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See below for English summary.
近年、企業の株主総会にてESG（環境・社会・ガバナンス）に関連する株主提案が増えている。日本でも、2020年6月25日のみずほフィナンシャルグループの総会で、パリ協定の目標に沿った経営戦略を定款に含めることを求める株主提案が環境NGOの気候ネットワークから提起され、気候変動に関する日本初の株主提案であるとして大きな注目を集めた。
本調査では、2019年～2020年における国内外のESG関連の株主提案43件を選定し、日本の主な金融機関（18運用機関）による議決権行使結果を明らかにすることを目的として実施した。43件中、28件は気候変動関連であり、残りの15件は人権、社会、ガバナンス等の課題に関する議案である。選定した43件のESG関連議案のうち、可決されたのはわずか3件であり、そのすべてが気候変動関連だった。
本調査では、各運用機関がウェブサイト上で発表している議決権行使結果や議決権行使結果のデータベースであるProxy Insight Online等を活用して、机上調査を行った後、各運用機関に対して上記机上調査に基づいて質問書を送付した。結果、11運用機関から回答を得ることができた。うち7運用機関からは外国の保有株式に関する議決権行使結果は開示できないとの回答を得た。2運用機関からは外国株式を直接的に保有していないとの回答を得た。議決権行使結果をすべて回答した先進的な運用機関は、りそなアセットマネジメント1社のみだった。
海外の先進的事例を見てみると、多くの運用機関は、国内外の議決権行使結果をオンラインで公開している。またストアブランドやBNPパリバなどは、ESG課題や開示に関する株主議案への議決権行使について具体的なガイドラインを定めている。日本の運用機関も、外国株を含めてすべての投資先企業の議決権行使結果を公開するべきである。
Fair Finance Guide Japan Case Study Report
Japanese Investors Mostly Don't Disclose Voting Results for Foreign Shares
In recent years, environmental, social and governance (ESG) related shareholder resolutions are increasing at the Annual General Meetings (AGM) of companies. At the AGMs of companies, shareholders have the opportunity to raise questions and use their voting rights. Responsible investors can use their voting rights when they hold equity and engage with companies in their portfolio to foster the adoption of sustainable practices and strategy.
In Japan, at the AGM of Mizuho Financial Group on June 25, 2020, a shareholder resolution requiring the financial institution to include a business strategy aligned with the goals of the Paris Agreement in its articles of association was filed by the environmental NGO Kiko Network. This drew a great deal of attention as Japan’s first-ever shareholder resolution on climate change.
This study was conducted with the aim of selecting 43 ESG related shareholder resolutions between 2019 and 2020, and revealing the voting results of major Japanese financial institutions (18 asset managers and owners). Of the 43 resolutions, 28 are related to climate change, while the remaining 15 are related to other human rights, social and governance topics. Only 3 of the 43 selected ESG resolutions were carried, which were all related to climate change.
A desk review was conducted through voting results reported on the websites of each institutional investor and through Proxy Insight Online, a database of voting results. Then, a questionnaire based on the aforementioned desk review was sent to each investor. As a result, we were able to receive responses from 11 investors, of which 7 reported that they did not disclose their voting results for foreign shares held. We also received responses from 2 investors that they do not hold foreign shares directly. Resona Asset Management was the only leading investor that responded with a record of their voting results. The questionnaire results are as follows.
Looking at leading examples overseas, many institutional investors publish their both domestic and foreign voting results online. Storebrand and BNP Paribas and many other investors have established specific guidelines for voting on shareholder resolutions regarding ESG topics and disclosures. In Germany, legislation has been put in place to disclose engagement policies and voting behaviors.
Japanese investors only disclose their voting results for domestic shares. This result shows a lack of transparency on the voting results for overseas companies, and it is inconsistent with the United Nations Principles for Responsible Investment (UNPRI). Therefore, Japanese investors should disclose the voting results for all investee companies.
