risk management procedures relating to the preparation and processing of the accounting and financial information. These procedures consist mainly in:  obtaining an understanding of the internal control and risk management procedures relating to the preparation and processing of the accounting and financial information on which the information presented in the Chairman's report is based and of the existing documentation;  obtaining an understanding of the work involved in the preparation of this information and of the existing documentation;  determining if any material weaknesses in the internal control procedures relating to the preparation and processing of the accounting and financial information that we would have noted in the course of our work are properly disclosed in the Chairman's report.
We confirm that the report prepared by the Chairman of the Board of Directors also contains the other information required by article L. 225-37 of the French Commercial Code “code de commerce”.
ACCOUNTING YEAR The entity’s financial year in which the accounts are recorded. Due to the time required to transfer information relating to a given period of cover, the ceding company’s accounting year may differ from that of the reinsurer. For reinsurers such as SCOR and its subsidiaries, which may calculate their results before receiving the accounts from the ceding company, estimates are made for ceding company information which has not been received at the date the financial statements are prepared.
ADDITIONAL RESERVE Reserves for claims are recorded in the accounting system for the amount communicated by the cedents. They can be supplemented with additional amounts calculated according to past experience, in order to take into considerations estimated future adverse developments.
B BEST ESTIMATES An actuarial “best estimate" refers to the expected value of future potential cash-flows (probability weighted average of distributional outcomes) related to prior underwritten business. Best estimates are based upon available current and reliable information and take into consideration the characteristics of the underlying portfolio.
C CAPITAL (ADEQUACY) Amount of capital relative to a financial institution's loans and other assets. Insurance regulators require that insurers hold a certain minimum of equity capital against their risk-weighted assets.
CAPITAL (BUFFER) The amount of capital needed in order to protect the required capital, so that it (the required capital) cannot be eroded with a probability higher than 3%.
CAPITAL (CONTINGENT) Funds that would be available under a pre-negotiated agreement if a specific contingency (such as a natural disaster) occurs.
CASUALTY INSURANCE Insurance primarily concerned with the losses caused by injuries to third parties by the policyholder and the legal liability imposed on the insured resulting there from.
CATASTROPHE (OR CAT) BOND A high performance bond which is generally issued by an insurance or reinsurance company. If a predefined occurrence takes place (such as an earthquake, tsunami, hurricane etc.), the bondholder loses all or part of his investment in the bond. This type of insurance-linked security allows insurance and reinsurance companies to transfer peak risks (such as those arising from natural catastrophes) to capital markets, thereby reducing their own risks.
CEDING COMPANY (ALSO CALLED CEDENT) Insurance company, mutual society or provident insurance provider that transfers (or “cedes”) a part of the risk it has underwritten to a reinsurer.
CLASS OF BUSINESS A homogeneous category of insurance. Since 1985, French reinsurers have used a uniform presentation that distinguishes between life, fire, crop hail, credit and surety, other risks, third party liability, motor, marine and aviation classes. The last eight of these form the general class of Non-Life business. English-speaking markets generally distinguish between Property (damage to goods) and Casualty (liability insurance and industrial injury), and Life business.
COMBINED RATIO Sum of the Non-Life claims ratio and the expense ratio.
COMMUTATION A transaction through which insurers or reinsurance surrender all rights and are relieved from all obligations under the insurance or reinsurance contract in exchange for a single current payment.
D DECENNIAL INSURANCE Decennial insurance provides insurance coverage to building owners and construction companies against losses caused by structural defects in new buildings resulting from inherent defects in design, construction or the materials employed. In a number of countries, including France, such coverage is required as a matter of law. It is generally granted for a period of ten years after construction is completed.
DEFERRED ACQUISITION COSTS (DAC) Costs associated with the acquisition of new contracts, mainly commissions, are recorded as assets and amortized on the basis of the residual term of the contracts for Non-Life business and on the basis of the recognition of future margins for Life contracts. DAC is subject to impairment resting conducted within the liability adequacy test.
GUARANTEED MINIMUM DEATH BENEFIT (GMBD) The GMDB guarantees investors in a variable annuity that if the owner passes away while the market value is down, they would never get back less than their original principal.
GROUP INTERNAL MODEL SCOR’s internal model is used to quantify the risks that SCOR faces. In particular, it is used to calculate the Solvency Capital Requirement (SCR)
I INSURANCE LINKED SECURITIES (ILS) Financial instruments whose values are driven by insurance loss events. Such instruments that are linked to property losses due to natural catastrophes represent a unique asset class, whose return is uncorrelated with that of the general financial market.
L LIABILITY ADEQUACY TEST (LAT) An assessment of whether the carrying amount of an insurance liability needs to be increased (or the carrying amount of related deferred acquisition costs or related intangible assets, such as VOBA, decreased), based on a review of future cash flows.
N NET WRITTEN PREMIUM Gross premiums less the portion of premiums paid for retrocession. Opposed to gross written premiums.
O OCEANE (OBLIGATION CONVERTIBLE EN ACTIONS NOUVELLES OU EXISTANTES) The issuer of this convertible bond may give the creditor or new shares issued for the occasion, or existing shares held in a portfolio.
OPTIMAL DYNAMICS In September 2013, the Group presented its new three-year plan “Optimal Dynamics” covering the period 2013-2016.
P PERILS PERILS provides index values which can be used in industry-loss-based ILS transactions. The underlying data for the index is thereby directly collected from insurance companies underwriting property business in the affected areas and is processed in a standardized procedure to estimate industry-wide insured losses, which then form the basis of the PERILS index service.
PROBABLE MAXIMUM LOSS (“PML”) The estimated anticipated maximum loss, taking into account ceding company and contract limits, caused by a single catastrophe affecting a broad contiguous geographic area, such as that caused by a hurricane or earthquake of such a magnitude that it is expected to recur once during a given return period, such as every 50, 100 or 200 years.
PROPERTY & CASUALTY (P&C) CLASSES All insurance classes other than Life.
