Ladies and gentlemen, the shareholders, welcome to everybody. I am very pleased to be welcoming you here today for the shareholders' meeting at SCOR that I have the honor of chairing again. Thank you for being with us. We are extremely attached to your loyalty, and I recognize a certain number of you from last year's shareholders' meeting. Your help is extremely precious to us. The general assembly, the shareholders' meeting, is a privileged moment. It's a dialogue between management to the board and to the shareholders, whom we appreciate greatly. I have the pleasure of having next to me the CEO, Thierry Léger. He's going to give us a somewhat detailed presentation about our business, where we are, where we want to be.
I would also like to welcome the members of the board of directors who work alongside me, as well as, obviously, the chairs of the different committees who will be talking to you about the work that they do. I am also very happy to be welcoming two candidates for new board directors if you approve them. Without any further ado, let us open this general shareholders' meeting. Excuse me for the somewhat official side of all of this, but I have to declare this meeting open, and we are going to now choose the bureau. The two shareholders with the greatest number of votes and who have accepted to carry out the functions of tellers here today are Anne-Laure Bénétaux from Malakoff Médéric and Thibault de Montvalon from Coveris. Thank you very much to both of you.
I suggest that as the secretary of this assembly, Claire Le Gall-Robinson, she is the General Secretary of the Group, and she is the Group Chief Corporate Officer. So the bureau has now been constituted. I would remind you that as with previous years, this shareholders' meeting is visible live on our internet website, and it will also be available on the other websites of SCOR. We have non-shareholders who are present here today, journalists, for example. This assembly, of course, being a general one, an open one. In the case of the shareholders' meeting, you are free to speak for questions and for answers.
This freedom of expression is also to be seen in the respect of the legal framework, the rights of the press, duties of the press concerning slander and other elements, whether it be people from SCOR or any other person who takes the floor here today. We also have someone who has been mandated by us to guarantee that all goes well in this auditorium, and the debates can also be heard in an adjoining room, where the participants may also take the floor, should they so desire to. The number of shares represented are 126,755,901 shares, which represents about 77% of the shareholders who have a right to vote. We will mention that again when we talk about the resolutions. We have two series of resolutions in this meeting. We have one to 20.
They are ordinary resolutions, and the extraordinary resolutions are from the 21 to 36. For the ordinary resolutions, they must be adopted with a majority, the others with a simple majority. You have seen with 70.89% of shares represented here today, we have a quorum so that this shareholders' meeting, ordinary and extraordinary, may be declared properly constituted. We have a certain amount of information that was made available here to the shareholders and SCOR. All of the documents stipulated by law are to be found on the bureau. We have the present list of attendees. We also have the invitation to the meeting. We have the text of the different resolutions that have been proposed by the board. We have the board's report.
We also have a document of the URD, the company's management report, in which there is the report on governance, on durability, as well as the reports and the certificates from the statutory auditors. In appliance with Article R25 of the Code of Commerce, other documents such as the results 2025, the social balance sheet, and the ESG information, the articles of association of the company, also the list of the nominative shareholders appointed on the 16th day before the meeting. The information on social capital, as well as all of the information that relates to the candidates who are being put forward or for the renewal of directors and to the function of the secretary auditor. Thank you very much, Claire. By way of introduction, I would like to just very briefly talk about SCOR's situation, and then, of course, Thierry will be coming back to talk about that.
In 2025, I think that we can say that SCOR had a very robust performance, which was based on a lot of discipline. It was a decisive stage in our Forward 2026 strategic plan with remarkable financial results because the net results of EUR 855 million is the highest that SCOR has ever seen. All of our activities helped in obtaining these figures. You can see three main indicators here that are essential for any reinsurance company. The solvency ratio represents the group's capacity to confront any situation that arises, even situations that are extremely tough. This solvency ratio has increased to 215%, which is in the upper echelons of our range, which was between 180 and over 200.
For the constant economic rates, we have an economic value that is up 13.7% and the equity yield is 19.1%, which is in turn also greater than our objective of 12% in Forward 2026. Quite apart from these figures, what appears very clearly is that the actions that we did were extremely relevant and helped us to ensure, in a durable fashion, profitability since 2023. The solidity of the group is not something that has occurred per chance. It is the result of the very deep changes that have been undergone by the management and the board in an environment that you're familiar with, which is volatile, which is demanding. Three activities, non-life, life, and investment are showing today very satisfactory performances that are fully in line with what we expected. These figures also show us how strong our franchise as a worldwide reinsurer is.
The fact that SCOR's expertise is recognized, the expertise of its employees is recognized, the relevance of our risk diversification policies, which is essential in our business model. It shows also that there is trust in us for the future. I would like to mention something concerning SCOR's governance, which has fully played its role in this performance in 2025. Recent developments that have occurred in the board that you approved over previous years, I believe, have truly strengthened the complementarity of the skills of the board and the richness of the strategic debate that we have always wanted.
This diversity of profiles has made it easier to have harmonious undertakings in the board meetings and all of the directors carrying out their mandates in a very serious and disciplined fashion, and I would like to take this opportunity to warmly thank them for all that they do for us, particularly the chairs of the committees, who have an essential role to play in the functioning of our governance and in the preparation of the decisions that are taken before the board. I would also like you to be able to show your trust in the four new directors. Two who are asking for their mandates to be renewed and two who are wanting to become directors. Vanessa Marquette, when she talks to you about the compensation and nomination committee, we will talk about that later. You have probably understood that all forecasts are positive.
SCOR is in a very good position to continue to create value for its stakeholders, and this value creation is one that we share with you, our shareholders. This reflects SCOR's engagement to offer a sustainable value to all of its investors. It also bears witness to the confidence that we have that the group is resilient and that we are able to share the growth of our economic value with you. All of this leads us this year to be offering a dividend that is up by now of EUR 1.82. That's an increase of 5.6% over previous years. You know that the principle of our compensation committee is that it aims to give you a stable and predictable dividend, and it defines a floor level that today is 190 as soon as the group's financial situation allows it to do so.
We are able today to move forward into our next stages with even more serenity. We are focusing on the finalizing of this current strategic plan, but management will be at the end of this year, 2026, coming up with a second strategic plan. This process has already begun. We have a very coherent and transparent dialogue between management and the board, and it is, of course, the board that will finally be accountable for approving the plan. Our activities must be longstanding ones. We want our plan to come up with performances that are there to stay. SCOR today represents stability, good performance, and the alignment between our strategy, our organization, and our reason for being is extremely clear. This is even more important today because of all that is happening in our world today.
I'm not teaching you anything when I say that we are in the throes of great changes in the world, and changes that are occurring more and more rapidly and more and more urgently. Of course, there is the conflict in the Middle East. One war seems to take over from another. Tensions are rife. AI is giving rise to problems, even if it manages to solve a lot of them. All of this extreme simultaneous development of risks and the fact that they are heavily intertwined is making our society very volatile. Today, I think this highlights an essential challenge for us all, and that is to be able to anticipate risk, to understand risk, to be capable of confronting these risks when they occur. In this context, the role of reinsurance has nothing left to prove.
