IAG’s 2022 AGM shareholder update
Last Friday, the IAG board welcomed back shareholders for the company’s first in person Annual General Meeting in two years.
Chairman of the 2022 AGM David Armstrong told shareholders: “One of the defining features of the past year is the extraordinary number of extreme weather events we have experienced, with a succession of hailstorms, thunderstorms, floods, East Coast lows and even a tornado and earthquake.
These have had a devastating effect on our customers and their communities, and our teams have worked closely with those affected to help them recover from their loss.”
Mr Armstrong also spoke about IAG’s company-wide focus on environmental, social and governance issues and said climate remained a “critical area of focus for us, because of the direct link between changes in climate and the impact on our customers, and on our business.
“We manage our response to climate change risks and opportunities through our FY22 -24 Climate & Disaster Resilience Action Plan,” he said.
Managing Director and Chief Executive Officer Nick Hawkins spoke about IAG’s purpose to “make your world a safer place” being at the core of everything we do and provided an overview about how the company was creating value for shareholders, customers, our people, communities and the environment.
Mr Hawkins reaffirmed the company’s FY23 guidance and said “having a more focused operating model, a leadership team with deep expertise, and a clear strategy for growth gives us confidence in the future.”
“Our guidance for FY23 reflects this confidence, and our strong underlying business momentum,” he said.
In his address, Mr Hawkins also spoke about IAG’s focus on climate and how the company was dealing with this challenge.
“In pursuit of our purpose, we continue to invest in improving our understanding of the changing climate and its potential impact,” he said. “Our investment includes our own specialist in-house natural perils team – which has meteorologists as well as flood and cyclone experts and atmospheric scientists.
“We are also aware that some communities are especially vulnerable to the impact of the more frequent natural disasters, and to increased prices.
“That is why we are using our expertise to advocate for programs of work that will mitigate the financial and social impact of natural disasters on our communities. We do this by contributing to the science, and by helping communities prepare and adapt.”
Mr Hawkins said IAG had also taken steps to manage its own carbon footprint and was committed to achieving Net Zero emissions by 2050. “We are also developing solutions to help our customers adapt to a changing climate and transition to a Net Zero future,” he said.
From a business perspective, we are on track to meet our target to cease insuring entities predominately in the business of extracting fossil fuels – including oil and gas – and power generation from coal by the end of FY23.”
