Our governance

Covéa is a mutual insurance group company or SGAM (Société de Groupe d'Assurance Mutuelle) with a Board of Directors that sets out the Group’s strategic direction and oversees its implementation.

The Board of Directors, which represents the mutual insurance companies and their members, decides on the Group’s strategy, determines what direction it takes and ensures that these are successfully implemented.

Comprising Michel Gougnard as chairman and 26 members, the Board is assisted by four specialist committees in performing its duties:

The Audit Committee oversees the preparation of financial information and control of financial statements. It is chaired by Jean Fleury.

The Risk Committee oversees risk management policy, procedures and systems, ensuring that they are rolled out properly and relevant. It is chaired by Anne-José Fulgeras.

The Remuneration and Appointments Committee makes recommendations about the composition of management bodies, devises the management continuity plan and reviews the Group’s remuneration policy. It is chaired by Hélène Béjui-Hugues.

The Strategic Committee takes care of matters relating to the Group’s strategy on behalf of Covéa’s Board of Directors. It is chaired by Thierry Derez.

The Board of Directors has also appointed Jean-Pierre Jouyet as lead director and Christian Baudon as deputy director.

Chief Executive Officer Thierry Derez is assisted in his duties by three Chief Corporate Officers: Laurent Tollié, in charge of Institutional Partnerships, Maud Petit, Chief Financial Officer, and Thierry Francq, Chief Regulatory and Economic Affairs Officer.

Appointed by the Board of Directors, the Chief Executive Officer and the Chief Corporate Officers hold the broadest powers to act in all circumstances on behalf of Covéa and represent the Group in its dealings with third parties.

The Chief Executive Officer is also assisted by the Group Management Committee, an operational body with no decision-making powers, which debates strategic and financial matters.

Composition of the Group Management Committee on November 1, 2023:

• Thierry Derez, Chief Executive Officer;
• Stéphane Duroule, Chief Insurance Officer France head of the Executive Committee of Insurance France;
• Jacques Bonneau, CEO of PartnerRe;
• Maud Petit, Chief Financial Officer;
• Corinne Coué, Corporate Secretary;
• Thierry Francq, Chief Regulatory and Economic Affairs Officer;
• Olivier Le Borgne, Chief Investment Officer;
• Lionel Calvez, Chief Risk Officer.

The Group has four key departments:

The Risk Management department analyses and oversees all risks to which the Covéa Group is exposed and reports on its work to the Risk Committee, the Audit Committee and executive management. It is headed by Lionel Calvez, Chief Risk Officer.

The Compliance department advises management bodies on compliance with legal, regulatory and administrative requirements relating to insurance and reinsurance activities, and reports to the Risk Committee. It is headed by Maud Vautrain, Chief Compliance Officer.

The Actuarial department ensures that technical provisions are calculated using appropriate methodologies, models and underlying assumptions, and reports to the Risk Committee and the Audit Committee. It is headed by Sébastien Coste, Chief Actuarial Officer.

The Internal Audit department assists the Board of Directors and Executive Management with safeguarding the company’s assets, reputation and viability, and reports to the Audit Committee. It is headed by Bertrand Lefebvre, Chief Group Audit Officer.