It is uniquely capable of diversifying over a universal basis. It can absorb shocks. It remains an essential pillar of economic and societal resilience. SCOR will be fully playing its role here with humility, but also with determination and a feeling of responsibility. We are a world-renowned reinsurer. We are here to try to cope with these great challenges. That is fully in line with what we say, the art and science of risk. We want to make sure that we contribute to protecting companies and rendering them more resilient. The multiplication of risks, once we have the capacity to actually understand them and to master them, thanks to our experience, our rigor, and our diversification, is an opportunity for SCOR. We fully believe in the future. We are going to be listening to several of our stakeholders.
We have listened to them, and we know that trust in SCOR is there. It has been revitalized. Dear shareholders, I would like to thank you for your very precious support. I would now like to give the floor to Thierry Léger .
Thank you, Fabrice. Good morning to you all. Delighted to be with you here once again, fourth time since my appointment three years ago as CEO of SCOR. 2026 is a pivotal year for SCOR. It's the last year of the strategic plan Forward 2026, also the year during which Fabrice mentioned we'll be defining the new strategic plan for the years 2027 to 2029. I'd like to begin by reporting on the progress achieved on the current strategic plan. So a plan that involved two things. On the one hand, value creation, on the other, modernizing the SCOR platform in order to shape the reinsurer of tomorrow. As Fabrice mentioned, all that is consistent with SCOR's purpose, which is to protect societies.
Let me begin with value creation. Here for the objectives, the financial targets for 2025, as Fabrice mentioned, net income of EUR 851 million was an historic result for SCOR. Value creation, increased economic value of the group is at almost 14% at constant exchange rate and constant interest rates. Excellent result. The target was 9% growth. I was very clear that those 9%, I always considered that as the most challenging objective to meet by SCOR. To be at a level well beyond 9% is a demonstration of the quality of our results. All activities have contributed to that. P&C with a combined ratio below 87%. Life with a technical result of EUR 450 million, so above the target of EUR 400 million. Once again, we have a stable and very positive result from our investments.
This performance, let's put this 2025 performance into perspective. Shown on this chart that you saw last year, you see the performance for 2025, you see the technical and financial results contribute similarly, very strongly. Also see the technical result for 2025 sleep slightly lower than 2023, recognized as an excellent year. Let me remind you that in 2025, we strengthened the resilience of our reserves. We created buffers. If I add to the buffers that we set up in 2025 to the technical results of 2025, they would be far higher than the 2023 results. Excellent technical and financial results delivered in 2025 on over a 13 or even 20-year period. The return of 19.1%, as Fabrice mentioned, which is excellent. Turning now to the balance sheet.
We have invested a great deal these past few years in the strength, the solidity of our balance sheet. With a solvency ratio of 215%, we are at the upper end of the range that we set ourselves as a target. Second point to note is the increase of the 5% ratio. That is, we have created 5% capital in 2025. That is well above the 1%-2% that we set ourselves as a target in the Forward 2026 plan. On the basis of these very solid results, strengthened balance sheet, but also the activities that are operating very well, we have taken two decisions. Firstly, we have increased in 2026 the value creation target, which was 1%-2% in the strategic plan, and we have increased that to a 3%-5% rate.
We took another decision on the management front to recommend to the board, as Fabrice mentioned, a dividend of EUR 1.9. You will also note that these EUR 1.9, the new floor, and you know the new capital management provides for this ratchet effect. The EUR 1.9 is the new ratchet of the dividend. Once again, it is proof positive of the solidity of our results, but also of the group's outlook. Other component of our strategic plan is to shape the reinsurer of tomorrow to modernize SCOR's platform. I would just like to report to you on some quite remarkable items. We have achieved savings of EUR 170 million over a period. The target was EUR 150 million over three years, and we have exceeded that target. We continued to improve the group's operational efficiency. We have also overhauled our processes.
When I arrived, we had over 900 processes across the group, and most of these processes were manual, not very automated. We've overhauled each one. We've reduced them to less than 500 or indeed less than 400. Of course, that's a long-term effort. We're going to digitize them, we're going to automate them, and improve the quality and efficiency of these processes. We've also created a center of excellence at Bucharest. That's a novelty for SCOR that's never used these possibilities. The idea of Bucharest is to internalize hundreds of positions. These are positions that are currently outsourced. These are outsourced staff that we're going to internalize at Bucharest and also combine a number of teams that are scattered throughout the world. We're going to locate them in Bucharest.
These teams in Bucharest, once again, allow us to improve our efficiency and to better harmonize our internal processes and improve our operations. Final point I meant to mention today is, of course, we've made progress on the tech and data front, and we've, above all, created our own data platform called Genesis. For those of you who like the band, I don't think it was a reference to the band, but it's the genesis of something new and fundamental for the group. The Forward 2026 plan has defined four pillars in terms of operational excellence, where we want to create operations that are far improved over what they were a few years ago. We strengthen capital allocation in order to allocate capital in a far more dynamic manner. We've better leveraged SCOR's leading franchise with the partners who contribute to our risk.
We've improved our asset liability management to move from a somewhat static ALM to a more dynamic ALM. And of course, as I said, we've improved processes and data management. We've made great progress across these four pillars. I can promise you that by the end of the year, we'll have met all our targets for these four pillars. As you'll have understood, SCOR is a reinsurer that is data-focused, data-based, and for us, it's important to seize opportunities offered, for example, by artificial intelligence. We created our own data platform, Genesis, allowed us to set up specific ALM platforms, for example, that was rolled out a few weeks ago. We've set up specific platforms for P&C, for life and health, also for sustainability. We've also set up a module for everything that involves data retrieval.
You can imagine that when a client submits a new risk, we receive up to 15 different files, PDF, Excel, Word. That retrieval is always long, cumbersome, manual. And thanks to this module, thanks to AI, we're now capable of retrieving these data automatically. So it's a remarkable time saver. We also looked at the contracts. A contract is our product. We've invested a great deal in contract. We're digitizing our contracts in order to transform the contracts from a piece of paper into data that we can use in order to improve the quality of our policies and our commitments. These are our six flagships that we're putting the finishing touches to this year. I'm often asked about productivity efficiencies.
People say, Mr. Thierry Léger, with AI, we'll no longer need underwriters tomorrow. We've addressed this question very closely, and I'm very optimistic, very excited by AI, but I don't think SCOR is going to benefit specifically from huge efficiencies. There'll be increased efficiency, yes, but the real opportunity, a big opportunity for SCOR, are economies of scale. To maintain our employee base, about 3,500, 4,000 people in the coming years, but to sharply increase our business volume thanks to all the modules that we're setting up allow us to write more business with the same number of employees. The productivity of SCOR will stem not from cost savings, but from economies of scale.
