- June 18, 2021
- Posted by: Stratford Team
- Category: Business
Logos of Sumitomo Corp are seen after the company’s initiation ceremony at its headquarters in Tokyo, Japan April 2, 2018. REUTERS/Toru Hanai
TOKYO, June 18 (Reuters) – Sumitomo Corp (8053.T) shareholders on Friday defeated a resolution requiring the Japanese trading house to align its business with international targets on climate change, in a vote at their annual general meeting.
The proposal, the second climate resolution to be brought before shareholders of a major Japanese company, was supported by shareholders, including Legal & General Asset Management.
“Resolution No. 5 was rejected,” a Sumitomo spokesperson told Reuters by email, referring to the proposal’s number in the order of business at the meeting. A breakdown of voting was not immediately available. Sumitomo’s board had recommended voting against the proposal.
Activist investors are increasingly turning their attention to Japanese companies, using resolutions that have been employed in…
