Media release
JFE Holdings Shareholders Welcome Company’s New Climate Commitments
A group of shareholders in JFE Holdings (“JFE”), one of Japan’s leading steelmakers, today welcomed the announcement of enhanced climate commitments by the company following recent engagement on the topic.
JFE today announced in its Notice of the 20th Ordinary General Meeting of Shareholders the following measures designed to enhance the company’s climate governance structure and promote ongoing conversation with shareholders about its decarbonisation plans:
- A commitment to an annual consideration of its emissions reduction target, with a focus on exceeding its current target of 30% reduction by 2030
- An annual conversation with shareholders about the alignment of its technology investment with its target
- A commitment to link executive remuneration with its target in the company’s medium term business plan
The shareholder group, comprising Man Group, Storebrand and the Australasian Centre for Corporate Responsibility (ACCR), has had dialogue with JFE in recent months with a focus on enhancements to climate governance.
Jason Mitchell, Head of Responsible Investment Research at Man Group said: “This outcome demonstrates the strong alignment of company and shareholder interests in respect of JFE’s decarbonisation plans. Remuneration-climate linkage is an increasingly important marker of credibility in company plans, and long term investors can take comfort in JFE’s commitment in this regard. This engagement is testament to the positive outcomes that the collaboration between investors, corporates and civil society can achieve.”
Victoria Lidén, Senior Sustainability Analyst at Storebrand Asset Management, said: “Decarbonisation of the steel industry is a critical global challenge. We are pleased that JFE recognises the need for strong governance structures, and the need for ongoing revision of targets based on technology advancements and investments, to support company decarbonisation. As shareholders, we are looking forward to a continued and constructive engagement with JFE.”
Brynn O’Brien, Executive Director, at ACCR, said: “Constructive investor-company engagement is an extremely promising accelerator of decarbonisation around the world, and we commend JFE for their responsive approach to dialogue that has resulted in an outcome designed to protect long term corporate value. We are looking forward to engaging with JFE and other Japanese companies to promote long term value and achieve planetary climate goals."
For media enquiries:
| ACCR Brynn O’Brien brynn@accr.org.au | Storebrand Sara Skärvad sara.skarvad@storebrand.com |
|---|---|
| Man Group Georgiana Brunner/Danny Read media@man.com |
Background
About Man Group
Man Group is a global, technology-empowered active investment management firm focused on delivering alpha and portfolio solutions for clients. Headquartered in London, we manage $151.4 billion* and operate across multiple offices globally. We invest across a diverse range of strategies and asset classes, with a mix of long only and alternative strategies run on a discretionary and quantitative basis, across liquid and private markets. Our investment teams work within Man Group’s single operating platform, enabling them to invest with a high degree of empowerment while benefiting from the collaboration, strength and resources of the entire firm. Our platform is underpinned by advanced technology, supporting our investment teams at every stage of their process, including alpha generation, portfolio management, trade execution and risk management.
Our clients and the millions of retirees and savers they represent are at the heart of everything we do. We form deep and long-lasting relationships and create tailored solutions to help meet their unique needs. We recognise that responsible investing is intrinsically linked to our fiduciary duty to our clients, and we integrate this approach broadly across the firm.
We are committed to creating a diverse and inclusive workplace where difference is celebrated and everyone has an equal opportunity to thrive, as well as giving back and contributing positively to our communities. For more information about Man Group’s global charitable efforts, and our diversity and inclusion initiatives, please visit: https://www.man.com/corporate-responsibility
Man Group plc is listed on the London Stock Exchange under the ticker EMG.LN and is a constituent of the FTSE 250 Index. Further information can be found at www.man.com
*As at 31 March 2022. All investment management and advisory services are offered through the investment “engines” of Man AHL, Man Numeric, Man GLG, Man Solutions / FRM and Man GPM.
About Storebrand
Storebrand Asset Management is a highly regarded player in the Nordic markets and a pioneer in the field of sustainable investments. Storebrand Asset Management manage over NOK 1 000 bn in both private and public markets and all assets are managed in accordance with a strict and innovative strategy for sustainable investments.