Here's a tangible example, and if you want to read the details, you shouldn't be able to read the details, but it's a real example of a module where we have used AI in our core business, and it's really there where I see the greatest potential for SCOR going forward. Here we have augmented underwriting. This allows us the various modules that we've already crafted to set up a cockpit for an underwriter. Imagine an underwriter sat in front of his screen. He clicks on new risk that he's received. That's a priority. Immediately, the cockpit opens up by qualifying the contracts, the risks, gives you an idea in a few seconds of possible pricing and commercial approach for that particular risk.
These pilots already exist at SCOR, some are already being commercialized, and that's where there'll be huge progress at SCOR in the next one or two years. I can tell you the teams are very excited by the possibilities that this will offer to achieve these economies of scale that we will be able to benefit from tomorrow. As I said, SCOR, for us, everything we do is profoundly rooted in our purpose, combining the art and science of risk to protect companies. SCOR is a responsible player. In 2025, we've achieved all our sustainability targets, our societal targets that we set ourselves. Augustin de Romanet, Chair of the sustainability committee, will report on that later. We also help our clients to evolve in this transition. That's not always easy, specifically in the current geopolitical context.
We seek to find solutions to emerging risks and requirements to be a long-term partner of our clients, to which SCOR is very closely linked, that is, to this transition. Here again, we've set ourselves some very clear objectives. In spite of all this, we've had to react to a geopolitical context that has worsened over the past years. We have companies that are facing geopolitical risks, such as war, that are facing an energy crisis in Europe, where we're seeing a rearmament and a fully fledged energy crisis. We have set up an ethics and sustainability committee. That was a committee that we established at the beginning of the year that's already held several sessions, one on rearming Europe, and how SCOR can, in a responsible way, support that rearmament to give our underwriters a clearer frame for underwriting these risks.
We also focused on LNG, liquefied natural gas, especially in the energy crisis currently affecting Europe. Here we have sought to develop a clearer framework for underwriters who today are somewhat overtaken by events to set out a clearer frame in order to ride and support business to ensure energy security for Europe. I feel like a bit of a tightrope walker here. It is all about balancing, on the one hand, the interests of climate, sustainability, balancing those with the reality of geopolitics. It is not always an easy task, but I can tell you that SCOR is acting responsibly, and we seek to find the right solutions to those challenges. Before moving to the new strategic plan, I would just like to come back on the final year of the strategic plan. That is to say 2026.
Shown here on this chart behind me is in fact the price, the cost of capital. You see the three lines of three of our peers. Across the top, you see the line of SCOR. You see the cost of capital at SCOR these past years was far higher than the cost of capital of our peers. I tried to think about how I could explain the problem. I am not very good at this, but if you like hurdle races, you got your peers down here and we are above a hurdle. Those who are going to clear the highest hurdles will lose the race. It is absolutely paramount for SCOR to reduce this cost of capital, and that was at the heart of the strategy Forward 2026. We have made some progress. At one point, we were above 25%.
Now we are below 14%, but there is still a gap with our peers. 2026 and in the coming years will continue to see us creating greater confidence with our investors, and we will do that by reaching the objectives regularly over the coming years. 2026 is also a year of heightened competition in P&C. We have understood that we are not the only reinsurer in the world that has experienced attractive profits these past few years. That creates a greater capital base for all reinsurers throughout the world who are capable of offering increased capacity to insurers. This means that the offer has increased these past three years, has outstripped demand, so prices are under pressure, and SCOR has readied itself to this environment.
We have defined very clear strategies by line of business, and we allocate the capital, very dynamic to these lines of business to achieve the best result. What we seek to do is, through this strategy, to leverage our Tier 1 franchise with, as an objective, at every renewal, try and do a bit better than our peers, a bit better in terms of volume and a bit better in terms of the technical result. We have proved that over the past 18 months. Every time we had slightly better volume than our peers with an improved technical result and over time, this will lead to a better return for the group going forward. For 2026, SCOR employees are fully cognizant of the challenge to deliver the targets promised in 2026.
Just give you a glimpse, no more than a glimpse, of the new strategic plan. You have to now wait till the end of the year to discover more. But in fact, there are already two key components in this plan. The first is, as I said, I'll repeat it, to continue to deliver quarter- after- quarter the results and to reduce the cost of capital for SCOR. It's very important to continue to work on the excellence of our operations, but also our business. Second component of the new strategy will to benefit and leverage SCOR's modernized based in order to deliver targets that have been defined and to deliver even more ambitious objectives in the coming years. I'm particularly satisfied to rely on an Executive Committee that was renewed a few weeks ago.
An Executive Committee that is made up of individuals of technical and human caliber. They cooperate, they collaborate with, I have to say that I'm very pleased to work with this team. Very confident that with this team, we'll be able to define an ambitious new strategic plan and deliver. I also know that I can count on 3,500 employees throughout the world of excellent quality who are fully dedicated to SCOR Group. What you see on this screen is a poster, one of eigtht or 10 that we displayed at the Kléber Metro station outside SCOR. These are big posters. They're part of our employer brand campaign, and these are SCOR employees. So it's a bit of a nod to, but also to say that SCOR is a high-quality employer that offers attractive working conditions today, and also to the talents that we need for tomorrow.
It's also a meeting place for a week with our employees who were taking selfies of each other with these SCOR personnel as a backdrop. I'll end by saying that SCOR delivered with an historic year in 2025. In 2026, we'll focus on the final year of this strategic plan, and then we'll embark and focus on an even more ambitious strategic plan for the years 2027 to 2029. Thank you for your attention.
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Thank you very much, Thierry, for those very encouraging words. I think now that it is up to Vanessa Marquette, who is the Chair of the Nomination and Compensation Committee.
Shareholders, it's my pleasure again this year to tell you what we have done in the Nomination and Compensation Committee that I preside over. As you know, this committee is the result of a merger of the Compensation Committee and the Nominations Committee that was decided one year ago by the board. I will be covering in my report all of the subjects that were previously covered by these two committees. I will, however, be brief because extremely detailed information can be found in the URD and also in the invitation to this shareholders meeting. First of all, let me just very rapidly tell you what we have done.
First of all, the committee and the Vice Chair of the board, Vice President of the board, have decided in 2025 to call upon an external assessment of the board, and this was given over to Egon Zehnder, a consultancy firm. I'll tell you of the results of that that were extremely positive. The committee also looked at the composition of the board and looked for two new independent directors who could follow on from Augustin de Romanet and myself, because we will be leaving the board in 2027. We propose that the first candidate, Jean-François Lequoy, be appointed this year. He is present with us here. The second candidate, Antoine Vignal, who's also in the room today, will be put forward before the shareholders' meeting next year. Changing the board also means that the committees have to change in their composition.
Apart from their composition and their size, the committee also looked at the different succession plans of their respective chairs. The committee also looked at the compensation of the CEO, as Thierry Léger's mandate will be renewed, an increase of 10% of his package is proposed before you today. The committee has also recommended that the interests of the chair of the board and the directors be aligned with those of shareholders with an increase in the share remuneration that is distributed. Let's begin with the assessment of the board. Egon Zehnder assessed that the compensation, organization, and functioning of the board was good. They had already done an assessment in 2022. The conclusions of this assessment were presented before my committee as well as before the board, and you can read the details of that in the URD.
