We also voted against a proposal by SCOR (XPAR:SCR, Financial), the Funds’ French reinsurance company holding, to change the by-laws to allow the chairman, Denis Kessler, to stay in place until age 72 (from 70). We felt that his performance, specifically regarding his handling of the attempted takeover by Covea, and the fumbled SCOR CEO transition, did not provide the good corporate governance that we had become accustomed to in SCOR in past years. Given that this measure required a super- majority to pass, we felt it was the best opportunity we had to try to force his retirement from the Board. The vote unfortunately passed, and Mr. Kessler will remain chairman for two more years, after which he is expected to retire. SCOR’s stock price remains extraordinarily cheap in our view, more than compensating for Kessler’s continued service, which over the longer term has been quite satisfactory.
From Tweedy Browne (Trades, Portfolio)'s second-quarter 2022 letter.
