Japan’s SMFG, Tepco, Mitsubishi face activist local weather votes at AGMs By Reuters


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© Reuters. FILE PHOTO: A employee places up new emblem of TEPCO Holdings and Tokyo Electrical Energy Firm (TEPCO) Group on the wall forward of the transition to a holding firm system by means of an organization cut up on the TEPCO headquarters in Tokyo, Japan, March 31, 2016. REUT

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By Makiko Yamazaki

TOKYO (Reuters) – Huge Japanese companies together with Sumitomo Mitsui (NYSE:) Monetary Group, Tokyo Electrical Energy (Tepco) and Mitsubishi Corp will face resolutions from activist shareholders urging larger dedication to tackling local weather change at their annual conferences this yr.

5 local weather activist teams, together with Japan’s Kiko Community and Australia’s Market Forces, mentioned in a joint assertion on Wednesday that that they had submitted shareholder resolutions for consideration at AGMs of 4 Tokyo-listed corporations this yr. Utility Chubu Electrical Energy completes the quartet.

Activist traders are more and more turning their consideration to Japanese corporations, utilizing resolutions which have been deployed in Europe and america to push corporations and banks away from investing in, or financing, fossil gasoline infrastructure.

The lifetime emissions from 10 proposed liquefied (LNG) energy initiatives involving the 4 corporations are estimated to be 1.2 billion tonnes of carbon dioxide or its equal, the teams mentioned.

That is nearly double Japan’s 2030 absolute emission discount goal below its nationally decided contributions in the direction of reaching the Paris local weather accord, they mentioned.

SMFG, Tepco and Chubu Electrical all confirmed that they had acquired the shareholder resolutions, saying that their boards plan to debate them.

A spokesperson at buying and selling home Mitsubishi mentioned the corporate would talk about and reply to the proposal appropriately.

Final yr, Mitsubishi UFJ (NYSE:) Monetary Group, Japan’ largest financial institution, and buying and selling home Sumitomo Corp confronted related local weather resolutions, though the proposals have been voted down.

Mizuho Monetary Group turned the primary listed firm within the nation to carry such a vote in 2020. The decision was defeated although it garnered 35% help.

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