PROPORTIONAL (PRO RATA) REINSURANCE Reinsurer’s share of claims carried by the insurer in proportion to its share of premiums received. Proportional reinsurance is generally written as a quota share of business or as surplus reinsurance.
REINSURANCE TREATY Reinsurance convention between an insurer and a reinsurer defining the terms under which the risks covered by the convention are ceded and accepted. The two main categories of treaty reinsurance are proportional and nonproportional.
S SCOR GLOBAL LIFE (SGL) AND SCOR GLOBAL LIFE SE SCOR Global Life refers to the operating division recording all business underwritten by entities in the life operating division. SCOR Global Life SE refers to the legal entity.
SCOR GLOBAL P&C (SGP&C) AND SCOR GLOBAL P&C SE SCOR Global P&C refers to the operating division and all business transacted by entities in this division. SCOR Global P&C SE refers to the legal entity.
SCOR SE AND SCOR GROUP SCOR SE refers to the legal entity SCOR SE, the issuer. SCOR SE and its consolidated subsidiaries are referred to as SCOR, SCOR Group or the Group.
SCR Solvency Capital Requirement, i.e. required capital calculated by SCOR’s Group Internal Model (GIM), as 99.5% VaR of the change in economic value (negative result) distribution in the 12 months starting 1/1 of the year.
U UNDERWRITING Decision by an insurer or a reinsurer to accept to cover a risk upon collection of a premium.
For the Lloyds, amount of gross written premiums net of acquisition costs underwritten by the Group through its investments in Lloyd's Syndicates.
UNDERWRITING CYCLE Pattern in which Property and Casualty insurance and reinsurance premiums, profits and availability of coverage rise and fall over time.
UNDERWRITING EXPENSES The aggregate of policy acquisition costs, including commissions, and that portion of administrative, general and other expenses attributable to underwriting activities.
V VALUE OF BUSINESS ACQUIRED (VOBA) This refers to life reinsurance portfolios acquired in a business combination. It is calculated as the present value of the stream of expected future cash flows including estimates of the future technical results, the future investment income less future administration expenses. The present value calculation is based on assumptions and risk discount factors relevant at the date of acquisition. VOBA is amortized over the lifetime of the underlying reinsurance portfolio and is subject to impairment testing as part of the LAT.
X XXX (OR TRIPLE X) A regulation in the US, commonly referred to as Regulation XXX (or Triple X) which requires a relatively high level of regulatory, or statutory, reserves that US life insurance and life reinsurance companies must hold on their statutory financial statements for various types of life insurance business, primarily certain level term life products. The reserve levels required under Regulation XXX increase over time and are normally in excess of reserves required under IFRS.
APPENDIX D: MANAGEMENT REPORT In accordance with the AMF Guide d’élaboration des documents de référence up-dated as at 5 December 2014, statements and information pertaining to the management report on the Company’s and on the Group’s activities in 2014, as approved by the Board of Directors on 4 March 2015 (the “Report”), are included and presented in the Registration Document 2014 which will be submitted as such to the Shareholders’ Meeting convened to approve the financial statements of the financial year ended on 31 December 2014. Therefore, the Registration Document’s sections referred to in the table of compliance set forth under Section 4 hereafter, are fully incorporated to this Report of which they are deemed to be an integral part.
The balance sheet of SCOR SE as at 31 December 2014 amounts to EUR 8,889,382,414.
The shareholders' equity of SCOR SE amounts to EUR 2,794,425,655 and other equities amount to EUR 1,642,078,174. The debts amount to EUR 627,504,877 including other loans of EUR 625,844,494.
The reinsurance result of SCOR SE as at 31 December 2014 is EUR 154,778,927 while the financial result is EUR 371,755,128.
For additional information on the operating and financial situation of SCOR SE and its subsidiaries, as well as on their activities’ development in 2014, please refer to Section 9, Section 20 and Appendix A of the Registration Document.
Pursuant to Article 223 quarter of the French General Tax Code, we remind you that the amount of the expenses and charges referred to in Article 39.4 of said Code totals EUR 86 057 for the previous fiscal year 2014 and the amount of taxation borne by the Company due to the non-deductibility of such charges should amount to a total of EUR 32 702
(except if the beneficiary has opted for fixed-rate taxation on dividends (prélèvement libératoire forfaitaire, as the case may be).
2 FLUCTUATION OF SCOR SE QUOTATION THROUGHOUT 2014 The following statements present the volume of transactions and the fluctuation of SCOR SE quotation on the Euronext Paris stock market throughout the financial year 2014: TOTAL OF TRANSACTIONS EXTREME MARKET PRICE
This appendix is prepared in accordance with the regulations referred to in the Article 225 of the law on the national commitment to the environment. The presentation also takes into account Recommendation No. 2013-18 of the Autorité des marchés financiers published on 5 November 2013 and available on the AMF’s website. It describes how the Group ("SCOR" or the "Group") accounts for the direct effects of its activity on its employees and outlines the policies, actions and programs it has implemented in response, both at SCOR SE and its subsidiaries in France and abroad. This chapter is divided into two sections. The first section presents a series of HR indicators that are consistent across the Group. The second section provides additional information and studies in further detail the actions and programs implemented within the Group.
Each category in this section corresponds to an item of information mentioned in the French decree Grenelle II which is itself explicitly mentioned.
The items mentioned in the document pertain to the entire Group except ReMark (138 employees, fully consolidated entity), Telemed (43 employees), Réhalto (27 employees) and the Lloyd's Channel Syndicate (80 employees). ReMark, Telemed and Réhalto are controlled 100% by SCOR Global Life SE. The Lloyd's Channel Syndicate is controlled by SCOR Global P&C SE. They are all managed independently from the Group in terms of human resources (HR policies, HR processes, HR rules and frames etc.).
