Insurance giant QBE cleared the two major hurdles in its path at its annual general meeting: surviving a second strike on executive pay and quelling a push to phase out its fossil fuel exposure completely.
Just over 89 per cent of shareholders voted in favour of the company's remuneration report on Thursday, sparing the board from a spill motion after it acknowledged investor dissatisfaction over executive pay packets.
QBE chairman Marty Becker told shareholders in Sydney the company had listened to the unease over the income plan introduced in 2017, replacing it with a more traditional short-term and long-term incentive plan.
A motion to grant conditional rights under the 2018 executive plan for chief executive Pat Regan also passed, but copped a backlash from 22.27 per cent of shareholders.
QBE celebrated a healthier balance sheet in 2018 after a "more normal" catastrophe year and the exit of a number of underperforming businesses and portfolios.
The company swung to a $US390 million ($A546 million) full-year profit after attritional claims for the 12 months to December 31 were lower across all divisions compared to 2017, when it posted a $US1.25 billion loss following hurricanes and wildfires in the US.
But the insurer also faced a number of shareholder questions on Thursday regarding its climate change policy, following another 12 months of payouts above historical norms due to flooding in Queensland, the Sydney hailstorm in December and bushfires in Tasmania and Victoria.
Nonetheless, shareholders overwhelmingly voted down a motion asking QBE to change its constitution, which would have allowed a vote on whether the company should disclose short-, medium- and long-term targets to reduce investment
and underwriting exposure to coal, oil and gas assets.
The motion was opposed by more than 97 per cent of investors.
Mr Becker said the company's energy policy was a "living, breathing document that would continue to evolve".
Earlier, Mr Regan said QBE was not shying away from addressing increasingly volatile weather conditions.
"We consider climate change to be a material risk for your company and we are committed to playing out part in addressing this global challenge," Mr Regan said.
Shares in QBE were up 0.47 per cent at $12.83 at 1455 AEST on Thursday, a rise of 20.5 per cent from $10.20 a year ago.
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