AXA: decrease in executives’ salaries due to Covid-19

The executives of AXA Group have decided to reduce their salaries due to the expected decline in the results 2020 following the coronavirus pandemic.

The variable pay of Thomas Buberl, AXA's CEO, will significantly decrease. Denis Duverne, Board Chairman, has agreed to cut 25% of his fixed remuneration.

In addition to the French insurer, the two other insurance giants SCOR and Generali have also reduced the salaries of their executives.