MUFJ board beats back climate resolution as activists falter in Japan Today 06:00 am JST Today | 06:37 am JST TOKYO
Mitsubishi UFJ Financial Group shareholders on Tuesday defeated a proposal for the bank to align its business with global targets on climate change, dealing a win for the board over investors pushing for more action on the environment.
Activist investors in Europe and the United States trying to halt climate change have successfully compelled companies to divest their fossil fuel holdings but the tactic has failed in Japan so far. This is the fourth time since 2020 a so-called shareholder climate resolution has been defeated after being brought before a Japanese listed company.
Aaron SheldrickTakashi Umekawa
2 minute read
People queue inside a branch of the Mitsubishi UFJ (MUFJ) Financial Group s bank of Tokyo-Mitsubishi UFJ in Tokyo, Japan, February 1, 2016. REUTERS/Yuya Shino/File Photo
TOKYO, June 29 (Reuters) - Mitsubishi UFJ Financial Group (8306.T) shareholders on Tuesday defeated a proposal for the bank to align its business with global targets on climate change, dealing a win for the board over investors pushing for more action on the environment.
Activist investors in Europe and the United States trying to halt climate change have successfully compelled companies to divest their fossil fuel holdings but the tactic has failed in Japan so far. This is the fourth time since 2020 a so-called shareholder climate resolution has been defeated after being brought before a Japanese listed company.
By Takashi Umekawa and Aaron Sheldrick
TOKYO, June 29 (Reuters) - Mitsubishi UFJ Financial Group shareholders on Tuesday defeated a proposal for the bank to align its business with global targets on climate change, dealing a win for the board over investors pushing for more action on the environment.
Activist investors in Europe and the United States trying to halt climate change have successfully compelled companies to divest their fossil fuel holdings but the tactic has failed in Japan so far. This is the fourth time since 2020 a so-called shareholder climate resolution has been defeated after being brought before a Japanese listed company.
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