Media release

Nippon Steel: shareholders deliver Japan’s largest ever vote in support of climate lobbying resolution

Investors in the world’s fourth largest steelmaker have shown significant support for three climate-related shareholder proposals at the company’s annual general meeting - including delivering the largest ever vote in support of a climate lobbying resolution in Japan.

Nippon Steel Corporation’s (NSC) AGM was held last Friday in Tokyo, and results of the voting have just been released:

  • 27.98% of shareholders voted in support of a proposal filed by Legal & General Investment Management (LGIM) and the Australasian Centre for Corporate Responsibility (ACCR) asking for improved disclosure of climate-related lobbying activities.
  • 23.01% of shareholders voted in support of a proposal filed by Corporate Action Japan (CAJ) and ACCR asking for remuneration to be linked to the company’s GHG emissions reduction targets.
  • 21.48% voted in support of a proposal filed by CAJ and ACCR asking NSC to set and disclose short and medium-term greenhouse gas (GHG) emissions reduction targets aligned to the goals of the Paris Agreement for scope 1, 2 and 3 emissions, along with disclosure of planned capex for decarbonisation investments.

The three proposals were filed following engagement with the company by a group of institutional investors collectively representing $US4.988 trillion of assets under management.

All three proposals were supported by Amundi, Nordea Asset Management and Storebrand Asset Management.

ClientEarth provided legal support for the engagement and filing

For full comments from co-filers see here.

Brynn O’Brien, Executive Director, ACCR, said:

“One quarter of shareholders voting in support of the climate-lobbying proposal is a strong signal that investors want to see greater transparency about lobbying and policy engagement from politically influential companies like Nippon Steel.

“Given the size of this vote, meeting investor expectations on lobbying transparency needs to be a priority for Nippon Steel’s board.

“For a company looking to flex its muscle on the global stage, it is crucial that Nippon Steel aligns with the expectations of global investors, who believe the transparent disclosures of these activities is required by good governance and essential for long-term value creation.


Corporate Action Japan (CAJ) is a shareholder advocacy organisation, which collaborates with institutional investors, international philanthropic foundations and other stakeholders, leveraging the power of investment to drive climate action in the private sector.


Legal & General Investment Management (LGIM) is one of Europe’s largest asset managers and a major global investor, with total assets under management of £1.2 trillion* (JPY 208 tn, $1.5tn, €1.3tn, CHF 1.2tn). We work with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.

*Data as at 31 December 2023. Data combines assets under management by LGIM in the UK, LGIMA in the US and LGIM Asia in Hong Kong. Assets under management include securities and derivatives positions.


ClientEarth in Japan is a team of corporate and financial law experts specialising in climate risk and decarbonisation – providing the legal framework and tools for the private sector to lead on climate action. We are helping to strengthen corporate climate governance and embed climate change in investment, regulatory and policy decisions. Read more about ClientEarth in Japan here.

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