TOKYO, May 9 - Two major European asset managers have jointly filed a shareholder resolution at Japanese electricity generator Electric Power Development Co LtdThe asset managers are calling on J-Power, Japan's largest operator of coal-fired power stations, to set and disclose credible short and medium-term emissions reduction targets, aligned with the goals of the Paris Agreement.
Shareholder activism on climate change has been gaining momentum in Japan over the past couple of years and pressure from such proposals has prompted some policy changes at the targeted companies.and HSBC Asset Management filed the resolution with the Australasian Centre for Corporate Responsibility , the non-profit climate group said in a statement on Tuesday.
They also intend to vote against representative director and executive vice president Hitoshi Kanno in charge of J-Power's decarbonisation plan, the statement added., the world's largest publicly traded hedge fund, ACCR said. Amundi, Man Group, and HSBC Asset Management have nearly $3 trillion in assets combined under management.
J-Power "has presented no indicative schedule for retirement of its coal-fired power assets - instead presenting a plan that involves capital expenditure into speculative technology such as ammonia co-firing prolonging the life of these assets," the statement said.