QBE shareholders will again vote on a resolution demanding the insurer cuts its business exposure to oil and gas at the May 7 annual general meeting (AGM) in Sydney.

The resolution aims to force the insurer to disclose short, medium and long-term targets to reduce investment and underwriting exposure to oil and gas assets, along with plans for meeting them.

The resolution says the targets must be consistent with the Paris Agreement to curb global carbon emissions and QBE must publish the information regularly, starting with the 2021 annual report.

QBE says it will give “thorough consideration” to the proposed resolution before providing its recommendations to shareholders next month.

The resolution is the latest pressure campaign from climate activist Market Forces, with backing from shareholder Australian Ethical. The two lodged a similar resolution last year but failed to gain broad support from other shareholders.

“We will be approaching major institutional investors and putting our case for the resolution,” Market Forces campaigner Pablo Brait told insuranceNEWS.com.au.

“Voting in favour of the resolution is an opportunity for superannuation funds to demonstrate positive engagement with companies on climate risk, and act on the growing calls from their membership to use their money to help accelerate the transition away from fossil fuels.”

QBE withdrew from coal-related business last July and expects to have phased out all underwriting business with thermal coal customers by January 1 2030. The move is part of the insurer’s Group Energy Policy announced last year.

But Climate Forces says the action is not good enough, insisting “QBE can’t be taken seriously on climate unless it phases out its support for all fossil fuels”.