Shareholders have hit back over QBE’s planned executive remuneration package and climate risk transparency, after the insurer posted record losses
QBE’s shareholders have hit back at its bosses over executive pay and climate risk transparency.
At a shareholder meeting today, investors shot down QBE’s remuneration report.
In protest against QBE chief executive Pat Regan’s incentive package, 45% voted against it.
This was despite Regan taking a $420,000 pay cut last week.
The moves come at a time where investors have endured a dividend cut and further downgrades, The Sydney Morning Herald reports.
In addition, shareholders voted for greater disclosure on climate risk reports, following pressure from activists.
The insurer was pushed into a record loss in 2017, which it blamed in part on catastrophe claims.
Chairman Marty Becker said he was “disappointed” by the vote, but told shareholders: “we have heard your concerns.”