Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Japan
  4. Japan Exchange
  5. Sumitomo Corporation
  6. News
  7. Summary
    8053   JP3404600003

SUMITOMO CORPORATION

(8053)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Sumitomo : shareholders reject climate change resolution

06/18/2021 | 02:59am EDT

TOKYO, June 18 (Reuters) - Sumitomo Corp shareholders on Friday rejected a proposal requiring the trading house to align its business with global climate change targets in a victory for the board over activist investors seeking more action on environmental issues.

The proposal, the second climate resolution to be brought before shareholders of a major Japanese company, was supported by shareholders, including Legal & General Asset Management.

"Resolution No. 5 was rejected," a Sumitomo spokesperson told Reuters by email, referring to the proposal's number in the order of business at the meeting. A breakdown of voting was not immediately available. Sumitomo's board in May had recommended voting against the proposal.

Activist investors are increasingly turning their attention to Japanese companies, using resolutions that have been employed in Europe and the United States to push companies and banks away from investing in, or financing, fossil fuels like coal, which still has strong support in Japan.

The proposal was "essential for investors to correctly assess the transition risk and ambition level of the company, when it comes to addressing climate change," Eric Christian Pedersen, head of responsible investments at Danish fund manager Nordea Asset Management, told Reuters by email.

The 2015 Paris Agreement requires countries to curb emissions enough to keep temperature rises to within 1.5-2 degrees Celsius of pre-industrial levels to avert the worst effects of climate change.

Sumitomo is involved in two controversial coal power projects in Southeast Asia, the Van Phong 1 station in Vietnam and the Matarbari plant in Bangladesh, countries that have fast growing energy needs. Sumitomo recently announced it would aim for carbon neutrality by 2050.

"While we acknowledge the company's net zero commitment for 2050 and recent policy updates, we do not believe these are sufficiently aligned to limit global warming to 1.5C," Sachi Suzuki, senior engager at EOS at Federated Hermes, told Reuters by email.

This is "particularly because its policy for coal power generation allows various exceptions and would not affect the plants already under construction," Suzuki said. EOS at Federated Hermes has $1.5 trillion in assets under advice.

A similar proposal was put before shareholders of Mizuho Financial Group last year and defeated by a margin of around 65%-35%, the bank said at the time.

(Reporting by Aaron Sheldrick Editing by Gerry Doyle and Mark Potter)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MIZUHO FINANCIAL GROUP, INC. -0.41% 1571 End-of-day quote.20.15%
SUMITOMO CORPORATION 0.47% 1494 End-of-day quote.9.41%
All news about SUMITOMO CORPORATION
10:04aSUMITOMO CORPORATION : - Nurturing the Next Generation Leaders Connecting Japan ..
AQ
07/28NURTURING THE NEXT GENERATION LEADER : the TOMODACHI Sumitomo Corporation Schola..
PU
07/13SUMITOMO CHEMICAL : Brazil soy farmers get cash for rendering 'environmental ser..
RE
07/07SUMITOMO : Commencing hydrogen demonstration experiment using megawatt-class wat..
PU
06/29REFILE-MUFG board beats back climate resolution as activists falter in Japan
RE
06/24ZERO Co., Ltd. agreed to acquire remaining 75% stake in Zero Scm Logistics Co..
CI
06/23U.S. tire industry harmed by Korea, Taiwan, Thailand tire imports -trade pane..
RE
06/23U.S. ITC says industry 'materially injured' by Korea, Taiwan, Thailand tire i..
RE
06/22UTSUNOMIYA STATION EAST EXIT DISTRIC : Community planning partnership agreement ..
PU
06/21Declaration of Voting Results by Sumitomo Corp.
CI
More news
Financials
Sales 2022 5 388 B 49 207 M 49 207 M
Net income 2022 255 B 2 326 M 2 326 M
Net Debt 2022 2 334 B 21 318 M 21 318 M
P/E ratio 2022 7,23x
Yield 2022 4,69%
Capitalization 1 867 B 17 048 M 17 052 M
EV / Sales 2022 0,78x
EV / Sales 2023 0,74x
Nbr of Employees 74 920
Free-Float 95,1%
Chart SUMITOMO CORPORATION
Duration : Period :
Sumitomo Corporation Technical Analysis Chart | 8053 | JP3404600003 | MarketScreener
Technical analysis trends SUMITOMO CORPORATION
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 12
Last Close Price 1 494,00 JPY
Average target price 1 580,83 JPY
Spread / Average Target 5,81%
EPS Revisions
Managers and Directors
Masayuki Hyodo Executive President, CEO & Representative Director
Kuniharu Nakamura Chairman
Hideki Yamano Representative Director & Chief Strategy Officer
Takayuki Seishima Representative Director & Chief Compliance Officer
Nobuyoshi Ehara Independent Outside Director
Sector and Competitors
1st jan.Capi. (M$)
SUMITOMO CORPORATION9.41%16 880
ITOCHU CORPORATION10.66%44 184
MITSUBISHI CORPORATION21.09%41 687
MITSUI & CO., LTD.34.06%37 886
ADANI ENTERPRISES LIMITED192.57%20 661
SAMSUNG C&T CORPORATION4.35%20 319