Suncorp has defended its track record on addressing climate change while committing to further work to improve its response on environmental and social concerns.

Chairman Christine McLoughlin highlighted Suncorp’s focus on climate change issues at last week’s AGM in Brisbane as the firm comes under pressure from environmental campaign group Market Forces to cut its ties with fossil fuels.

A motion driven by Market Forces to require greater disclosure on targets to reduce investment and underwriting exposure to oil, gas and coal assets was not put after a related motion was lost.

The company handed out factsheets to shareholders on its commitment to the environment and Ms McLoughlin told the AGM that addressing climate change is considered a high priority by the board.

She says Suncorp is using a “shadow carbon price” to assess and manage its investment exposures, which will assist an “orderly response” to carbon-intensive industries as the economy transitions. It is also collaborating with reinsurers and climate scientists.

“While we have come a long way in how we understand and incorporate environmental, social and governance considerations in our business operations, I acknowledge there is still more work to do and we are committed to doing that,” she said.

CEO Steve Johnston told the AGM the company will benefit from its recent technology upgrades and a “comprehensive program” of work will further scale capability.

“Over the past two years we have invested heavily in digital capability and improved our ability to use and analyse data,” he said. “It’s now time to leverage that investment.”

Suncorp will also remain focused on improving operational efficiencies, strengthening trust and improving performance, he said.