QBE shareholders will vote at May’s annual general meeting on a resolution requiring the insurer to disclose details of its business exposure to climate change-related risks.

The resolution is led by investor Local Government Super, and environmental finance activist group Market Forces.

Market Forces Analyst Daniel Gocher told insuranceNEWS.com.au more than 100 retail shareholders are supporting the resolution.

A QBE spokesman told insuranceNEWS.com.au the company will respond to the resolution at the May 3 meeting.

“It’s widely recognised that a changing climate is giving rise to important issues across the insurance sector,” the spokesman said. “We already have a program of sustainability-related work under way across our business. 

“In this context, the matters raised in the resolutions proposed by Market Forces and Local Government Super are important for QBE and its shareholders and we welcome the dialogue. In coming weeks we will be preparing our response to the resolutions.”

The resolution form calls for, among other steps, QBE to start disclosing its exposure to climate change risks in its routine annual reporting from next year. This disclosure should be in accordance with recommendations by the Financial Stability Board’s Taskforce on Climate-related Financial Disclosures for insurers.