Key executives at IAG will now be expected to integrate climate change risk mitigation initiatives into their respective divisions, but the board is yet to link performance on these factors to remuneration or give clear target timelines.

The ASX-listed insurer last week released its first climate change action plan, which its group executive for performance and reputation, Jacki Johnson, said would ensure the business was managed sustainably for the "long term" but also keep insurance "affordable and accessible for the consumer".