Thomas Buberl

In May 2023, AXA, which chaired and had helped create the Net-Zero Insurance Alliance, left the alliance amid a wave of insurer departures following threats of antitrust proceedings by Republican state attorneys general in the United States. The withdrawal was perceived as weakening climate coordination across the sector.

State of the evidence

Documented

Attribution

Direct responsibility

Climate NGOs criticised AXA for continuing to insure or invest in certain companies developing new oil and gas projects while presenting itself as a global leader in climate insurance. Thomas Buberl defended supporting companies with credible transition plans rather than immediately withdrawing from the entire sector.

State of the evidence

Documented

Attribution

Direct responsibility

In 2022, AXA proposed raising Thomas Buberl's maximum remuneration to approximately €6.9 million, with an increase in fixed pay upon renewal of his term. Proxy adviser ISS recommended that shareholders oppose it, considering the justification insufficient relative to industry practice.

State of the evidence

Documented

Attribution

Directly implicated

During the Covid-19 crisis, approximately 1 500 restaurateurs insured by AXA France brought proceedings seeking compensation for business interruption losses. Court rulings were mixed, but AXA suffered several setbacks. In June 2021, the group offered an overall settlement of approximately €300 million to the 15 000 restaurateurs holding the relevant policies.

State of the evidence

Settlement

Attribution

Direct responsibility

In 2020, AXA decided to pay approximately €1.7 billion in dividends, half the €3.5 billion initially envisaged, while the group was disputing restaurateurs' business interruption losses and regulators were urging insurers to exercise caution.

State of the evidence

Documented

Attribution

Direct responsibility