Nippon Steel Corporation | Disclose climate and decarbonisation related policy positions and lobbying activities, and review these for alignment with the Company's goal of carbon neutrality by 2050

Status
27.55% votes in favour
AGM date
Previous AGM date
Proposal number
8
Resolution details
Company ticker
5401
Lead filer
Legal & General Investment Management
Co-filers
Australasian Centre for Corporate Responsibility (ACCR)
Resolution ask
Report on or disclose
ESG theme
  • Governance
ESG sub-theme
  • Lobbying / political engagement
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Materials
Company HQ country
Japan
Supporting materials
  • nippon-steel-corporation-2024-agm-webinar.pdf Download
Resolved clause
The following clause shall be added to the Articles of Incorporation:

The Company shall disclose annually, climate-related and decarbonisation-related policy positions and lobbying activities globally, including its own direct lobbying and industry association memberships, and review these for alignment with the Company’s goal of carbon neutrality by 2050 and explain the actions it will take if these activities are determined to be misaligned.
Supporting statement
To manage strategy and risks to protect company value, it is in the Company’s best interests for its climate-and decarbonisation-related policy positions and direct and indirect lobbying activities to be aligned with the Company’s goal of carbon neutrality by 2050 and the achievement of its GHG emissions reduction targets.

Shareholders believe that disclosure of climate-related and decarbonisation-related policy positions and lobbying activities globally and their alignment to the Company’s goals are required by good governance and essential to long-term value creation.

The current level of the Company’s disclosures in these regards means shareholders cannot properly assess if the Company’s lobbying activities are sufficiently coordinated and optimised to ensure the global policy environment supports its decarbonisation goals and are in line with the goals of the Paris Agreement.

How other organisations have declared their voting intentions

Organisation nameDeclared voting intentionsRationale
Storebrand Asset ManagementFor
Legal & General Investment Management (Holdings)ForA detailed explanation for the filing of the resolution and our vote intention for the shareholder resolution can be found on the LGIM Blog: https://blog.lgim.com/categories/esg-and-long-term-themes/lgims-voting-intentions-for-2024/ and https://blog.lgim.com/categories/esg-and-long-term-themes/were-calling-on-nippon-steel-to-become-a-regional-leader-on-climate-related-lobbying-disclosures/
NordeaFor

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