Travelers forced to up its climate game as shareholders back activists

Travelers will follow rival  Chubb down the path of shareholder-enforced climate reporting as a light majority of shareholders present at its AGM supported an activist call for improved reporting of greenhouse gas-emissions and climate action.

A motion to force  Travelers to hone its climate impact reporting secured nearly 56% of votes cast, a market filing following the AGM showed.

Management had argued for a 'no' vote, claiming that current reporting guidelines filled most of the bill and that precise emissions measurements remain a pipe dream.

The motion is the second consecutive activist shareholder resolution to force climate reporting on the industry. Resolution author As You Sow secured an even stronger majority for a similar resolution at  Chubb on May 19. Efforts at Berkshire Hathaway fell to insider notes.

Travelers additionally lost a vote seeking enhanced reporting of its political lobbying activities. A resolution calling for improved disclosure passed on nearly 53% of votes cast or 42% of total outstanding votes. Management had argued for the resolution’s rejection.

Three other shareholder initiatives, all opposed by management, were scuttled by shareholders.

A more ambitious climate-focused resolution would have forced Travelers to set policies to keep underwriting from supporting new fossil fuel production. That initiative fell by a wide margin.

A resolution seeking a full audit of the racial equity of  Travelers' corporate, product and service profile generated a close vote, but fell roughly 47-53.

A shareholder resolution asking the company to review municipal and law enforcement policies to help eliminate police brutality fell by a very wide margin.

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