“Grenelle II” Indicator: Distribution of the employees by Geographical Area 2014 2013 2012 Paris 765 743 713 Americas 725 707 628 Zurich/Cologne 453 446 447 London 251 224 189 Singapore 223 195 173 TOTAL excluding ReMark 2,417 2,315 2,150 ReMark (2) 138 135 134 TOTAL 2,555 2,450 2,284
(2) SCOR Global Life SE holds 100% of the capital of ReMark. Due to its specific activity, to its own business model and its own organizational structure. ReMark’s human resources are managed independently from the Group.
2014 2013 2012 SCOR Global P&C .(4) 784 742 712 SCOR Global Life .(1) 830 948 848 SCOR Global Investments 52 59 51 Group Functions and Support .(2) 751 566 539 TOTAL excluding ReMark 2,417 2,315 2,150 ReMark .(3) 138 135 134 TOTAL 2,555 2,450 2,284
(1) For 2012 and 2013 the former Transamerica Re employees are included in the SCOR Global Life division. Starting from 2014, the former Transamerica Re employees are included in the divisions according to the global organization of the Group. For 2012, 2013 and 2014, Rehalto (27 employees at 31 December 2014) and Telemed (43 employees at 31 December 2014), subsidiaries (100%) of SCOR Global Life SE, are managed independently from the Group in terms of human resources and are not aggregated financially (and then socially) in the division.
(4) For 2013 and 2014, the Lloyd's Channel Syndicate (80 employees at 31 December 2014) is a subsidiary of SCOR Global P&C SE, managed independently from the Group in terms of human resources and not aggregated financially (and then socially) in the division.
“Grenelle II” Indicator: Departures 2014 2013 2012 Male Female Total Male Female Total Male Female Total
Methodology: employees on fixed-term contract are considered as definitively leaving SCOR when their contracts expire. Therefore, the 12 employees who signed a permanent contract in 2015 at the end of their fixed-term contract are not included in this scope. In 2014, the Group’s staff turnover rate was 7.3%*.
Average fixed remuneration .(2) 88,525 83,209 82,548 Average bonus 14,581 11,191 9,310 Total granted shares .(3) 13,069 11,872 11,420 116,175 106,272 103,278
As a global company organized into five Hubs located in the world’s main financial centers, SCOR offers competitive base salaries in order to position itself as a competitive player on the labor market and attract and retain talent. SCOR maintains a holistic approach to compensation. Compensation for both Partners and employees comprises multiple components: a fixed and a variable part, an immediate and a deferred part, an individual and a collective part. The components include base cash salary, annual cash bonus, shares and options where applicable, pension schemes and any other benefits.
For Partners, the SCOR bonus system is linked directly to the staff individual performance appraisal (corresponding to pre-defined ranges linked to the individual performance) and also to the ROE that SCOR achieved in the past financial year.
Paris 42,551 42,580 32,921 Americas 14,965 13,211 12,806 Zurich/Cologne 5,939 4,567 5,584 London 5,828 6,956 5,801 Singapore 1,655 1,716 1,347 TOTAL 70,938 69,030 58,459
National Health Care for all employees under a French contract: reimbursement of healthcare costs (illness, accident, pharmacy) based on a scale reviewed annually.
The pension amount is based on three elements: the sum of points earned based on income, the multiplier, the present value of pensions. The regular and unshortened pension is currently payable between age 65 and around age 67.
All the employees are obliged to have health insurance (basically: statutory health insurance). Employees earning more than EUR 48,600, can choose a private health insurance or can stay voluntarily in the statutory health insurance.
The mandatory retirement plan is managed by the state ("Basic State Pension"). The amount of full basic state pension for a single person is GBP 113.10 per week for 2013-
One defined-benefits pension scheme (the pension is equal to 1/60th of the final pensionable salary for each year of membership of the scheme up to normal retirement date) and 3 defined contribution pension schemes (individual funds accumulate from contributions and investment returns).
- National health insurance for all employees (salary payment during sick leave or absence due to an accident. For the latter, treatment costs are covered).
(1) Due to local laws, the age of the employees working in the hub Americas has not been taken into account in these figures 3.2.11 Distribution by type of working time
2014 2013 2012 Male Female Total Male Female Total Male Female Total Full-time employees 1,241 994 2,235 1 204 936 2 140 1,115 871 1,986 Part-time employees 26 156 182 23 152 175 18 146 164 TOTAL 1,267 1,150 2,417 1 227 1 088 2 315 1,133 1,017 2,150
The annual working time in the Group is 201 days for the employees with “cadres” status in France, 205 days for the employees with “non-cadres” status in France, 218 days in Spain, 219 days in Italy, 219 days in Belgium, 221 days in the Netherlands, 247 days in Russia, 222 days in South Africa, 226 days in Ireland, 228 days in the UK, 245 days in Sweden, 222 days in Switzerland, 221 days in Israel, 221 days in Germany, 221 days in Austria, 233 days in the USA, 245 days in Brazil, 231 days in Argentina, 243 days in Canada, 251 days in Mexico, 244 days in Colombia, 248 days in Chile, 231 days in Australia, 230 in China, 223 days in Hong Kong, 214 days in India, 224 days in Malaysia, 229 days in South Korea, 230 days in Singapore, 219 days in Japan and 230 days in Taiwan. As the concept of overtime does not exist in all countries and the calculation of overtime is very different from one country to another according to local law, it is not possible to present this data on a comparable basis this year.
“Grenelle II” Indicator 4 European Committee meetings were held in 2014 (in Paris) on 8 January 2014, on 16 May 2014, on 4 July 2014 and on 9 October 2014.
Organization of employee/management dialogue 72 meetings were held with staff representatives in Europe (37 meetings in France (1), 2 meetings in Italy, 8 in Switzerland, 20 meetings in Germany, 1 meeting in Austria, 3 in Sweden, 1 in Brazil).
