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Climate demand makes QBE meeting agenda

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QBE will give “thorough consideration” to a shareholder resolution demanding the insurer reduce its ties with coal-linked businesses.

The board will make recommendations to shareholders next month before the annual general meeting in May.

It is one of two resolutions shareholders have lodged before the AGM.

“Climate change is a material business for QBE… [the] board welcomes this dialogue on these important matters,” the insurer says.

The two resolutions have been lodged by investors holding 0.2% of QBE’s issued shares.

Climate campaign group Market Forces lodged the coal resolution last week with the backing of Australian Ethical, which has QBE stock in its investment portfolio.

It calls on QBE to disclose short, medium and long-term targets to lower investment and underwriting exposure to coal, oil and gas assets, along with plans to achieve the goals.

It says the targets must be in line with the Paris climate agreement.

“This information should be published annually, starting with the 2019 annual report,” the resolution says.