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IAG shareholders propose insurance ban on projects harmful to cultural sites

Shareholders of Insurance Australia Group (IAG) have put forward a resolution to guarantee it does not invest in, insure or advocate for projects that would damage natural or cultural sites within a world heritage area, the insurer said.

Aug 25 (Reuters) - Shareholders of Insurance Australia Group (IAG) IAG.AX have put forward a resolution to guarantee it does not invest in, insure or advocate for projects that would damage natural or cultural sites within a world heritage area, the insurer said.

The proposal follows a public backlash and a government inquiry after Rio Tinto RIO.AX, the world's biggest iron ore miner, legally destroyed two historically-significant sacred caves in Western Australia state in May.

Protecting cultural sites would ensure the fulfilment of a core tenet of the insurer's reconciliation action plan, which seeks to "increase knowledge and understanding of Aboriginal and Torres Strait Islander cultures, histories and achievements," IAG said in its statement on Tuesday.

The resolution will be discussed at the company's annual general meeting to be held on Oct. 23.

(Reporting by Shruti Sonal in Bengaluru; editing by Barbara Lewis)

((Shruti.Sonal@thomsonreuters.com; Twitter: @shrutisonal26;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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