Mizuho shareholders reject first climate motion put to a Japanese company

FILE PHOTO: Mizuho Financial Group logo is seen at the company's headquarters in Tokyo, Japan August 20, 2018. Picture taken August 20, 2018. REUTERS/Toru Hanai/File Photo

The proposal, brought by Japanese non-profit organisation Kiko Network and backed by six Nordic funds including Nordea Asset Management, sought to rein in the bank’s financing for coal projects in Asia. The climate motion received nearly 35% of the votes submitted, Kiko Network said by email, surprising some in the activist community who had expected a far smaller figure.

“For the first climate shareholder resolution in Japan to receive more than a third of the vote, even though it didn’t pass, sends a strong signal to Mizuho: exit all coal finance immediately,” said Anders Schelde, chief investment officer at MP Pension, one of the fund managers supporting the proposal.

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