Covéa and Thierry Derez appeal against the ruling of the Paris Commercial Court, rendered today.
This ruling contains serious and multiple errors of appreciation, both in fact and in law.
In addition, it disregards an essential truth: it is for the corporate interest of both SCOR and its shareholders that Covéa expressed the wish to submit a proposal for a combination between the two companies. Such project would have notably guaranteed the financial soundness of SCOR and would have promoted its development.
Thierry Derez and Covéa strongly contest having been disloyal and having been in a conflict of interest.
If this ruling sets a precedent, it would significantly limit the directors’ rights in exercising their mission to defend, freely, the corporate interest of a company and its shareholders.
It is now up to the Court of Appeal, before which an appeal is brought, to restore the truth, to state the law and decide whether it is allowed for any director to give themselves the means to submit to a board of directors a project that would not be approved by the Chairman of the board.