Basically, Egon Zehnder says that there have been very positive changes since 2022. The directors are satisfied with the functioning of the board and the committees. They appreciate the very demanding and structured governance that has been set up under the aegis of the chair. All of this met with their unanimous approval. Egon Zehnder has also recognized the action that has been taken by the CEO and the quality of his relations with the chair of the board, and that are based on transparency and trust. They have also welcomed the quality of the board's work and the work of the committees that are based on the competence of newcomers and their expertise in a lot of insurance and reinsurance fields. Without calling into question this very positive appreciation of the functioning of the board, there are still possibilities to improve things. For example, planning successions.
The committee has been particularly focusing on this over the last few months, or strategic discussions within the board, which could benefit from the organization of a second annual strategic seminar, or supervising risks, or preparing crisis scenarios that could give rise to simulation exercises. We will continue to keep you informed as to what we decided to roll out. Let's look at the composition of the board. This year, there are quite a few mandates that are reaching term. Holding Malakoff Humanis, represented by Thomas Saunier, has decided not to ask for a renewal of the mandate because of a lack of availability. My committee would like to warmly thank Thomas for his contribution, which was always an excellent one to the work of the board.
The relations between SCOR and Malakoff Humanis are excellent, and I would like to congratulate, to welcome the fact that one of their representatives is today a teller in this meeting. As with the other mandates that are reaching term as well, we have other proposals. First of all, the mandate of Thierry Léger, CEO, will be renewed for a period of three years. The mandate of Adrien Couret, who is the chair of the Risk Committee, will also be renewed for three additional years, during which he will remain independent. Augustin de Romanet's mandate, Vice Chair and Chair of the Sustainability Committee, and my mandate, will be carried over for one further year, at the end of which we will cease being independent and we will leave the board.
During this last year of our mandate, we will be able to organize our succession at the heads of our respective committees. Lastly, Jacques Aigrain, who was appointed Senator in 2025, will be appointed a director for a period of three years. Jacques Aigrain is the president of 2 great listed companies, and he is a board director of another, but he will very shortly be leaving that mandate. External mandates that have no incidence on his engagement within SCOR, he will be able to give more time necessary to carrying out his functions. In order to succeed Augustin de Romanet and myself, the committee will be calling again upon the consultancy firm, Egon Zehnder. The mandate will be to look for two new board directors. One has to be a person who is recognized in the world of business with a preference for insurance and reinsurance.
The other will have to be an experienced lawyer, legal expert with a lot of expertise in corporate law. Amongst the candidates presented by Egon Zehnder, two have been selected by this committee and also by the board. The first is Jean-François Lequoy, former manager of the FFSA and of Natixis Assurances and of the BPCE Groupe , of which he was the CFO. Jean-François Lequoy will be joining us this year for a first mandate of three years. The second is Antoine Vignal, a former lawyer partner in the Gide Loyrette Nouel firm. Antoine Vignal joined the Saint-Gobain Group as a general secretary and member of the executive board. He will be joining SCOR's board next year for a first mandate of three years.
With the nomination of Jacques Aigrain, that will offset the departure of Thomas Saunier, and the recruitment of Jean-François Lequoy, the size of the board will temporarily be 15 members. It will drop back to 14 next year because I will be leaving, and Augustin de Romanet will be leaving, and Antoine Vignal will be joining us. The compensation remuneration committee, nominations committee, and the board then picked up two other subjects, the composition of the committees and the succession plans for their chairs. In order to integrate Jean-François Lequoy to prepare the future, the board decided, upon a proposal by the committee, to carry out the following changes. Jeanne Cottet will give up her seat in the audit committee. Patricia Lacoste will leave the audit committee and join the risk committee. Doina Palici-Chehab will leave the risk committee to join the sustainable development committee.
Lastly, Jean-François Lequoy will join the audit committee and the committee for nominations and compensation and will also be a member of the strategic committee. Following on from these changes, the size of each of the committees will be eight members per committee with the necessary resources to ensure their chairmanship in the future. Let's move on now to compensation. I will just give you the main information, and all of the other details are to be found in the document, the brochure. As with every year, the board has put forward eight resolutions, three ex-post votes on 2025 compensation, three ex-ante votes on the 2026 compensation, and two votes on the allocation of performance shares and stock options. Let's begin with the 2025 compensation. That of the chair of the board is the same as the policy that was approved by the assembly.
A fixed amount of EUR 600,000, to which is added the compensation for a director of EUR 143,000, determined by applying the compensation policy of the directors as well as the normal advantages for advisor, assistant, and a shared bureau and car. The chair, similarly to other directors, does not benefit from any variable compensation that is a function of SCOR performance, as in line with the recommendations of the AFEP-MEDEF. That is not, however, the case for the CEO. His bonus depends directly on three financial criteria, the return on equity, capital, and the controlling of management expenses. To this, there is also another criterion that is added, that of leadership with a ceiling at 100%. SCOR's performance in 2025 is exceptional to such an extent that the success rate of the bonus is 120.6%, which is a strikingly high figure after 2024, which was much more morose.
The committee and the board are delighted that they are therefore able to reward the performance of the CEO, delighted with the operational and financial results that ensued. A lot of structural reforms have also been set up since our CEO has arrived, and the leadership criteria has thus been reached, and that is 100%. Let us move on now to compensation for 2026. We had decided to keep the same performance conditions and the appreciation ranges for the Forward 2026, three strategic years. Only the targets have been updated, that the bonuses reflect to the plan's objectives for 2026, with a hoped-for ROE of 13% or more, with capital intake expected at around EUR 300 million, and a decrease in cost, a decrease of EUR 1.239 million, to which you can add an envelope for projects of EUR 56 million, which gives us a total of EUR 1,295 million.
These conditions go also hand in hand with performance shares such as they have been looked at for 2026, 2027, 2028. The financial targets cover 2027 and 2028 in the next strategic plan. In operational plans, for ESG, the targets have also been renewed with a highly ambitious objective of having 38% of women within the senior categories of management by the end of 2028. We also have the mechanism of neutralization and the super performance or underperformance. We have criteria that are attached to that as well. Since his recruitment in 2023, Thierry Léger's wage packet has not changed. It seems relevant to be a good idea for the committee and the board to propose an increase of 10%, which would be consistent with market standards and is a reflection of the quality of his profiles and the results he has obtained.
In order to do this, the committee and the board have decided to increase by 20% the number of performance shares attributed to the CEO, which represents more or less half of his remuneration. This increase, which has established the level of remuneration for Thierry Léger for the next three years, as well as the performance conditions and appreciation scales, are looked at next year when we adopt the next strategic plan. Let us take a look now at the compensation plan for the directors of the board. As you know, there is a difference between the compensation envelope of EUR 2 million and the policy itself, which is a distribution key to the envelope. The committee and the board are not asking for an increase in the envelope, despite a temporary move to a board of 15 members, and we will still have the amount of EUR 2 million.
