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QBE shareholders: take action!

5 March 2019

Tell QBE you want them to adopt your shareholder resolution on phasing out fossil fuels

5 March 2019

Today, thanks to you, we lodged a shareholder resolution for QBE’s annual general meeting co-filed with Australian Ethical, an investment manager with $2.85 billion under management. They’ve joined our call for QBE to set targets for phasing out support for the coal, oil and gas sectors in line with keeping global warming below 1.5 degrees.

Now comes the work of convincing QBE and major investors to support this important resolution. Please send a message to QBE Investor relations to tell them you support and want them to adopt the resolution.

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Dear QBE Investor Relations, I’m a QBE shareholder writing in support of the resolution lodged by individual shareholders and Australian Ethical calling on QBE to set targets for reducing its fossil fuel exposure in line with keeping global warming below 1.5 degrees. I urge QBE to adopt the resolution as it will protect the long-term interests of the company as well as contribute to the global efforts to cut carbon emissions. Climate change is already impacting our company’s profitability. Any increase in global warming increases the risk profile of climate change impacts to our financial health. A primary driver of global warming is the fossil fuel industry, which our company is exposed to through investments and underwriting. This is a fundamental threat to our bottom line. It is great to see QBE has joined many of our international competitors by taking steps to end thermal coal investment and underwriting. To be a credible public advocate for action that mitigates and builds resilience to climate change, QBE needs to be above reproach in this area, and this means phasing out exposure to ALL fossil fuels. The insurance industry faces an existential threat from the impacts of global warming. QBE’s own profits are already impacted by the natural catastrophes fueled by the rise in carbon in our atmosphere. The trend is clear. Without significant and urgent action in both climate change mitigation and adaptation, QBE faces shrinking markets and even more unpredictable natural catastrophe claims. QBE should be making its own contribution to global efforts to mitigate climate change by phasing out its investment in and underwriting of oil and gas in line with keeping global warming below 1.5 degrees, rather than undermining those efforts. I urge you to adopt the shareholder resolution and update your Climate Change “Action” Plan and Energy Policy accordingly. Yours sincerely,
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