Organization of employee/management dialogue 18 collective agreements were signed within the Group in 2014 (14 agreements were signed in France on 4 February 2014 “Egalité professionnelle entre les femmes et les hommes”, on 23 June 2014: 5 agreements on the retirement - introduction of the new pension scheme based on the French “article 83” and increase of the working time, on 23 June 2014 “Accord sur la participation aux bénéfices”, on 26 June 2014 “Première prorogation de la phase pilote du télétravail”, on 3 July 2014 “accord sur l’attribution collective d’actions gratuites (prime de partage des profits)”, on 16 December 2014 “Seconde prorogation de la phase pilote du télétravail”, on 19 December 2014: 4 addendums related to the change of account holder for the new pension scheme, 2 agreements were signed in Germany on July 2014 and December 2014 “Extension of Pilot Project Mobile Office”, 2 agreements were signed in Brazil on 13 February 2014 “Convenção Coletiva de Trabalho do Estado de Rio de Janeiro” and on 30 January 2014 “Convenção Coletiva de Trabalho do Estado de Sao Paulo”). No collective agreement related to health and safety in the workplace was signed in 2014.
In 2014, the Works Council in Paris spent EUR 650,897 on social activities. This figure does not include operating expenses (or summer camp costs (2)). The main benefits for employees are:  “Crédit loisirs”: an annual lump sum credit proposed to each employee to reimburse theatre, cinema and show tickets, sporting activities, arts, culture and entertainment related outings, etc.
In 2014, a number of measures for health protection/prevention were implemented: - In Germany, a variety of medical services is offered in cooperation with the company doctor (e.g.: eye examinations, vaccination), offer of ergonomic keyboard/mouse. A safety and health committee is in place.
- In Italy, office safety and health training are organized for all the staff.
(1) For the Paris hub, the Zurich hub and the London hub, the number of training hours is calculated on the basis of the attendance sheets. For the other hubs, the number of training hours is calculated on the basis of the information mentioned in the invoices sent by the providers. For technical reasons, the figures for the Americas Hub exclude Canada.
 At the Compensation and Nomination Committee meeting on 25 July 2012, it was noted that SCOR had made progress towards achieving equality between women and men at work and that the initiatives must continue. Once again this year, a particular attention was paid to the number of women with Partner status entering in the partnership: women accounted for 35 % of the "partner” nominations during the 2015 partners and nominations process which took place at the end of 2014. This objective is part of the initiatives supported by SCOR to facilitate the access of the female employees to key positions within the Group and build the talent pool. This approach is also compliant with internal equity when increasing salaries, performing appraisals or promoting to Partner status (reminder of this principle sent to the managers with the guidelines) and with the recruitment process designed to eliminate any risk of discrimination.
 In recent years in France, the Women's Day leads to the organization of an event dedicated to diversity within the group. In 2015, this event will be global and rolled-out in larger entities.
 In the United-Kingdom, a course named "Personal Branding for Corporate Success" and opened to both women and men was implemented.
 In Germany: “Learning over Lunch” events keep going. One objective is to discuss ways to help parents manage specific parental situations; there are one woman on the local Management Committee; part-time or flexible working arrangements are discussed to alleviate the difficulties faced by certain employees face; paternity leave and child/parent care leave are promoted, teleworking is under consideration (implementation of a pilot), personal coaching and support and assistance for older employee are also in place, along with an adaptable pension scheme according to the employee’s personal circumstances.
The Group has 14 employees with disabilities (1): 1 in Germany, 3 in Switzerland, 6 in France, 2 in Italy, 2 in Canada.
In France, SCOR places particular importance on the subject of disability and implements practical actions to allow equal access to all positions and to support the entry and retention of disabled workers. The following actions to promote the integration of employees with disabilities have been taken within the Paris site: - The building was built and designed taking into consideration all the arrangements to facilitate the integration of disabled staff.
- Specific monitoring of disabled employees via the Department of Health to work in coordination with the HR Hub Paris (including adapting the organization of work and / or working conditions). - Establishment of specific training for a deaf employee eligible for teleworking.
Additional information: The first “Victoires du Capital Humain” awards, organized by the publisher of the magazine Décideurs, Leaders League, has awarded two trophies to the SCOR group Human Resources department. - The “Gold Trophy - special mention”, for the category “HR Department of the Year for an International Group”, highlighting in particular the fundamental transformation of HR policy over the past few years. The other nominees were GDF Suez, L’Oréal, LVMH and Total. - The “Silver Trophy” for the category “Benefits and Remuneration”. The other nominees were Accor, Areva, Devoteam and Société Générale.
These trophies, awarded in Paris on 8 December 2014, are designed to reward the actions and initiatives taken by the HR managers of more than 150 large groups, as elected by a jury of more than 80 professionals. They notably recognize the best initiatives in terms of the quality of working life, talent management and training policy.
Methodological note: - The report covers a 12-month period from 1 January to 31 December of the year under review.
- The items pertain to the entire Group except ReMark, Telemed, Réhalto and the Lloyd's Channel Syndicate. These three entities are controlled 100% by SCOR Global Life SE and are managed independently of the Group in terms of human resources. The Lloyd's Channel Syndicate is controlled by SCOR Global P&C SE and is managed independently from the Group in terms of human resources. - The headcount is calculated on the basis of the employees registered at 31 December on fixed-term contracts (working contract signed directly between SCOR and the individual with a defined ending date) or permanent contracts (working contract signed directly between SCOR and the individual for an unlimited period). Trainees are employees paid by the company under a tripartite agreement between the company, the school and the student.
- The length of absence includes sick leave, accident, maternity/paternity leave, sabbatical leave and exceptional leave. - Number of training hours: total number of hours of training received by all the employees. These training hours are directly managed by SCOR or by an external training organization at the behest of SCOR. For collective training, the number of hours of training should be multiplied by the number of participants. - A disabled employee is an employee officially affected by a disability recognized by the administration. The disability may be physical or mental or a combination of these. A disability may be present from birth, or occur during a person's lifetime. - Daily checks are performed by the local HR managers and the Group HR department to ensure the reliability of the information in the Group data base. A complementary detailed check of the data is assured annually (in December) by the Group HR department and the local HR managers.
