4.4 Legal risk - Scor

20.1.6.24 NOTE 24 - RELATED PARTY TRANSACTIONS
Parties are considered to be related if one party has the ability to directly or indirectly control the other party or exercise
significant influence over the other party in making financial or operational decisions.
The Group’s related parties include:
• Key management personnel, close family members of key management personnel, and entities which are
controlled, significantly influenced by, or for which significant voting power is held by key management personnel
or their close family members;
• Subsidiaries, joint ventures and associates; and
• Post-employment benefit plans for the benefit of the Group’s employees.
The Group has several business relationships with related parties. Transactions with such parties are made in the ordinary
course of business and on substantially the same terms and conditions including interest rates and collateral as those
prevailing at the time for comparable transactions with other parties.
SCOR SE is the ultimate parent of the Group. As noted above transactions between SCOR SE and its subsidiaries meet the
definition of related party transactions. Where these transactions are eliminated on consolidation they are not disclosed in
the group’s financial statements. A list of the Group’s subsidiaries, associates and joint venture is shown below.
Transactions with key management personnel
Key management personnel are those individuals having responsibility and authority for planning directing and controlling
the activities of the Group. The Group considers that the members of the Executive Committee and the Board constitute key
management personnel for the purposes of IAS 24.
The total gross compensation of key management personnel, which include short-term employee benefits, post-employment
benefits, other long-term benefits, termination benefits and share-based payments, for 2012, 2011, and 2010 financial years
is outlined below.
(a) Cash compensation
The total gross cash compensation of key management personnel for 2012, 2011, and 2010 financial years is presented
below:
In EUR 2012 2011 2010
Fixed compensation 5,378,043 5,142,595 4,512,763
Variable compensation 3,173,762 3,427,169 2,738,301
Profit sharing 28,534 59,333 74,039
Premiums/allowances 140,702 115,440 127,855
TOTAL CASH COMPENSATION 8,721,041 8,744,538 7,452,958
(b) Post-employment benefits
No retirement benefits (or commitments) have been paid to key management personnel during the period.
The total commitment of the Group for defined benefit retirement plans for the eligible members of the Executive Committee
in France, Germany and Switzerland amounts to EUR 33 million as at 31 December 2012 (EUR 25 million as at
31 December 2011 and EUR 21 million as at 31 December 2010).
(c) Non-monetary benefits
The members of the Executive Committee also benefit from the use of a vehicle for business purposes; the Chairman and
Chief Executive Officer has a company car with driver.
Certain members of the Executive Committee receive a housing allowance because of their dual duties in two
geographically separated units.
(d) Other benefits
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.
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