Press Release 2024.06.21

Nippon Steel Corporation: The 100th General Meeting of Shareholders

 Investors in Nippon Steel Corporation (NSC) have shown support for three shareholder proposals aimed at improving the decarbonisation strategy and disclosures on climate lobbying of the world’s fourth largest steelmaker.

At NSC’s general meeting of shareholders in Tokyo, Japan, today, three shareholder proposals were put before investors:

Item 6: A shareholder proposal filed by Corporate Action Japan (CAJ) and the Australasian Centre for Corporate Responsibility (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.

Item 7: A proposal filed by CAJ and ACCR asking for remuneration to be linked to the company’s GHG emissions reduction targets.

Item 8: A proposal filed by Legal & General Investment Management  (LGIM) and ACCR asking for improved disclosure of climate-related lobbying activities.

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.

Aina Fukuda, Head of Japan Investment Stewardship at LGIM, said:

“Shareholders have emphatically called on Nippon Steel to take bold actions on the climate emergency. Within these are imperatives for greater accountability and transparency in the company’s efforts to influence climate and energy policies, particularly as the year ahead holds critical importance for Japan and many other markets as they define their medium to long-term decarbonisation strategies.

“Importantly, it is our view that a public policy environment aligned with international climate goals would benefit Nippon Steel, considering the massive transformation needed to decarbonise the business and sustain competitiveness in a rapidly heating world and evolving market landscape.

“We believe that the scale and substance of Nippon Steel’s growing global business, significant emissions footprint, and powerful policy influence place the company squarely in the spotlight for investors and other stakeholders. LGIM remains dedicated to engaging with the company and eagerly awaits the participation of Nippon Steel’s board members in future discussions.”

Lewis Ashworth, Climate Specialist at LGIM, said:

“We are encouraged to see shareholders voting in support of these resolutions, in particular that asking for more detail on Nippon Steel’s climate-related lobbying activities. 2024 marks another record-breaking year for global temperatures, and the urgency of addressing the risks associated with climate change is ever more pressing. We will continue to drive engagement with the company on this topic, which we believe is absolutely essential to ensuring that the goals of the Paris Agreement are met.”

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

“The support for these shareholder proposals reflects that investors want to see greater ambition from Nippon Steel in seizing the opportunities of the green steel transformation.

“As a local leader that competes at scale abroad, Nippon Steel must show investors and policymakers it has a credible decarbonisation strategy and a plan to be responsive to the needs of customers as the demand for green steel grows.

“We look forward to seeing Nippon Steel respond to this investor feedback and take the necessary steps to accelerate the company’s transition towards decarbonisation and increase long-term shareholder value.”

Yasunori Takeuchi, CEO / Representative Director at CAJ said:

The result reflects investors’ concerns and expectations for the decarbonization plan of NSC. A delay in decarbonization is a risk to corporate value. Trust by investors can be obtained through proactive disclosure of information which enables investors to make appropriate decisions. NSC is in the central position of the supply chain in industry and has significant political influence. Investors have high expectations for NSC to take a leading role in the decarbonization of Japan.


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. 

The Australasian Centre for Corporate Responsibility (ACCR) is a not-for-profit,

philanthropically-funded shareholder advocacy and research organisation that engages with listed companies and investors globally, enabling and facilitating active stewardship.

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.