10 September 2020 / Company news

Foundation set up to safeguard Scope’s European identity

A new governance structure will protect Scope Group`s long term independence and European identity. Jean-Claude Trichet, Horst Köhler, José Manuel González-Páramo, Pier Carlo Padoan and Leszek Balcerowicz have joined the Scope Foundation as patrons.

The current economic crisis has shown how indispensable it is for citizens of Europe to have strong, independent institutions with a stable European identity. This applies at both political and economic levels – not least in the financial sector with its high degree of progress towards integration. 

“Europe more than ever needs a strong and independent European rating agency,” said Jean-Claude Trichet, member of Scope Foundation’s Honorary Board. “The Scope Foundation is making an important contribution to ensuring that the company’s European identity endures.” 

“Longstanding figures from Europe’s business and financial sectors have come together under the auspices of the Scope Foundation to ensure the independence of Scope as the European rating agency and to preserve its distinct European identity, which in one sense is one of the group’s unique selling points,” said Gerd Häusler, chairman of the foundation’s Board of Trustees. The foundation will ensure that Scope’s existing anchor shareholders retain the appropriate influence over Scope’s management and strategy and that Scope remains in the hands of European anchor shareholders in the long term. 

Founder and main shareholder Florian Schoeller and anchor shareholder Stefan Quandt have transferred 20% of Scope Management SE’s share capital to the Scope Foundation to fulfil its purpose. Scope Management SE performs corporate management functions for Scope Group. 

In addition to safeguarding Scope’s independence, the leading figures from business and finance who make up the Foundation’s Board of Trustees and Honorary Board will offer their expertise and counsel. 

Scope Foundation and its boards: 

The Board of Trustees is responsible for the foundation, ensuring its purpose is fulfilled: safeguarding Scope’s European identity and independence and managing its assets. The Board of Trustees has five members:

  • Gerd Häusler (Chairman), former Chairman of Bayerische Landesbank
  • Simon Fraser (Deputy Chairman), former Chief Investment Officer of Fidelity
  • Lorenzo Bini Smaghi, Chairman of Société Générale
  • Johannes Fritz, longstanding Head of the Quandt/Klatten Family Office
  • Dieter Schenk, Chairman of the Supervisory Board of Fresenius Medical Care

In addition to the Board of Trustees, an Honorary Board has been established to reinforce Scope’s identity and strategic objectives and supports its development by providing advice on all European issues. The five founding members come from different countries of the European Union but ultimately stand for a pan-European approach on issues pertaining to the financial sector. The Honorary Board consists of: 

  • Jean-Claude Trichet (France), former President of the European Central Bank (2003-2011) and former Governor of the Bank of France (1993-2003) 
  • Horst Köhler (Germany), former President of the Federal Republic of Germany (2004-2010) and former Managing Director of the International Monetary Fund (2000-2004)
  • José Manuel González-Páramo (Spain), former Executive Board member of Banco Bilbao Vizcaya Argentaria (2013-2019) and former member of the Executive Board of the European Central Bank and the ECB Governing Council (2004-2012)
  • Pier Carlo Padoan (Italy), former Italian Minister of Finance (2014-2018), former Deputy Secretary-General of the OECD (2007-2014) and Chief Economist of the OECD (2009-2014)
  • Leszek Balcerowicz (Poland), former President of the National Bank of Poland (2001-2007), former Deputy Prime Minister of Poland and Polish Minister of Finance (1989-1991 and 1997-2000)

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