Japan's financial firms face activist climate votes as AGMs near

Mizuho was forced to vote on a climate-focused resolution in its AGM last year, but more firms are being targeted in 2021.

Activist shareholders are targeting Mitsubishi UFJ Financial Group (MUFG) with climate resolutions at the firms’ annual shareholder meetings, reports Reuters.

A shareholder proposal submitted on 26 March to Mitsubishi UFJ, which will hold its annual general meeting (AGM) on 29 June, called on the bank to outline how it will align investment and financing to Paris goals.

The proposal submitted to Sumitomo, which will hold its AGM on 25 June, by the group Market Forces called on the company to adopt and disclose a business strategy to align itself with the Paris goal of limiting global temperature increases to 1.5 degree Celsius.

Shareholders at Mizuho had voted on a similar resolution at its AGM last year. Whilst the proposal to align Mizuho’s business with the 2015 Paris climate accord was defeated, it was the first listed company in Japan to hold such a vote, and the 35% support for the resolution showed Japanese attitudes were shifting.

Here’s more from Reuters.