Day: June 9, 2020

Argo Group Fined Over Perks to ‘Bon Vivant’ CEO

Coverage organization Argo Team Intercontinental Holdings has agreed to pay back $900,000 to settle costs that it unsuccessful to disclose much more than $5.3 million in benefits to its previous CEO, which include own use of  company aircraft.

Mark Watson stepped down as CEO in November 2019, shortly soon after Argo stated it had received subpoenas from the U.S. Securities and Trade Fee trying to get paperwork associated to its disclosures about govt payment.

The SEC issued an administrative order previous 7 days getting Argo understated the price of benefits it gave Watson from 2014 as a result of 2018 by 400%, disclosing only about $1.two million in its proxy statements when it had truly compensated him much more than $5.3 million really worth of additional benefits.

Even soon after activist investor Voce Money Management accused Argo in a February 2019 letter to shareholders of misdirecting company property “to assistance

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