Lloyd’s of London AGM goes virtual on activist threat -Breaking
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© Reuters. An entry at Lloyd’s of London Building, City of London Financial District, London, Britain on April 12, 2022. REUTERS/Henry NichollsLONDON, (Reuters) – Lloyd’s of London’s commercial insurance market is encouraging its members of 100 syndicates to participate in its next week’s annual general meeting online. This is due to climate protests.
Chairman Bruce Carnegie-Brown stated that “the risk for disruption has significantly increased” since Lloyd’s sent invitations to the AGM of May 19, which was held on April 19. He made the statement in a May 10 notice posted on the market’s site.
“To ensure the safety and security of our members and to allow the meeting to proceed in an orderly and fair manner, it is with regret that I must now strongly encourage all members attending the AGM to join virtually and not to attempt to enter the Lloyd’s building on that day.”
Mothers Rise Up, Extinction Rebellion (climate activist group) and Lloyd’s of London have staged demonstrations in front of the Tower of London. These protests were focused on the underwriting of coal by the London Stock Exchange.
Mothers Rise Up and Extinction Rebellion did not respond immediately to our request for comment.
Lloyd’s is a large insurance company that insures high risks such as ships or energy rigs. The organization has introduced its first climate strategy for 2020. They have asked their syndicates to cease providing any new coverage for coal companies.
However, activists claim that the policy is not sufficient as it does not require insurers to stop using coal.
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