SEC subpoenas Argo in compensation probe

Argo Group International Holdings has received a subpoena from the US Securities and Exchange Commission seeking documents related to its disclosures around compensation.

Argo stressed it is fully cooperating with the SEC and does not believe that the amounts involved are material to its financial position or results of operations.

Its independent directors are also conducting a review of governance and compensation matters, the re/insurer said.

Argo insisted it is committed to governance practices that support continued value creation for all shareholders. The re/insurer pointed to enhancements to its governance and compensation programs announced in August, which include declassification of its board and a reduction of the size of the board.