Kansai Electric shareholders vote down proposal to exit coal

A leaf sits on top of a pile of coal in Youngstown, Ohio, U.S., September 30, 2020. REUTERS/Shannon Stapleton

TOKYO, June 24 (Reuters) – Kansai Electric Power (9503.T) shareholders on Friday rejected a proposal requiring the company to stop using coal and decarbonise its business in a victory for the board over activist demands for climate action.

Activist investors are increasingly turning their attention to Japanese companies, using resolutions that have been employed in Europe and the United States to push companies and banks away from investing in, or financing fossil fuels, especially coal, which still has strong support in Japan. read more

Shareholders voted against the proposal during the company’s annual general meeting in Osaka in western Japan, a spokesperson said.

It had been put forward by the City of Kyoto, which owns a stake in Kansai and gave its name to the first international climate change agreement. The proposal would have required…

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