Global Insurer Targeted in Fifth Investor Proposal Omission Suit

Progressive shareholder group As You Sow sued Fortune 500 insurance company Chubb Limited for keeping its proposal from an annual meeting vote, making it the fifth investor organization this year to take that previously seldom-used step.

As You Sow’s shareholder proposal, which asked the company to assess the benefits of using subrogation to recover climate-related losses, did not meet federal criteria for exclusion, the organization said in a lawsuit filed Tuesday in the US District Court for the District of Columbia.

Litigation over proxy proposal exclusions had been unusual. But shareholders, attorneys, and corporate governance experts warned lawsuits could ...