4 ENVIRONMENTAL IMPACT OF SCOR’S ACTIVITY Information required under Article R. 225-105 of the Commercial Code
Environmental policy: framework SCOR’s environmental policy is guided by the international initiative to which it has subscribed. Signatory of the UnitedNations Global Compact since 2003 and the Kyoto Statement under the aegis of the Geneva Association since 2009, and since 2012 SCOR is also a founding signatory of the Principles for Sustainable Insurance, a global initiative placed under the umbrella of the United Nations Environment Program – Finance Initiative (UNEP-FI) and announced in the run up to the United Nations conference on sustainable development (RIO+20). These initiatives form the framework in which SCOR SE (the “Company”) and its main subsidiaries implement the Group’s environmental policy (“SCOR”).
SCOR’s environmental policy: general organization and main areas The Group’s environmental policy is decentralized at “Hub” level (in Europe, London, Paris and Cologne / Zurich, in Asia/Pacific, Singapore and in the Americas, Charlotte and New York) and monitored at Group level by the GreenSCOR manager who, besides its responsibility with regards to compliance with environmental information disclosure requirements under the law on the national commitment in favor of the environment, encourages, coordinates and mandates locally implemented environmental initiatives.
Being mindful of controlling its direct environmental footprint, the Group supports any initiatives tending to minimize the environmental impacts in the following areas: (1) property offices, (2) energy efficiency with regards to its information technology system, (3) travel: (1) For several years now SCOR has been implementing projects in the property offices area (acquisition and site management) in order to reduce its impacts derived from offices that are occupied by SCOR’s employees:  With respects to offices acquisition, the site in London which is owned by the Group has been certified BREEAM (”BRE Environmental Assessment Method”). In Cologne, SCOR’s local teams are hosted since March 2012 in a building that has been awarded a European environmental label in 2012. In Paris, the headquarters, certified “Haute Qualité Environnementale” (HQE) for the design and the construction phase, hosts now most of the Parisian teams. In 2013, the Group has acquired two floors in a building still under construction in Singapore and has purchased four units of an additional floor in 2014. This building will be certified Green Mark Platinum, an award provided by the Building Construction Authority of Singapore. The building will be delivered in mid 2017.
 With regards to facility management, in addition to the Zurich office whose operations are certified ISO 14001, Cologne and Paris have decided to implement respectively the following standards: EMAS (“Eco-Management and Audit Scheme”) and HQE operation. Premises in Paris have been certified HQE operation (HQE exploitation) at the end of 2013 while the environmental management system of Cologne has been certified EMAS at the end of 2014.
 With regards to its investment property portfolio, SCOR has undertaken a proactive approach to the environmental certification of its portfolio in the Parisian area both for the acquisition of office buildings and the renovation of existing ones. Over the past five years, objectives in terms of environmental labels and energy efficiency have been set out for more than 80,000 m2 of surface area. Thus the Group owns one of the first positive energy tertiary sector buildings of its size (23,000 m2). Moreover, a far-reaching renovation program has been started in 2013 on a Parisian surface area of 11,000 m2. This operation will aim at receiving a triple certification (HQE Renovation, LEED, BREEAM) with high levels of excellence, in addition to the granting of the BBC Effinergie-Rénovation energy label. SCOR has also acquired “START” (France), a building of around 26,000 m² with the BBC-Effinergie label, the design and execution of which have been certified Very Good by HQE and BREEAM. More recently, a far-reaching renovation program on surface area of more than 20,000 m2, including the construction of new building has been launched in 2014. The latter has been designed with a view to comply with the Paris Climate Plan as well as receiving a double certification (HQE Renovation and BREEAM) with high levels of excellence. Besides these large-scale operations, a renovation project in the center of Paris city regarding the whole façade of a building of a 2,400 m2 surface area has been launched. This project aims to increase the energy efficiency of the building and to be certified HQE Renovation.
Environmental indicators: scope, methodology and limitations This report is established in accordance with regulatory requirements as set out by the article 225 of the law on the national commitment in favor of the environment and takes into account the AMF recommendation n°2013-18 published on 5 November 2013 and available on the AMF website.
Aside from the indications mentioned below, further details on the scope are available as necessary in the description and the 2014 data section of the environmental indicator table, which are set out in the same order as Decree n°2012557 of 24 April 2012 relating to the transparency obligations of companies in social and environmental terms.
This environmental report covers the parent company (“SCOR SE”) and the main locations of its main subsidiaries in France and abroad fully consolidated in the financial statements with the exception mentioned below. Therefore companies in which SCOR has a shareholding are excluded from the scope (Refer to Section 20.1.6 – Notes to the consolidated financial statements, Note 24 - Related party transactions, Associates and Joint Ventures). Besides the companies in which SCOR has a shareholding value, 1 group of companies fully integrated in the financial statements has been excluded from the scope of reporting: ReMark and its subsidiaries. In terms of headcounts, this group of companies accounts for 5,4% (138 employees) of the legal entities fully consolidated in the financial statements as of 31 December 2014. Activity data have been collected between the 1 December 2014 and the 19 January 2015 on a target perimeter embracing all the Group’s locations where more than 30 employees were in activity at the end of the year (i.e. 31/12/2014) for the full reporting. The report now covers Generali Holding and its affiliates that were not included during the data collection conducted in 2013. In terms of headcounts, this target perimeter accounts for 83% of the legal entities fully consolidated in the financial statements. Although Channel Syndicate (80 employees), a subsidiary of SCOR Global P&C SE, is not globally integrated in the consolidated financial statements, this report includes this company too since SCOR and Channel Syndicate employees are hosted in the same premise in London.
Consolidated data covers a 12 month period, generally from 1 January 2014 to 31 December 2014.
