Argo gets subpoena from US regulator over executive compensation; begins board review

Bermuda-based Argo Group International Holdings has confirmed that its independent directors are conducting a "review of governance and compensation matters" as part of its " board refreshment" process.

The company has received a subpoena from the US Securities and Exchange Commission seeking documents primarily with respect to its disclosure of certain compensation-related perquisites.

The announcement comes two months after the re/insurer announced that it will introduce a "phased declassification of the board", including reduction of its size from 13 to 11 and changes to executive pay, as well as the election process.

"Argo is committed to governance practices that support continued value creation for all shareholders," the company said in a statement. "The Company, working with the assistance of outside counsel, is fully cooperating with the SEC and does not believe that the amounts involved are material to the Company’s financial position or results of operations."

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