Mitsubishi Corporation | Partial amendment to the Articles of Incorporation (adoption and disclosure of short-term and mid-term greenhouse gas emission reduction targets aligned with the goals of the Paris Agreement)

Status
19.60% votes in favour
AGM date
Proposal number
5
Resolution details
Company ticker
8058
Lead filer
Market Forces
Resolution ask
Adopt or amend a policy
ESG theme
  • Environment
ESG sub-theme
  • Net Zero / Paris aligned
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Industrials
Company HQ country
Japan
Resolved clause
It is proposed that the following provision be added to the Articles of Incorporation:
Chapter: “Decarbonized Society”
Clause: “Adoption and disclosure of a business plan with short-term and mid-term greenhouse gas emission
reduction targets aligned with the goals of the Paris Agreement”
1. To maintain and promote the long-term value of the Company, given the risks and opportunities associated
with climate change, and in accordance with the Company's support for the Paris Agreement, the Company
shall adopt and disclose a business plan with short-term and mid-term greenhouse gas emission reduction
targets aligned with Article 2.1(a) of the Paris Agreement (the “Paris goals”).
2. The targets shall cover scope 1, 2 and 3 greenhouse gas emissions and disclose on each scope separately.
3. The Company shall report on its progress on an annual basis.
Supporting statement
This shareholder proposal seeks the disclosure of short and mid-term greenhouse gas emission reduction targets
including scope 1 to scope 3.
Mitsubishi is continuing and expanding the construction of thermal power plants, and new oil and gas production
contrary to the findings of the landmark net zero by 2050 scenario produced by the International Energy Agency.
As a result, Mitsubishi is contradicting the goal and the timeline of net zero emissions by 2050 it claims to
support.
The requested short and midterm disclosures are recommended by the Taskforce for Climate-related Financial
Disclosures (TCFD), and are also consistent with investor expectations as evidenced by investor initiatives and
shareholder proposals in other markets. Global peers of the Company are also disclosing this type of information
in more detail.
Approval of this proposal will place the Company in a better position to manage transition risk and opportunities
and at an early timing, and to maintain long-term corporate value as the Company shifts toward a decarbonised
economy.

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