Given the significant variations in scope from one year to the next, the data presented in the "environmental indicator" table cannot be fully compared with those published in 2013. However, when appropriate, indications are provided regarding the trends observed.
conversion factors published by the French “Environment and Energy Management Agency” (Ademe) and extrapolated from the data effectively collected in each hub. The emissions calculated by the Group cover the following scope of the “Green House Gas Protocol”:  “Scope 1”: direct emissions induced by the combustion of fossil energy. From premises to premises, these emissions are generated by the consumption of fuel (heating and backup generator) and the use of a fleet of vehicles (company cars and corporate jet).
Company organization to manage, assess environmental issues and certification initiatives are developed in section: “Group’s environmental policy: general organization and main areas”
Employees are informed about the Group’s environmental actions through various different channels. The Group’s Code of Conduct is the primary source in terms of information and raising awareness. An entire section of the Code is devoted to the United Nations Global Compact and to the “Principles for sustainable insurance”. This information is complemented by regular communications via internal corporate media, and by themed events such as SCOR Lunches. Since 2012, this information has been extended to the employee representative bodies, both in France and on a Europe-wide basis through the Common European Companies Committee (CECC).
Aside from these corporate communication methods, employees are kept informed about environmental protection through environmental certification procedures undertaken in various sites operated by SCOR, for example leaflets and posters promoting the reasonable use of resources and raising the awareness of the General Services department.
Not material due to the nature of the activity (i.e. financial services). Green House Gas emissions are reported below in the section “Green House Gas emissions” (see item 12) of this table. Due to the nature of its activity, other discharges in air, water or ground seriously affecting the environment are not significant and are covered by an environmental management system in the premises the Group’s affiliate are the main manager (see indicator 3 and the description of “SCOR’s environmental policy: general organization and main areas”).
NB: for several entities the production of sorted and recycled “paper waste” has been estimated on the basis of the purchases. These estimation accounts for 5% of the volume reported above.
Not material due to the nature of the Group’s activity (i.e. financial services). The direct impact of which are insignificant in terms of sound pollution.
Group 9- Raw materials consumption and measures taken to improve the efficiency of their use
NB: printed document ordered to printing companies are excluded from the scope of reporting.
10- Energy consumption and measures taken to improve energy efficiency and the use of renewable energies
The Group consumed 15.7 GWh in 2014 (or 216 kWh/m2 against 228 kWh/m2 in 2013) to operate the premises occupied by its staff (lighting, heating, cooling – including data center - power for operating various equipment). Most of the energy consumed in the Group’s premises surveyed comes from electricity (71%). Renewable energies accounted for 30% of electricity purchases. NB: energy consumption originating from outsourced data centers is not factored conversely to data centers hosted in the premises hosting SCOR’s employees. Another major source of energy consumption is driven by business trips, in particular air travel due to the global nature of SCOR’s activities. In 2014, around 40 million of kilometers (or around 16,060 kilometers per employee) were travelled either by plane (95.3%) or by train (4.7%). Due to the proportion of air travel in its Greenhouse Gas Emission footprint, SCOR has extended the monitoring of air travel to cover all of its locations since 2012 as stated in the methodology note.
Group 11- Ground use Not material due to the nature of the activity (i.e. financial services). Ground use is limited to the surface area of office building hosting the Group’s employees.
Description and 2014 Data Scope 12- Green House Gas emissions In 2014, the Group’s emissions calculated as defined in the section “environmental indicators: scope, methodology and limitations” amounted for 22,263 tons of CO2 equivalent or 8.9 tons of CO2 equivalent per employee. Most of these emissions were driven by business transportation representing around 82% of the Group’s emissions of which air transportation accounted for 98%. The emission rate retained includes the preparatory phase (extraction, refining and transport of the fuel) and the combustion phase. With regard to transport, gases outside of the Kyoto protocol are also taken into account (mainly water vapor generated by jet engines).
As an internationally reputed reinsurer involved in the coverage of natural events, SCOR closely monitors the developments linked to climate change. As well as monitoring the risks and opportunities linked to climate change as part of the steering of emerging risks (ECHO – Emerging or Changing Hazards’ Observatory), SCOR has become involved with a number of corporate and community initiatives, notably the initiative led by the Geneva Association. The Group is a member of the working group “EE+CR” whose purpose is to contribute to the brainstorming on the contribution of re/insurance companies to sustainability through an increase of the resilience of societies to climatic risk and extreme events.
With regards to the financing of the fight against climate change several initiatives are led locally. Since 2012, SCOR Switzerland Ltd is a member of the Swiss Climate Foundation concerned with the climate protection by giving financial support to small and medium sized enterprises (SMEs).
Although this category of information is not material due to the nature of the activity (i.e. financial services), some of the Group locations contribute to their scale to the preservation of biodiversity. As an illustration Paris and London have hives on their roof or ecoroof and gardens made of diversified plant species and varieties. Group
Energy .(2) kWh 15,655,925 83% 15,664,503 78% Water m3 33,857 83% 29,828 78% Sorted and recycled paper waste Kg 151,243 71% 127,516 78%
(1) Coverage rate are reported against the number of employees (excluding Channel Syndicate employees) working for the legal entities fully consolidated in the financial statements. Channel Syndicate employees are included in the coverage rate (2) Of which electricity (71%), fuel and gas (11%), other heating source (3%) and other cooling source (15%)
5.2 RELATIONSHIPS BETWEEN THE GROUP AND PEOPLE AND ORGANIZATIONS CONCERNED BY THE COMPANY’S ACTIVITIES, PARTICULARLY NON-PROFIT EMPLOYMENT AGENCIES, EDUCATIONAL ESTABLISHMENTS, ENVIRONMENTAL PROTECTION AGENCIES, CONSUMER ASSOCIATIONS AND NEIGHBOURING RESIDENTS
Aside from its employees, for whom the conditions for dialogue are set out in Note 3.3.2 - Social relations of this document, SCOR maintains relationships with a diverse range of stakeholders directly concerned by the SCOR group’s activities. These stakeholders notably include:  shareholders and investors;  clients and reinsurance brokers;  financial and non-financial rating agencies;  national supervisory authorities for the insurance and reinsurance industries in countries in which the Group has subsidiaries (e.g. Autorité de Contrôle Prudentiel et de Résolution - France, Prudential Regulation Authority – United Kingdom, Monetary Authority of Singapore - Singapore, Central Bank of Ireland - Ireland, Autorité Fédérale de Surveillance des Marchés Financiers – Switzerland, as well as the insurance commissioners of the states in which the Group American subsidiaries are registered in the United-States of America);  professional associations representing the interests of the insurance and reinsurance industry (e.g. Fédération Française des Sociétés d’Assurance, Association professionnelle de la réassurance in France, American Council of Life Insurers, Reinsurance Association of America, South African Insurance Association, Canadian Life and Health Insurance Association, CFO Forum, Reinsurance Advisory Board, CRO Forum);  non-governmental institutions such as the United Nations Program for the Environment via its financial initiative, and the United Nations Global Compact.
