Mitsubishi UFJ Financial Group, Inc. | Climate transition plan at Mitsubishi UFJ Financial Group, Inc.

Status
Filed
AGM date
Previous AGM date
Proposal number
4
Resolution details
Company ticker
8306
Lead filer
Undisclosed filer
Resolution ask
Report on or disclose
ESG theme
  • Environment
ESG sub-theme
  • Climate change
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Japan
Resolved clause
Noting the Company’s exposure to material climate-related financial risks, the Company shall disclose:
(i) how the Company will assess high-emitting clients’ climate change transition plans for credible alignment
with the 1.5°C goal of the Paris Agreement1
;
(ii) the consequences of clients not producing credible Paris-aligned transition plans, including restrictions
on new financing2
; and
(iii) an assessment of the financial risk to the Company of clients not having credible Paris-aligned transition
plans.
Supporting statement
The Company recognises climate change as a “top risk”, has committed to achieving net zero by 20503
, has
formulated a Transition Assessment Framework for carbon-intensive sector clients, and claims to assess the
transition status of clients by confirming “1.5°C-aligned interim targets, governance and emissions
performance”.
4
However, the Company does not demonstrate how these various policies, frameworks and controls
meaningfully influence the provision of services to high-emitting clients. Furthermore, the policy does not
impose a deadline for clients in high-emitting sectors to present credible transition plans that are aligned with
the Paris Agreement's 1.5°C goal, nor does it impose conditions on funding to encourage clients' transitions.
Instead, the Company continues to provide significant financial support to high-emitting clients that do not
have credible transition plans.
This not only undermines its own disclosed transition approach, it leaves the Company lagging behind
overseas peers, and exposes shareholders to growing transition risks, as well as physical risks from worsening
climate change.

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