Chubb Ltd Files Proxy Statement

TL;DR

Chubb (CB) filed its proxy statement on 5/7. Shareholders get the details for the upcoming meeting.

AI Summary

Chubb Limited filed a Definitive Proxy Statement (DEFA14A) on May 7, 2024, detailing information for its shareholders. The filing, identified by accession number 0001104659-24-057999, pertains to the company's proxy solicitation activities. Chubb Limited, formerly known as ACE Ltd, is an insurance company incorporated in V8 with its fiscal year ending December 31.

Why It Matters

This filing is important for shareholders as it contains information regarding voting rights and company proposals that will be presented at the shareholder meeting.

Risk Assessment

Risk Level: low — This is a routine regulatory filing (DEFA14A) providing information to shareholders, not indicating any immediate financial distress or significant operational change.

Key Players & Entities

• Chubb Limited (company) — Registrant
• ACE Ltd (company) — Former company name
• 0001104659-24-057999 (filing_id) — Accession Number
• May 7, 2024 (date) — Filing Date

FAQ

Filing Documents

• tm2413778d1_defa14a.htm (DEFA14A) — 20KB
• tm2413778d1_defa14a-img01.jpg (GRAPHIC) — 2KB
• 0001104659-24-057999.txt ( ) — 23KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant Filed by a Party other than the Registrant ¨ Check the appropriate box: ¨ Preliminary Proxy Statement ¨ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ¨ Definitive Proxy Statement Definitive Additional Materials ¨ Soliciting Material Pursuant to § 240.14a-12 Chubb Limited (Name of Registrant as Specified in its Charter) (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required ¨ Fee paid previously with preliminary materials ¨ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 On May 7, 2024, Chubb Limited submitted the following response to Institutional Shareholder Services (ISS) on ISS’ proxy research report relating to Chubb’s 2024 Annual General Meeting of Shareholders: Chubb respectfully requests that ISS consider the following points of correction and clarification with respect to the recommendations and analyses of: · Agenda Item 15 (shareholder proposal on Scope 3 greenhouse gas emissions reporting); · Agenda Item 16 (shareholder proposal on pay gap reporting); and · Agenda Item 14 (approval of the Sustainability Report). Further detail is provided below. We would be happy to discuss with ISS at any available opportunity. Agenda Item 15 – Shareholder proposal on Scope 3 greenhouse gas emissions reporting ISS reports that Chubb already meets or exemplifies all of ISS’ climate disclosure pillars in its Climate Awareness Scorecard, and concludes Chubb has “higher” disclosure with a score of 3/10 under ISS’ QualityScore measure for Carbon and Climate and for Environment. Despite Chubb’s exemplary climate disclosure by ISS’ assessment, ISS concludes Chubb should disclose Scope 3 greenhouse gas (GHG) emissions, as requested by the shareholder proposal in Agenda Item 15, because it “will likely help shareholders better understand the company’s climate-related risk and evaluate the effectiveness of the policies the company has enacted”. We believe this is incorrect. As Chubb has explained in its disclosure, there is no agreed methodology to calculate Scope 3 insurance-associated emissions, and even if there were, such a calculation would not reflect Chubb’s climate-related risk, nor provide any basis to assess whether Chubb is effectively contributing to a reduction of emissions in the real economy. In its analysis, ISS recognizes that the calculation of Scope 3 emissions “may not be feasible at this time”. As the ISS report notes, only one insurance peer has disclosed insurance-associated emissions, and even then, only for Scope 1 and 2 estimates associated with one segment (commercial P&C only). The one method for estimating Scope 3 emissions referenced by ISS is deeply flawed as external evaluators have concluded and as we explained in our opposition statement on Agenda Item 15. We further request that ISS reconsider its assumptions on the proposal about extended timelines and limits that are not included on the proposal’s face and that make the request sound more reasonable than it actually is. In the interest of a mutual understanding of climate issues, we seek further dialogue with ISS to understand how ISS undertook its own estimation of Chubb’s Scope 3 emissions. We, and the broader insurance industry, would appreciate understanding how ISS has resolved the methodological and data quality concerns for Scope 3 emissions counting, including those specifically discussed in the company’s opposition statement on Agenda Item 15 and the feasibility concerns ISS acknowledges in its report. There are serious costs to creating, piloting and publishing a novel counting mechanism, and Chubb has determined it would be imprudent for the company and its shareholders to bear such costs. This is particularly so because of the growing weight of evidence that Scope 3 disclosure does not lead to a reduction in real-world emissions. Instead, Chubb believes its climate strategy, which is focused on supporting new technologies, building resilience through risk engineering and our technical underwriting criteria, will do far more to reduce real-world emissions than allocating our resources to counting. Chubb is a leader on climate in the insurance industry, with a deeply thought-out strategy that aims to capitalize on how insurers can best address climate risk and impact greenhouse gas emissions. 1 We also request correction from ISS on its discussion of climate regulations. For example, the report states that “[t]he Corporate Sustainability Reporting Directive” will mandate Sc

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View this DEFA14A filing on SEC EDGAR