Majority of independent shareholders supported last vote, with no movement by company
January 7th, Toronto, ON – Shareholders at Fairfax Financial Holdings (FFH) will again vote on a proposal calling on the company to disclose its financed emissions. Investors for Paris Compliance (I4PC) just refiled the proposal after being informed verbally that it achieved majority support among subordinate shareholders last year. Unlike with its director votes, Fairfax did not break out this result by vote class in its filings.
“Fairfax continues to be an outlier in the insurance industry, doing next to nothing to measure or address climate risk despite being on the front lines of growing extreme weather,” said Kiera Taylor, Senior Policy Analyst with I4PC. “Financed emissions disclosure is now standard among major global insurers, and investors made it clear last year that Fairfax is a laggard.”
The resolution highlights that global peers and other Canadian insurers are not only disclosing their financed emissions, some have set net zero targets and begun to elaborate transition strategies. Meanwhile, Fairfax is the third largest insurer of fossil fuel projects in the world and has made no such targets or commitments.
Fairfax subsidiary Northbridge will be required to measure financed emissions for federal regulatory supervision. Meanwhile, Fairfax has indicated it will not provide investors with Fairfax-wide emissions data unless mandated by Canadian regulators.
Last year I4PC released a summary report outlining Fairfax’s fossil fuel exposure and relative inaction. Another report, by Insure Our Future, ranked Fairfax among the bottom ten global insurers for climate policy, and in the top three global underwriters of fossil fuels.
Shareholders will vote on the proposals in the lead up to the company AGM on April 16th, 2026.
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