Despite the fact the EUR 2 million seems to be insufficient to properly remunerate the directors for the amount of work that they put in 2023. The 2025 policy is carried over into 2026 without any main changes, which means that the invested part in shares will increase from EUR 10,000 to EUR 20,000 per year for the directors. In the same spirit, the chairman will be receiving a sum of EUR 50,000 per year invested in shares. There, too, this increase of around 8% of his package aims to strengthen the alignment between these interests and the interests of the shareholders. To end, let me just talk about some of the normal resolutions that allow the board to actually distribute performance shares and stock options to the management and the employees of SCOR.
We are proposing to allow the board to attribute new shares or existing shares there where they are granted authority to do that, where they did not have it in the past. This change, hopefully, will ensure that SCOR will be able to continue with its excellent finances and excellent solvency levels. Thank you very much.
Thank you very much, Vanessa. It's also always a very tricky thing to do when we start talking about the nominations and compensation quality, and I think your presentation was extremely clear. You probably saw, concerning governance and the composition of the board, that we are also trying not just to anticipate risks, but departures as well. I would like to thank Vanessa and Augustin for having accepted to delay their departures by one traditional year. It's not a normal way of working. It's not traditional.
But for the last some dozen years, they have been supporting SCOR's actions. Quite apart from the arrival of Jean-François and the confirmation of Jacques, we have also anticipated 2027, as you saw with Antoine. This is something I believe that shows that our governance works very well. Thank you very much, Vanessa. We are also going to be asking you to vote upon the renewal of the mandate of KPMG, our statutory auditors. They are also in charge of certification of sustainability information and the nomination of PwC as new statutory auditors because Mazars, our former statutory auditor, has reached the end of their mandate. Before asking the statutory auditors to speak, I would like to give the floor to Augustin de Romanet as the chair of the Sustainability Committee. Augustin, over to you.
Thank you, Chairman. Ladies and gentlemen, shareholders. Don't base the quality of the work on the number of slides. Far fewer than Vanessa, but we worked long and hard in spite of that. Seven members, the committee met four times in 2025 with an attendance rate, 96%. Thank all its members for their contribution to the work. The emissions of the Sustainability Committee were broadened slightly during the course of the year because they henceforth incorporate dimensions linked to human resources. Indeed, following the work of assessment of the board, we discovered that HR issues were not necessarily had the place that they deserved in the Compensation Committee insofar as they did not directly concern compensation.
We considered that said matters, extremely important for the life of the group, needed to be addressed more extensively and could find their place within the Sustainability Committee insofar as they did not directly concern the compensation. Let's start with sustainability. First topic is preparing the first sustainability report of the group, otherwise known as CSRD report. In 2025, the committee finalized the review of this first sustainability report we began to review in 2024. This report is incorporated in the Universal Registration Document of 2024. It sets out the non-financial issues deemed important for SCOR in compliance with new applicable standards. It's a very substantial effort undertaken by the team, both regarding implementation of process as well as production, ensuring reliability of information in compliance with demanding Europeans.
Before the Omnibus Directive by the EU, proposed by the Commission reducing the number of checkpoints, we had 1,200 indicators to complete. The teams were under considerable strain to be compliant with these European standards. With experience obtained in 2024 with first report, the dual materiality continued to be part of our work. Dual materiality involves, on the one hand, assessing the impact of SCOR on the climate. What's the impact of climate on SCOR on the one hand, and on the other, what are the financial consequences for SCOR of climate change? It's on the basis of those two materialities that we examine what represented for the group's performance and financial strength. The update in 2025 compares the major risks and opportunities identified the previous year, and we managed to get our auditors to accept that from the societal standpoint, SCOR's impact was very positive.
The board regretted very much in the previous year that would be deemed as negative our impact on the group's people. It seemed as totally fanciful, and we had pretty lively discussions with our auditors to get them to accept that SCOR was a standard setter in social terms. More about that in a moment. The committee also reviewed the prime components of the group's sustainability strategy and reviewed the changes brought to said policy with the report that we call Sustainable Business Report. Other documents pertaining to sustainability and a very major reference base for rating agencies use that data as part of their CSRD questionnaire. Lastly, we examined the proposals pertaining to key performance ESG indicators, notably environmental and social, that will be incorporated in long-term compensation of the CEO by 2027. So much for environmental matters in general. Turning now to human resources.
We examine the work aimed at improving the SCOR employer brand that Thierry just referred to. He's convinced, as we are indeed, that our ambitions in terms of performance, attractiveness, and sustainability, involve the way we attract and retain our employees. It's part of a profound transformation initiated by Thierry Léger three years ago. It seems to us to be particularly relevant in a demanding and competitive labor market. Drawn up in 2025, this proposal of employer value expresses what our employees can expect from the group and what SCOR seeks to be as employer.
Highlights items where SCOR offers a unique work environment, strengths its ability to attract and retain talent in this competitive market, an employer brand rooted in our purpose, art and science of risk, aligned with its priorities in terms of sustainability, HR, and a defining landmark for the group because it is even to be found in Paris Metro stations. Committee also reviewed the principles of the European Directive on Pay Transparency and its consequences for group practice. The goal was to ensure consistency of HR policies with this new framework with a controlled implementation recourse to what we call global job grading, implemented since 1st of January 2025, offering a grade depending on one's scope, level of expertise as a useful framework. Strengthens the predictability and equity of pay policy, placing SCOR in satisfactory conditions to effectively apply said directive. Turning now to our second slide.
I promised you two, there are only two on the environmental strategy. SCOR has three businesses, one of insurer, reinsurer, business of investor to invest the availability of its balance sheet, and also organizing day-to-day in these three roles. It seeks to reduce CO2 emissions, firstly as insurer. SCOR's climate strategy rests on three complementary levers that constitute the theory of SCOR change to contribute to reducing greenhouse gases to move to its net zero ambition by 2050. And to have a pathway compatible with a target of 1.5 degree Celsius. Let's dive now in the detail of these three levers. Firstly, reduce the carbon footprint covering both its underwriting and investment portfolios. Secondly, strategy of engagement with its clients and companies in which it invests. And thirdly, support to the energy transition by rolling out favorable solutions for a low carbon economy. That's the first section on screen.
We've set ourselves intermediate targets covering each of the three pillars of the strategy. Most targets are set out through 2030, consistent with the regulatory requirements of CSRD. 2030 is also a key milestone in carbon intensity reduction trajectories highlighted by the work of the IPCC that serve as a compass for us. Let's start with underwriting. SCOR had an interim target in 2025. In this regard, as a reinsurer, SCOR supports the energy transition by supporting the development of low carbon initiatives with adapted insurance solutions. First objective, shown in green on the screen, was to double by 2025, insurance and facultative reinsurance devoted to low carbon energies. This target takes 2020 as a baseline and gross written premiums in EUR indicated achieved. SCOR doubled its coverage in 2025 versus 2020.
