Ethics and transparency
SCOR is committed to conducting business with the highest degree of integrity, professionalism and responsibility. This commitment to a strong ethical and compliance culture is vital in terms of meeting the long-term interests of SCOR’s various stakeholders, and reflects the “tone at the top” established by SCOR’s Board of Directors and senior management for the prevention and mitigation of compliance risk.
The Group’s corporate governance standards are best in class. Independence, diversity in terms of both gender and prospects, and the qualifications and experience of its Board of Directors, provide the right framework for sound governance. Group supervision rests on a solid risk management system. This supervision is also facilitated by the regular and structured functioning of SCOR’s internal bodies, while its Code of Conduct sets outs clear ethical expectations to employees.
The Code of Conduct covers numerous fields, and notably reminds employees about the ethical and legal rules applicable to business confidentiality (including data protection and privacy), to the use of inside information and to financial communications. It also reminds them about the crucial values of non-discrimination, respect and loyalty practiced within the Group. It defines the rules relating to the acceptance of gifts and invitations, and emphasizes the “Know Your Customer” (KYC) principle as key way to defend the company against compliance risk.
As part of its compliance program, and in order to embed the Group’s compliance policies and latest developments, SCOR regularly holds training sessions for its employees in most of its Hubs and other locations.
SCOR is also active in various compliance organizations and transparency initiatives such as the Group Chief Compliance Officer Forum, the Sanctions in Insurance Roundtable (SIIR) and the Sustainable Development Commission of the French Insurance Federation (Fédération française de l’assurance), where the Group has led a number of reporting working groups.
SCOR upholds Sustainable Development as one of its five core values. This belief is anchored in our Code of Conduct. It is also embodied in the international environmental commitments and initiatives we have embraced for many years.
