Activist Shareholders Target More Japanese Financial Giants
Japanese financial giants Mitsubishi UFJ Financial and Sumitomo are being targeted by activist shareholders seeking more commitment to climate change efforts.
Environmental finance group Market Forces has filed a shareholder resolution with Sumitomo Corporation and called on it to adopt and disclose a business strategy aligned with the Paris climate accord.
«By aiming for carbon neutrality, Sumitomo acknowledges its destination. Unfortunately, it appears to have no plan for how to get there, and its current targets are out of line with the latest scientific findings,» said Market Forces Campaigner Megu Fukuzawa in a statement, highlighting a «failure» to pivot from fossil fuels such as ongoing construction of coal-fired power stations.
«Sumitomo appears to believe the laws of gravity only apply to other companies. This is a dangerous attitude at any time, but most of all in a period of rapid change such as today. Investors will rightfully be concerned and we expect a vote at Sumitmo’s AGM which reflects this.»
Mitsubishi UFJ Filing
Separately, Japanese NGO Kiko Network, alongside three individual investors, filed Japan’s second-ever climate resolution on a Japanese financial institution, calling on Mitsubishi UFJ to adopt and disclose a plan to align its financing and investments with the Paris climate accord.
«While MUFG has strengthened its policies to some extent, it is currently in no way aligned with the Paris Agreement,» said Kiko Network international director Kimiko Hirata in a statement.
Last year, Mizuho became the first-ever listed company in Japan to hold a vote to align its business with the Paris goals, though climate change activists were defeated.