The next objective was to increase 3.5x the coverage by 2030, reflecting a longer term ambition for supporting the energy transition. The definition of low carbon energies within the group rests on recognized scientific data that of the IEA, IPCC, European Observatory for Low-Carbon Energy, covers production of renewables, carbon capture and storage or hydrogen. This definition includes a full value chain from equipment through production. This dynamic relies on very strong internal expertise and the entry point, the new practice entitled New Energy Practice, supporting development of premia linked to low carbon energies contribute to making SCOR a leader in the transition to a low carbon economy. Lastly, still on underwriting activities, our target is to reduce by 23% our carbon intensity of SCOR Business Solutions by 2030 on the scope of European companies, taking 2022 as the baseline year.
We lastly decided on engagement with our clients on environmental matters on the Forward 2026 plan ending this year. This engagement concerns clients representing at least 30% of premiums of SCOR Business Solutions. Always a bit sophisticated for our commercial reps to convince, to attract clients that we sometimes lecture. We have to emphasize our engagement policy, which is rather counterintuitively aimed at engage with them on issues that sometimes upset them. We discuss ESG transition strategies and tangible initiatives that they undertake to reduce their carbon footprint. This illustrates SCOR's approach, which is a pragmatic approach, moving forward gradually with our clients, relying on their own growth and progress trajectories. So much for the insurance and reinsurance side. Now, briefly, as investor, we seek to reduce our carbon footprint on SCOR's own operations.
Our other targets for 2030 as investor, to reduce the carbon intensity of 55% on equity portfolios and to improve biodiversity. Regarding operations, that is heatings, buildings, air travel, reducing by 50% the carbon intensity of operations versus 2019, and that by 2030. So much for the climate strategy. Now, Thierry Léger's presentation, as what I've just said, illustrate a gradual implementation. At this stage, we're in line with all the targets we've set ourselves and indeed sometimes even ahead on a number of them. It needs to be recalled, however, this strategy is a medium and long-term strategy. It's difficult to assess progress year by year, especially when it comes to changing underwriting portfolios that can only be undertaken over time. The trajectories are not necessarily linear.
They're influenced by the economic and geopolitical context, but also by the maturity of technologies and the quality and access to data that we have to measure GHG. A long-term ambition is to achieve net zero by 2050 in order to contribute tangibly to reducing CO2 emissions. As I said a second ago, our strategy also extends to biodiversity. That's to say, all living materials, natural environments, coral reefs, and interactions that connect them to the ecosystems that our societies are based on. Back in 2020, SCOR signed the Finance for Biodiversity Pledge with the ambition of contributing via our investments to stopping or indeed inversing the curve, reducing biodiversity by 2030. Unlike climate change, relying on global indicators such as CO2 emissions, biodiversity is based on far more fragmented indicators requiring specific responses. SCOR has decided to focus on deforestation, a major factor in the loss of global biodiversity.
In parallel, we have targeted engagement with certain players to encourage them to better factor in their impact on ecosystems. However, in a world that is becoming ever more legalistic, we need to be prudent. We mustn't overpromise and underdeliver. That's why we have to emphasize, quite honestly, the limitations of a particular private sector action. The delivery of our net zero ambition, as well as our commitments in terms of biodiversity, depends on us, of course, but also many external factors that are beyond the field of action of our company. Our commitment is clear, but it's equally clear-sighted. Without decisive and comprehensive action by governments, the world won't be able to reach a trajectory of 1.5 degrees. SCOR won't achieve its net zero ambition or reserve the loss of biodiversity by 2030.
SCOR wanted to introduce this disclaimer this year that each of our shareholders are made aware of the importance of our sense of responsibility and our clear-sighted approach regarding the limitations of our action. Lastly, beyond the environmental dimension, SCOR has set itself, notably as part of the Forward 2026 plan objectives in terms of inclusion, equal opportunity to promote the best talents, both male and female in governing bodies. The Executive Committee, the board has set an ambition of 30% women at the committee by end of 2026. It was exceeded at the end of 2025. Women represented 33% of the ExCo. In 2026, ExCo has reached gender equality. I'd say mission accomplished.
Now, as regards the group top management, in order to have a mixed talent pool, a target in 2021 was set for the top management of the group, the 200 senior executives above grade 16. A target had been set, and in 2025, the proportion of women stood at 33% of that scope, whereas the ambition was 32% in 2026. There again, we've exceeded the target of 32% in 2026. We exceeded it in 2025. Given that momentum, we've reviewed and revised the ambition to extend it to 34% by 2027. Lastly, to conclude, SCOR ensures that its people are regularly trained on key matters through annual mandatory training. When I said that these training sessions reach 100% attendance, you'll smile because obviously mandatory is 100%.
Having been in a company in the past where we also had mandatory training sessions, where we had to thrash the ExCo in September for anyone to attend, I'd like to hail the quality of SCOR's management, leading us to the fact that in terms of compliance, cybersecurity, control of operational risks in the three lines of defense of AI, data protection, the 100% attendance rate was reached, which naturally strengths risk control to skills, ensures that the headcount matches the requirements. Thank you.
Thank you very much, Augustin. We're going to move on now to the auditor's report. This has been put online, and I would give the floor, therefore, to Jennifer Maingre Coudry, who works for Mazars, and she will give us the results that have been reached by the statutory external auditors. Thank you very much.
Hello to all of the shareholders. I'm going to tell you about the financial results 2025 for the annual accounts and the consolidated accounts. This year, there have been 10 reports to give to this general assembly. The first four have to do with the annual accounts. It's for the ordinary part of the assembly, and it deals with four different issues. On the annual accounts of SCOR SE, we have granted a certification without any reservations. We have seen that the adoption of the new accounting regulations is something that behooves all companies.
We have, this year, we've taken a look at the evaluation of technical reserves considering reinsurance treatment for the assessment of reinsurance premiums and of the different securities. The observation is that without calling into question our opinion, we draw your attention to the application of the new regulation, ANC 2022-06, relative to the modernizing of financial statements such as is described in the 5.1 note of the appendix to the annual accounts. For the consolidated accounts of SCOR, again, certification without any reservations. We have looked at the different items, estimating the insurance liabilities of life and non-life in reevaluating deferred tax assets, or seeing whether there are any tax deficiencies. The report for the management of the group, we haven't seen any observation of sincerity or with the consolidated accounts.
We have also, concerning the durability report on SCOR, we remind of the fact that SCOR has to remain compliant in the matters of CSRD, and we have looked at the scope and the nature of the mission. We have seen that there are no errors, omissions, or incoherent significances concerning scope three that are linked to reinsurance activities. I'd like to move on now on the different collective agreements. These different collective agreements that we are aware of, we cannot actually pronounce as to whether they are well-founded or useful. In our report, we can see that there are no new collective agreements. There is just one regulated one that is carried over from 2021 in line with the transactional agreement that was done between Covéa SA and Covéa SGAM.
