Nippon Steel Corporation (NSC) held the 100^th General Meeting of Shareholders on 21 June 2024. The results of the exercise of voting rights on our joint shareholder proposals are here:

Matters to be voted upon	For	Against	Abstention	Approval Ratio	Results
Item 6	1,360,462	5,114,790	2,766	21.0%	Rejected
Item 7	1,460,292	5,016,515	1,291	22.5%	Rejected
Item 8	1,784,339	4,692,990	2,617	27.5%	Rejected

[N.B.] The number of voting rights concerning the indication of “for”, “against” or “abstain” is made reference to the Extraordinary Report (Rinji Houkokusho) published on 21 June 2024 by NSC. The approval ratio is calculated using the total number of voting rights as the denominator.

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Contents of matters voted upon;

Item 6: Partial Amendment to the Articles of Incorporation Item – The proposal 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 decarbonization investments (proposed shareholders: Corporate Action Japan (CAJ) and the Australasian Centre for Corporate Responsibility (ACCR).

Item 7: Partial Amendment to the Articles of Incorporation Item – The proposal for remuneration linked to GHG emission reduction targets (proposed shareholders: CAJ, ACCR)

Item 8: Partial Amendment to the Articles of Incorporation Item – The proposal calling for improved disclosure of lobbying activities related to climate change (proposed shareholders: LGIM, ACCR)

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The three proposals were submitted by a group of institutional investors collectively representing USD 4.988 trillion of assets under management following a series of engagements with NSC.  We would like to thank all shareholders who voted in favour of our proposals.  

Corporate Action Japan remains committed to creating a sustainable society while ensuring to enhance the medium- and long-term corporate value through engagement.

We avail ourselves of this opportunity to ask for continued cooperation and partnerships with domestic and overseas institutional investors.