by Insurance market Lloyd’s of London is urging members to watch its annual general meeting from home next week, amid fears it will be the latest city event disrupted by climate protests.
Lloyd’s chairman Bruce Carnegie-Brown warned members of the potential for disruption at the May 19 AGM in April, but said in an updated memo that “the risk of disruption has increased significantly.”
“To ensure the safety of our members and to allow the meeting to proceed in an orderly and fair manner, I regret that I strongly encourage all members attending the AGM to join virtually and not attempt to enter Lloyd’s. Seizing that day,” Brown said in a notice to the market’s nearly 100 union members.
The warning comes nearly a month after Lloyd’s was forced to close the doors of its iconic Grade I listed building on One Lime Street, when more than 60 Extinction Rebellion (XR) protesters used superglue, chains and bicycle locks to block the entry of workers. .
Lloyd’s has promised that members will phase out all existing insurance policies for fossil fuel projects by 2030, but campaigners say the policy is not enough.
“We are committed to non-violent business interruption until Lloyd’s of London ends its fossil fuel subscription,” an XR spokesman said. “Instead of trying to hide from the public’s anger by moving its AGM online, Lloyd’s must be brave, take bold action and stop insuring morally dangerous projects.”
XR claimed their protests were already sparking change, with two Lloyd’s unions cutting ties with Canada’s controversial Trans Mountain pipeline since April.
A number of City institutions, including HSBC, Barclays and Standard Chartered, have already had their general meetings disrupted by climate protesters in the last month.
Activists from Standard Chartered sang and wore masks depicting CEO Bill Winters with devil horns as part of efforts to raise the alarm about the banking group’s climate record. Meanwhile, protesters were forcibly removed from the Barclays AGM in Manchester after sticking to chairs, setting off alarms and delaying the start of the event for nearly an hour.
Sign up for the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk
“Lloyd’s is facing a growing level of protest because, as the world’s largest insurance market, they have a responsibility to act in accordance with climate science and IEA recommendations, and they are not doing so,” said Lindsay Keenan, European coordinator of the climate campaign Securing Our Future, she said.
“In fact, despite what Bruce Carnegie-Brown would like you to believe, the reality is that Lloyd’s continues to provide insurance for new coal, oil and gas projects despite its alleged ESG [environmental, social and governance] politics.”
Lloyd’s did not immediately respond to requests for comment.