If we move on now to the extraordinary side of this general shareholders meeting, we have come up with 10 reports for the board that has to do with the capital and the issuance of stocks. We have checked the results of the board's reports on this. We have no observations to make on the operations that have been made. You can see it in the URD. And we will come up with additional reports should the need arise. You can see in the following slides all of these different capital operations that have taken place. That is it for the presentation. Thank you very much on behalf of the external auditors. Thank you very much, Jennifer, and I'd just like to take advantage of this opportunity to thank Mazars because they have considerably helped the audit committee.
We've been able to work seriously and constructively with them during their mandate. I would also like to welcome today Mr. Sébastien Arnaud and Xavier Crepon, who belong to PricewaterhouseCoopers, and they are to be proposed as the new external auditors. So thank you very much for being present with us here today. I think that we have finished with the presentations. We are running a trifle late, and we will move immediately on to the oral questions. I would like to inform you that some of these questions were actually sent by two of our shareholders, Mr. Chaffanjat and Reclaim France . They were sent in writing, so the answers given by the board are available on the internet website. I will now throw this meeting open to questions from the room. Are there any questions, please? I can see a first hand.
Somebody whom I know well in this board. Somebody the board knows well. Could you please tell us who you are each time? Thank you very much, yes.
Good morning. You've given us a solvency ratio of 217% in 2025. Would that not be a good idea to actually increase the share investment to actually increase yields profitability? Because for the investors who have had these shares for over 10 years or more, it is more profitable than bonds. But the downside is that it tends to immobilize capital. But the profitability that one could gain if you choose a good share portfolio is much higher if your portfolio is diversified. Second question for Monsieur Romanet. How much did it cost to come up with this sustainability report, and what are the advantages that can be felt by the company?
Because other companies that are not within the European Union do not have to do these types of reports. If we're not actually benefiting from doing these reports, it's a somewhat unfair competition. Well, concerning the investment policy, what we have to understand is that we are not aiming here every time to take risks and look for the maximum profit. It is to manage these portfolios in a prudent manner. We have a lot of regulatory constraints, be it on currencies and the type of investment, and that's why we do have a high share of bonds. Do you want to add anything? No, I think that you summed it up very neatly. Now, we are in Europe. You can't just take what is good and not accept what is difficult. I think that Augustin would say the same.
As with many other companies, we criticize the CSRD with their 1,200 parameters. There are more than three, four, five, or six KPIs. If you give more than that to somebody, an employee, then they simply won't work anymore. So I think that the European Commission is beginning to understand that bureaucracy does have its limits. I think that that is very good news for me personally, but also as CEO of SCOR.
Arielle Le Bordonnais, campaign manager for EMG Finance. Every year, I have to come and see you during your shareholders' meeting. I've been coming for four years. I'd like to come back to SCOR's sustainability engagements. In 2025, you set up your first policies on fossil fuels and investments in coal, and over the last 10 years, you've made a lot of progress.
But we are also seeing that there is something that you have ignored to talk about, and that is LNG. You've been talking about the impact of the fossil fuels of the LNG terminals that you are accepting to reinsure, particularly in the United States. One or two impacts, you are violating local regulations, ejecting toxic products, supplying in shell, which is a method that is forbidden in France, and also reinsuring companies that produce methane, amongst other things. If you look at the destructive effects of LNG, you can see that there's going to be an increase of 50% of all of this emissions between now and 2050. My question is the following.
Your behavior and what the external auditors have said and the setting up of your ethics committee, what is all of that for if SCOR is still accepting to reinsure some of the most polluting LNG terminals in the world? You are going to be reinsuring new LNG terminals as well.
Thank you very much for this question, which is a very legitimate one. It is not the first time that we have broached this topic. The fact that since 2022 and onwards, there is more and more interest in LNG is clearly linked to Russia, the war between Russia and Ukraine. Since 2023, there have been efforts to increase the deliveries of LNG to the world, which to a certain extent has been advantageous, because otherwise we would be without energy. With Augustin, we are doing the best we can to come up with diversified energy sources.
We exited coal. We are finding new companies to reinsure in oil. For LNG, it is true that we are in a gray zone, and we are not entirely satisfied by that. It does show just how difficult it is to find the fine balance between reinsuring LNG or the polluting sites on one hand, and the fact that all of this enhances pollution. We have what is called a sustainability referral committee as well, in which we talk about these issues. We are aware of what you are bringing up concerning some of the investments, and we do try to take them into account in our underwriting policies. It is not systematic one way or the other. If you have any more detailed questions, we will send you more detailed replies in writing.
Yes, good morning. I am a private investor. Natixis had 5% of shareholding, but at the end of 2025, they are no longer in your list. You have not commented on that. Can you tell us exactly why they left SCOR? Secondly, 86% of the capital has not been officially identified. Can you give us an idea of how many shareholders you have? What the breakdown is between French and foreign shareholders?
You have caught me on the back foot concerning the fact that Natixis has pulled out of its participation. As you have seen, we have a great majority of long-term shareholders. I am pretty certain that in 2024, given the performance in Life and the very big cleanup that we had to do in Life, the shareholders who remained during those times did manage to come out on top afterwards.
Most of shareholders are faithful to SCOR and to the SCOR share, but everybody is fully free to decide if they decide to leave. It is probably why you saw that this threshold of 5% has actually been dropped. We do not have any other information, and we do not actually ever make any communications concerning shareholders who hold less than 5%. As Fabrice Brégier has just pointed out, certain choices are regularly made by shareholders. They increase, they cross the thresholds, they drop under the thresholds. Very recently, BlackRock fell below the threshold before again buying more.
There is a comment without a microphone. Any comments without questions, without a microphone cannot be interpreted.
Yes, but if they surpass the threshold, then they are not mentioned. I was just wondering whether it was an error, that is all.
No. Do not try to read between the lines. It is not an error.
No, I was not. I just wanted some information.
The question is it only those who have more than 5% of shareholding that are actually mentioned in this list?
It's just something that I picked up. We'll check on that. What about the breakdown of the 96% of the remaining shareholders? Who are they? Are they French? Are they foreign? Are they Chinese?
I think what counts here is that we have the largest proportion as possible of long-term shareholders. It's not always easy to keep your shareholders, particularly when the share price fluctuates quite wildly. Secondly, we are an independent worldwide reinsurer, and therefore we have a great diversity in our shareholders. So I'm not at all shocked that there's 86% of shareholders that is above the threshold of 5%.
No, I was just wondering how many. Can you just give me an idea? Is it one-third, two-thirds? You do road shows. Do you get any feedback?
I think that we must be in the average, similar to other big French groups. You know that most of the capital is international, in any case.
If you're looking at the CAC 40 companies. I just wondered, was SCOR different at all?
We do have French companies who are shareholders, but at a relatively modest level.
Another thing that I wanted to bring up concerning the members of the board and the number of shares that they hold. I don't want to come back again about whether there is any conflict of interest amongst all of these stakeholders. Do you have an idea as to how they can solve all of these conflicts of interest? Or is it entirely left up to their own discretion?