SCOR has implemented a number of different means by which to communicate with the stakeholders mentioned above, which are tailored to the nature of the relationships held with those stakeholders (e.g. regular meetings, participation in working groups, client events on various different topics including the technical aspects of reinsurance, transmission of information on demand, production of regulatory reports). Generally speaking, when such practices are not defined by regulatory provisions, the Group does its utmost to adopt the best practices identified in the corresponding countries.
In addition to the stakeholders mentioned above and aside from the relationships maintained with a number of institutions, in the context of partnerships concluded in the interests of promoting actuarial science (e.g. Institut des Actuaires in France, Istituto Italiano degli Attuari - Università Cattolica de Milan in Italy, Heriot Watt and CASS Universities in the UK), SCOR is making a particular effort to establish relationships with educational establishments.
In France in particular, SCOR is involved in financing establishments through the payment of an apprenticeship tax to schools or establishments operating work-study programs. Each year, SCOR welcomes apprentices and young interns who occupy technical or administrative functions.
 Scientific partnerships and sponsorships SCOR has a long tradition of supporting research and teaching. The Group has for many years been developing relationships with different kinds of institutions (foundations, associations, schools and universities, research centers) in various forms (corporate sponsorship, scientific partnerships) in a number fields linked to risk, both in France and abroad.
Aside from the SCOR Global Life Research Centers, which maintain close ties with the medical world and finance research operations in the fields for instance of cardiovascular disease (partnership with the Assmann Foundation in Germany), AIDS (partnership with the Pierre & Marie Curie University at the Pitié-Salpêtrière hospital), the Group or its Foundation as appropriate also contribute to the promotion of actuarial science in Europe (Germany, Spain, Portugal, France, Italy, the UK and Switzerland) in Asia (Singapore), and financial and economic science (Nanyang Technological University/Nanyang Business School in Singapore) and have launched significant research partnerships in the field of economics and finance (the Risk Foundation in collaboration with the Toulouse School of Economics, Paris-Dauphine University, the Jean-Jacques Laffont Foundation, Paris School of Economics). Additional information on some of these sponsorship and scientific partnership programs is available in Section 11 (“Research & development, patents and licenses”) of this document.
The Foundation will benefit from annual financial support from SCOR in order to support new projects, and gradually takes responsibility for some of the Group’s existing scientific research operations.
By way of illustration, the SCOR Global Life America teams in North Carolina (Charlotte, United States), with the support of the executive management, are encouraged to volunteer and support a number of charity operations, including the “Give4Others” program, which enables staff to devote four hours per month to voluntary work for the non-profit associations of their choice. Another social program consists of a partnership with various schools, which with very high
proportion of underprivileged children. Other charity organizations such as United Way are also supported by SCOR Global Life America.
In France, SCOR has financially supported “Ticket for Change” in 2014, an operation consisting of a journey for promoting “change entrepreneurship” to about fifty young people. Besides this financial support, the sponsorship agreement foresees skills based sponsorship for these young people.
 Support for the arts and for culture At the crossroads between research and the support for the arts and culture, SCOR is partnering with Louvre museum in a research program, which will last for four years on the topic of catastrophe and how it is represented. Each year, the research program is based around a specific theme, followed by seminars to report on the main results of the research conducted. A major exhibition, accompanied by a series of events and a publication, will bring the program to a close in 2016.
SCOR is also a partner to the arts, notably in France (Orchestre de Paris), in Germany (Walfart Contemporary Art Museum) and in the United States where the staff of SCOR Global Life America, based in Charlotte (North Carolina) are involved in fundraising campaigns for the Art & Science Council.
SCOR has in place a group anti-bribery policy which stipulates explicitly a zero-tolerance policy with respect to giving and receiving of bribery, including making of illegal facilitation payments and gives guidance on prohibitions, key principles and requirements regarding (i) gifts, entertainment and hospitality, (ii) dealing with business partners, (iii) interacting with public officials, (iv) charitable and political contributions and sponsorships, (v) payments and financial controls. The policy in question also highlights do's and don'ts and red flags requiring that the General Counsel or Compliance Officer is to be contacted in case such red flags are identified and also outlines the roles and responsibilities of SCOR's control functions to combat bribery. SCOR maintains other relevant group policies and guidelines supporting the group anti-bribery policy amongst others group guidelines on anti-fraud, group fraud incident management process, group policy on conflict of interest, antimoney laundering & combating terrorism financing guidelines, group guidelines on reporting concerns and further operational policies and guidelines such as group delegation of authority policy, group fees policy and group travel policy.
The United Nations Global Compact, of which SCOR is a member, invites the Group to promote and respect the protection of international human rights law and to ensure that it is not a party to any human rights violations. In light of technological developments, the protection of personal data is a crucial component of the respect of basic rights, as illustrated in Article 8 of the Charter of the Fundamental Rights of the European Union.
