Kiko Network set to proceed with shareholder proposal
May 1, 2020
On March 13, Kiko Network submitted a shareholder resolution to the Mizuho requesting that it disclose in its annual reporting a plan outlining the Group’s management strategy to align its investments with the goals of the Paris Agreement, as recommended by the Task Force on Climate-related Financial Disclosures (TCFD).
On April 15, Mizuho released its updated policy entitled “Strengthening our sustainability initiatives.” Kiko Network analyzed the updated policy and had a dialogue with Mizuho. The disclosures provided in Mizuho’s updated policy demonstrate that Mizuho has stepped up in taking some sustainable initiatives, including stopping finance for new coal power projects with some exceptions. Kiko Network welcomes the positive steps that Mizuho has taken. However, we have concluded that the updated policy still does not come close to providing the information necessary for shareholders to assess Mizuho’s business strategy and determine whether it is Paris-aligned.
As such, Kiko Network continues to seek that Mizuho commits to disclose a plan outlining its business strategy to align its investments with the goals of the Paris Agreement.
Investor Briefing Update
Gaps in Mizuho’s policy maintains the need for climate-related shareholder proposal (link)
[Press Release]Kiko Network, as Mizuho Financial Group shareholder, files first ever climate resolution in Japan (2020/3/16) (Link)
[Press Release] Mizuho Financial Group’s tightening of coal finance policy is welcome but further steps needed (April 15, 2020) (Link)