You're talking about giving shares from 100,000 to 400,000. I just wanted to get back to your first point. For Natixis, we have not received any declaration as to the fact that they have fallen under the 5% stakeholding. In the URD, we indicate all of the notifications that we have had, either to us as an issuer or to the AMF. On your second question, I don't have anything specific that I want to reply to that. Again, no microphone, no interpretation. Any other questions? I don't see any other questions that are being raised. Let's move on now to the votes. Thank you for reminding me of my duties.
I need to return to the script of my intervention. Since I'm going to hand over briefly to Claire, it shouldn't take long. I now have the final number of shares present or represented, slightly higher than the number given, 126,928,003 shares for 2,039 shareholders, and that's 70.99% of voting rights. We will now begin the vote on the resolutions to be found in the notice of meeting and the convening notice, or that published in the mandatory legal notices bulletin in March last year. We are now going to vote on the resolutions of this combined shareholders meeting. Thank you. After a reminder of the purpose, the resolution will be put to the vote using the electronic devices that you received on arrival. Just a short video to remind you how the voting devices work.
Let's now move to the vote and the resolution, starting with the ordinary resolution. First resolution: approval of financial statements for the year ended December 31, 2025. The vote is open. No more voting. Approval 99.99%. Second, approval of consolidated statements for year end December 31. Vote now. No more voting. Approval 99.99%. Approval of net income determination of dividend for year ended December 31, 2025. Please vote now. Vote closed. Approval 99.99%. Fourth, auditor's special report and agreements referred to Article L225-38 of the French Commercial Code. Please vote. Vote over. 99.89%. Five, approval information relate to compensation of corporate authors referred to in Article L22-10-9 of the French Commercial Code. Vote open. Vote closed. 91.15%.
Six, approval of the fixed variable exceptional components of the total compensation of benefits of any kind paid or awarded to Fabrice Brégier, Chairman of the Board, for the year ending December 31st. Please vote. Vote over. Approved, 88.60%. Seven, approval fixed variable exceptional components of total compensation of benefits in kind paid or awarded to Thierry Léger, Chief Executive Officer, for year ending December 31st, 2025. Please vote now. No more voting. Approved, 92.64%. Eight, approval of 2026 compensation policy for directors and observers for 2026. Please vote. No more voting. Approval, 95.32%. Nine, approval of 2026 compensation for Chairman of the Board for year 2026. Please vote now. Vote closed. Approval, 91.61%. 10, approval of 2026 compensation policy for CEO for 2026. Please vote. Vote closed. Approval, 93.35%. E11, renewal of the term of office of Mr.Adrien Couret , Director of the company. Please vote. Vote closed.
Approval, 99.18%. 12, renewal of the term of office, Mr. Thierry Léger, Director of the company. Please vote. Vote closed. Approval, 99.52%. 13, renewal of term of office, Mme. Vanessa Marquette as Director of the company. Please vote. Vote closed. Approval, 88.72%. 14, renewal of the term of office of Augustin de Romanet as Director of the company. Please vote. Vote closed. Approval, 95.1%. 15, appointment of Jacques Aigrain as a Director of the company. Please vote. Vote closed. Approval, 72.28%. 16, appointment of Jean-François Lequoy as Director of the company. Vote open. Vote closed. Approval, 99.96%. Renewal of KPMG as statutory auditors. Vote open. Vote closed. Approval, 98.87%. 18, renewal of KPMG as statutory auditors and charger of sustainability information. Please vote now. Vote closed. For, 99.89%. 19, appointment of PwC Audit as statutory auditors. Vote. Vote closed. Approval, 99.98%.
20, authorization granted to the board to carry out transactions in the company's ordinary shares. Vote open. Vote closed. Approved 97.32%. We now move to the extraordinary resolutions requiring a two-thirds majority. 21, delegation of authority to the board to decide on capital increases by capitalization of profits, reserves or premium. Please vote. Vote closed. Approval 99.98%. 22, delegation of authority to the board to decide to issue shares and/or securities giving immediate access or future access to ordinary shares to be issued with preferential subscription rights. Please vote. No more voting. For 94.33%.
23, delegation of authority granted to the board to decide to issue as part of a public offering other than those referred to in paragraph one of Article L.411-2 of the Monetary Financial Code, ordinary shares, securities giving access to ordinary shares without preferential subscription rights with a compulsory priority subscription period. Please vote. Vote closed. Approval 91.25%. 24, delegation of authority granted to the board to decide to issue as part of a public offering referred to in paragraph one of Article L.411-2 of the Code of Commerce, ordinary shares, securities giving immediate access to ordinary shares to be issued without preferential subscription rights. Vote open. Vote closed. Approval 88.99%.
25, delegation to the board to decide to issue shares and/or securities giving immediate or future access to ordinary shares to be issued to one or more persons specifically designated by the board without preferential subscription rights. Please vote. Vote closed. Approval 89.46%. 26, delegation of authority to the board to decide to issue shares and/or securities giving immediate or future access to ordinary shares to be issued as consideration for securities tendered to a public offer initiated by the company without preferential subscription rights. Please vote now. Vote closed. Approved 95.77%. 27, delegation to the board to decide to issue shares and/or securities giving immediate or future access to ordinary shares to be issued as consideration for securities tendered to the company without preferential subscription rights. Please vote. Vote closed. Approved 91.28%.
28, authorization to the board to increase number of shares to be issued in the case of a capital increase with or without preferential subscription rights. Vote is open. Vote closed. Approval 86.10%. 29, decision to the board to issue warrants exercisable for ordinary shares of the company without preferential subscription right for shareholders in favor of categories meeting specific criteria with a view to implementing an ancillary own funds program. Vote open. Vote closed. Approval 92.42%. 30, authorization to the board to reduce the share capital by canceling treasury shares. Please vote. Vote closed. Approved 99.99%. 31, authorization granted to the board to reduce the share capital by purchase option to employees and executive corporate officers, companies of affiliate companies with waiver to their preferential subscription rights. Please vote. Vote closed. Approved 96.77%.
32, authorization to the board to award existing ordinary shares, ordinary share to be issued of the company to employees and executive corporate officers of the company and affiliated companies or groups. Please vote. Vote closed. Approved 93.23%. 33, delegation to the board to carry out a capital increase by issuing ordinary shares reserved for members of the company's employee savings plan without preferential subscription rights. In favor of such members, please vote. Vote closed. Approval 98.96%. 34, total maximum amount for capital increases. Please vote. Vote closed. Approved 95.12%. 35, ratification of amendments to Article 19 of the company's articles relating to the exercise of voting rights, together with drafting additional amendments. Please vote. Vote closed. Approved 99.81%. Last resolution. 36, powers for formalities. Please vote. Vote closed. Approved 99.79%.
Thank you very much, Claire. This brings us to the end of our shareholders' meeting. Thank you for your attendance and for your support. I declare the meeting adjourned.