Mitsubishi UFJ Financial Group, Inc. | Aligning Business Strategy to the Paris Agreement

Status
22.71% votes in favour
AGM date
Previous AGM date
Proposal number
3
Resolution details
Company ticker
8306
Lead filer
Individual
Resolution ask
Report on or disclose
ESG theme
  • Environment
ESG sub-theme
  • Fossil fuel financing
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Japan
Resolved clause
The company shall adopt and disclose in its annual reporting a plan outlining its business strategy, including metrics and short-, medium- and long-term targets, to align its financing and investments with the goals of the Paris Agreement.
Whereas clause
Although the company has enacted environmental, social and governance policies, it continues to provide significant finance to fossil fuel expansion and deforestation, which has fallen far short of aligning with the Paris Agreement goals. Under the Japanese government’s carbon neutrality goal by 2050, this presents a significant financial and reputational risk to the company. Therefore, it is proposed to add the clause to the Articles of Incorporation.
Supporting statement
The aim of the proposal is to manage the company’s exposure to climate change risks, and maintain and increase its corporate value. The Paris Agreement aims to strengthen the global response to the threat of climate change by limiting global temperature rise to well below 2 degrees Celsius above pre-industrial levels and preferably to 1.5 degrees Celsius, and making finance flows consistent with a pathway towards that goal.

How other organisations have declared their voting intentions

Organisation name Declared voting intentions Rationale
Universities Superannuation Scheme - USS For We would welcome enhanced reporting of climate related risks.

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