Travelers forced to up its climate game as shareholders back activists
Travelers will follow rival Chubb down the path of shareholder-enforced climate reporting as a light majority of shareholders present at its AGM supported an activist call for improved reporting of greenhouse gas-emissions and climate action.
A motion to force Travelers to hone its climate impact reporting secured nearly 56% of votes cast, a market filing following the AGM showed.
Management had argued for a 'no' vote, claiming that current reporting guidelines filled most of the bill and that precise emissions measurements remain a pipe dream.
The motion is the second consecutive activist shareholder resolution to force climate reporting on the industry. Resolution author As You Sow secured an even stronger majority for a similar resolution at Chubb on May 19. Efforts at Berkshire Hathaway fell to insider notes.
Travelers additionally lost a vote seeking enhanced reporting of its political lobbying activities. A resolution calling for improved disclosure passed on nearly 53% of votes cast or 42% of total outstanding votes. Management had argued for the resolution’s rejection.
Three other shareholder initiatives, all opposed by management, were scuttled by shareholders.
A more ambitious climate-focused resolution would have forced Travelers to set policies to keep underwriting from supporting new fossil fuel production. That initiative fell by a wide margin.
A resolution seeking a full audit of the racial equity of Travelers' corporate, product and service profile generated a close vote, but fell roughly 47-53.
A shareholder resolution asking the company to review municipal and law enforcement policies to help eliminate police brutality fell by a very wide margin.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
