Home Science & TechEnvironment Three Big Asset Managers Unveil Joint Climate Resolutions at J-Power | investment news

Three Big Asset Managers Unveil Joint Climate Resolutions at J-Power | investment news

by YAR

TOKYO (Reuters) – Three European asset managers, including the largest Amundi, said on Wednesday they had jointly filed resolutions on climate change at Japanese power generator Electric Power Development Co Ltd, known as J-Power.

In what they say are the first climate-related proposals from a group of institutional investors to a Japanese company, Amundi, hedge fund Man Group and HSBC Asset Management have asked J-Power to set credible emission reduction targets and disclose plans to achieve them. .

J-Power is the largest operator of coal-fired power plants in Japan.

The move highlights a shift in attention to Japan by major asset managers who have been challenging companies in the United States and Europe over plans to transition to a low-carbon economy. Few Japanese companies have had to deal with these types of rulings so far.

The filing followed months of engagement with J-Power over concerns that its current decarbonization strategy “would cause the company to lose competitiveness as Japan moves to reduce greenhouse gas emissions to net zero by 2050,” it said. the group in a statement.

Amundi, Man Group and HSBC Asset Management have a combined $3 trillion in assets under management. Man Group is the world’s largest publicly traded hedge fund company.

A J-Power spokesman said its board was discussing how to respond to the rulings. The company would announce its intentions when it made up its mind, he said.

Shareholders will consider the resolutions at J-Power’s annual general meeting on June 28.

Last month, climate activist groups including Japan’s Kiko Network and Australia’s Market Forces jointly submitted shareholder resolutions to four Tokyo-listed companies urging greater commitment to tackling climate change.

The four included Sumitomo Mitsui Financial Group and Tokyo Electric Power, known as Tepco.

Under Japanese corporate law, shareholder proposals on climate change would generally have to take the form of an amendment to the company’s bylaws.

Such amendments would require the support of a two-thirds majority, but analysts say companies cannot easily ignore substantial shareholder support that falls short of the threshold.

(Reporting by Makiko Yamazaki; Editing by Bradley Perrett)

Copyright 2022 Thomson Reuters.

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