Liberty Mutual has named Francis Hyatt as its first chief sustainability officer to enhance its efforts to address environmental, social and governance (ESG) issues, and lead the office of sustainability.
It also unveiled a new set of corporate principles that will see it no longer accept underwriting risk for companies where more than 25 percent of their exposure arises from the extraction and/or production of energy from thermal coal. Neither will it make new investments in debt or equity securities of companies that generate more than 25 percent of revenues from thermal coal mining, or utility companies that generate more than 25 percent of their electricity production from thermal coal. Liberty Mutual said it will phase out coverage and investments for existing risks that exceed this threshold by 2023.
Hyatt has held a variety of leadership roles during his 28-year career at Liberty Mutual. He was most recently executive vice president of enterprise talent practices, where he was responsible for the selection, development, training and retention of talent across the organisation. He was closely involved with the election of the company’s first chief diversity and inclusion officer.
Hyatt said Liberty Mutual is committed to being a responsible global corporate citizen with a focus on environmental sustainability, supporting the transition to a low-carbon economy and investing in companies that show proven progress in this evolution. "We understand the shift from coal to clean energy is a journey and we recognise the role the insurance industry plays in supporting that evolution for our customers,” he said. “Now more than ever it's crucial that companies take an active role in advancing their ESG agendas, and I look forward to partnering with internal and external stakeholders around the world to help drive positive impact in society."
Liberty Mutual, Francis Hyatt, ESG