6 RELATED PARTY AGREEMENTS In accordance with article L.225-202-1 of the French commercial code, during the year 2014 there have been no agreements concluded directly or through a third party between, on one hand, the managing director, one of the directors or one of the shareholders holding a fraction of the voting rights greater than 10 %, of SCOR SE and, on another hand, another company whose SCOR SE owns directly or through a third party more than half of the capital, which are not agreements concerning ordinary transactions concluded under normal conditions.
7 ADDITIONAL INFORMATION RELATING TO THE MANAGEMENT REPORT OF THE COMPANY AND THE GROUP – TABLE OF COMPLIANCE Are fully incorporated into this Report, of which they are integral part, the information and statements set forth in the various sections of the Registration Document referred to in the table of compliance below: MANAGEMENT REPORT REGISTRATION DOCUMENT STATEMENTS DEALING WITH THE MANAGEMENT OF THE GROUP IN 2014:  Analysis of the Group business development, results and financial situation Sections 3, 9 and 20
 Research and development activities within the Group and the Company Section 11  Main risk factors exposure for the Group Section 4
STATEMENTS DEALING WITH THE MANAGEMENT OF SCOR SE IN 2014:  Company’s securities - Amount of issued capital, capital increase and additional information Section 21.1.1 and Appendix A - Operations performed by the Company on its own shares Section 21.1.3 - Issuance of bonds and similar securities Appendix A and Section 20.1.6.14 - Share capital ownership and structure Section 18.1 - Cross shareholdings -(1) - Elements which could have an impact in case of a tender offer Section 21 - Fluctuation of quotation related risks Section 4 - Employees’ shareholding in SCOR SE Sections 17 and 18.1 - Adjustment of the conversion basis for securities granting access to the share capital Section 20.1.6.14
 Subsidiaries’ business overview in 2014 Sections 6, 7, 9 and Appendix A § 2.3
8 STATUTORY AUDITOR’S REPORT ON THE REVIEW OF SCOR SE SELECTED ENVIRONMENTAL AND SOCIAL INDICATORS Independent third-party report on consolidated social, environmental and societal information published in the management report of SCOR SE This is a free translation into English of the original report issued in French, and is provided solely for the convenience of English speaking readers. This report should be read in conjunction with, and is construed in accordance with French law and professional auditing standards applicable in France
Based on our work, our role is to:  attest that the required CSR Information is disclosed in the management report or, that an explanation has been provided if any information has been omitted, in accordance with the third paragraph of Article R. 225105 of the French Commercial Code (Attestation of completeness of the CSR Information);  provide limited assurance that, on the whole, the CSR Information is fairly presented, in all material respects, in accordance with the adopted Reporting Criteria (Fairness report regarding CSR Information).
Our work was carried out by a team of 6 people between September 2014 and March 2015 for a period of about 24 weeks.
We got acquainted with the direction that the Group is taking, in terms of sustainability, with regard to the social and environmental, consequences of the company's business and its societal commitments and, where appropriate, the actions or programs that stemmed from it.
In the event of omission of some consolidated information, we checked that explanations were provided in accordance with the third paragraph of the article R. 225-105 of the French Commercial Code.
Based on our work, and taking into account the limitations mentioned above, we attest that the required CSR Information has been disclosed in the management report.
We conducted about ten interviews with the persons responsible for the preparation of CSR Information from the departments in charge of the process of gathering information and, where appropriate, responsible of the internal control and risk management to:  assess the appropriateness of the Reporting Criteria in terms of relevance, completeness, neutrality, clarity and reliability, by taking into consideration, when relevant, the sector’s best practices;  verify the set-up within the Group of a process to collect, compile, process and check the CSR Information with regard to its completeness and consistency. We familiarized ourselves with the internal control and risk management procedures relating to the compilation of the CSR Information.
We determined the nature and extent of tests and controls depending on the nature and importance of CSR Information in relation to the characteristics of the Company, the social and environmental issues of its operations, its strategic priorities in relation to sustainable development, and the Industry best practices. Concerning the CSR information that we considered to be most significant (4):  at Group level, we consulted source documents and conducted interviews to corroborate the qualitative information (organization, policies, actions); we implemented analytical procedures on the quantitative and verified, on the basis of sampling techniques, the calculations and consolidation of the information; and we verified its consistency with the other information contained in the management report;  at the level of a representative sample of entities (5) selected based on their activity, their contribution to consolidated indicators, their location and a risk analysis; we conducted interviews to verify the proper application of procedures and conducted substantive tests, using sampling basis, to verify the calculations performed, and reconciled data with supporting evidence.
Regarding the other CSR consolidated Information, we assessed its fairness and consistency based on our knowledge of the Group.
We deem that the sampling methods and sample sizes we have learned by exercising our professional judgment allow us to formulate a conclusion providing limited assurance; a higher level of assurance would have required more extensive work. Because of the use of sampling techniques, and because of other limits inherent to any information and internal control systems, the risk of not detecting a material misstatement in the CSR Information cannot be completely eliminated.
(4) Headcount on the last day of the period by sex, hub, type of contract and status; Ins by type of contract; Outs; Average fixed remuneration at the end of the period; Average bonus; Value of shares allocated; Total Gross remuneration; Distribution of Group employees on working time; Number of meetings with staff representatives; Number of meetings of the CCSE; Number of collective agreements signed; Number of meetings with staff representatives to discuss QHSE conditions; Number of collective agreements signed regarding health and safety at work; Number of training hours; Measures to promote equality between women and men; Number of disabled workers; Volume of sorted and recycled paper waste; Water consumption; Energy consumption; Greenhouse gas emissions; Actions to prevent corruption.
Page STATEMENT BY THE PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT 9 MANAGEMENT REPORT 397 Review of the parent company’s and consolidated group’s profit or loss, financial position, main risks and uncertainties, and share issue authorizations (Articles L.225-100 and L.225-100-2 of the French Commercial Code)
European Company With a share capital of EUR 1,517,825,442.53 RCS Paris B 562 033 357