# gx.finance — Japan Climate Shareholder Proposal Tracker

> Evidence-first database of climate-related shareholder proposals at Japan's largest listed companies. Every vote result is sourced directly from the issuer's official EDINET filing (臨時報告書 / 議決権行使結果) and reproduced digit-for-digit. No composite scores. No rankings. No causal claims.

Last updated: 2026-07-25. Coverage: 2024–2025 AGM seasons. 54 proposals across 9 companies (three megabanks, three sogo-shosha trading houses, and three electric-power utilities).

gx.finance does **not** issue ESG ratings, composite activism scores, investment advice, or causal attributions (e.g. "NZBA exit caused support to fall"). It is not a proxy-advisory service and is not a substitute for the primary EDINET filing.

## What it does

- Publishes climate- and energy-related shareholder proposals (株主提案) and company-disclosed AGM vote results for nine Japanese listed issuers (2024–2025).
- Links every support rate to its primary EDINET extraordinary report (臨時報告書 / 議決権行使結果) and quality flags (`value_status`, `support_rate_basis`).
- Provides a machine-readable JSON dump at `/dataset.json` and bilingual (EN/JA) UI pages for exploration.
- Cross-links company pages to related evidence sites (gxceed.com, snecompass.com) as external references only — no figures are imported either way.

## What it is not

- Not an ESG rating agency, scorecard, or ranking board.
- Not investment advice, solicitation, or a proxy-advisory product.
- Not a complete universe of all Japanese shareholder proposals (Phase 1: nine issuers, climate/energy/nuclear-policy scope only).
- Not a substitute for reading the cited EDINET filing or convocation notice.

## About

gx.finance tracks climate-related shareholder proposals (株主提案) filed at major Japanese listed companies and their disclosed voting results. The dataset is built around provenance: each support rate is the figure the company itself disclosed in its EDINET extraordinary report (臨時報告書), with the underlying 賛成/反対/棄権 (for/against/abstain) vote counts retrieved from the same primary filing.

**Design constraints (do not infer beyond these):**
- Support rates are always shown with their basis (`support_rate_basis`, e.g. company_disclosed) and quality status (`value_status`: confirmed / estimated / unknown / not_applicable). Do not compare a rate without its basis.
- All 54 vote results are `confirmed` and sourced from EDINET primary filings (extraction_method = api). There are currently no estimated or unknown rates. For the utility proposals (Chubu, TEPCO, Kansai), the vote counts and approval % come from the EDINET 臨時報告書, while the original proposal title comes from the company's convocation notice (招集通知) — an explicit source-role split recorded in the evidence.
- The formal legal proposers under the Companies Act are individual shareholders (held as `joint_proposer_count`, sourced from the convocation notice). The civil-society organizations listed for a proposal (Market Forces, Kiko Network, Rainforest Action Network, FoE Japan) are coalition participants confirmed from NGO press (secondary); they are not themselves the legal proposers, and no single one is designated a lead or coordinator by the sources.
- No composite scores, no ESG ratings, no rankings, no evaluative language.
- Year-over-year changes are descriptive deltas only (e.g. "−12 points"), never a score, and only computed within the same proposal theme. Declines are not attributed to any single cause.
- A build-time gate blocks any value sourced only from an unverified LLM extraction.

## Data sources

- **Primary (authoritative):** EDINET 臨時報告書 (議決権行使結果, docTypeCode 180) — the statutory extraordinary report each issuer files with Japan's Financial Services Agency within days of its AGM, disclosing the vote tally and approval ratio for every agenda item. Each record cites its EDINET document ID.
- **Secondary (independent corroboration):** Kiko Network (気候ネットワーク), Asia Shareholder Action.

## Companies and proposals covered (Phase 1)

| Company | 2024 | 2025 |
|---|---|---|
| MUFG (三菱UFJフィナンシャル・グループ, 8306) | 2 proposals | 2 proposals |
| SMFG (三井住友フィナンシャルグループ, 8316) | 2 proposals | 2 proposals |
| Mizuho Financial Group (みずほフィナンシャルグループ, 8411) | 2 proposals | 2 proposals |
| Mitsubishi Corporation (三菱商事, 8058) | — (no climate shareholder proposal) | 2 proposals |
| Mitsui & Co. (三井物産, 8031) | — | 2 proposals |
| Sumitomo Corporation (住友商事, 8053) | — | 2 proposals |
| Chubu Electric Power (中部電力, 9502) | 4 proposals | 5 proposals |
| Tokyo Electric Power / TEPCO (東京電力ホールディングス, 9501) | 5 proposals | 4 proposals |
| Kansai Electric Power (関西電力, 9503) | 9 proposals | 9 proposals |

Notes: Mitsubishi Corporation faced climate shareholder proposals in 2023 and 2025, but not in 2024. Mitsui & Co. and Sumitomo Corporation each received their first proposals of this kind in 2025. The three utilities (Chubu, TEPCO, Kansai) received large slates of shareholder proposals; only the climate-, energy-mix-, and nuclear-policy-related items are tracked here. Pure-governance items (director dismissal/election, remuneration, minutes/compliance), social/DEI items, donations, and one-off disaster-relief/evacuation items are out of scope and are recorded in an explicit exclusion register (with the primary-source title and reason), not silently dropped. A handful of utility proposals whose scope could not be decided from the primary sources are held in review and are not published until further primary evidence resolves them. J-POWER (電源開発, 9513) was previously listed but had no shareholder proposal in the 2024–2025 window (verified against its EDINET filings; its ACCR proposals were voted in 2023 and withdrawn in 2026, both outside scope) and has been removed.

## Proposal themes (used for like-for-like year-over-year comparison)

- `client_transition_plan` — assessment/disclosure of clients' climate transition plans (recurring 2024 & 2025; directly comparable across years)
- `director_competency` — disclosure of directors' competency to manage climate risks (2024 megabank form)
- `audit_committee_risk` — audit (or audit & supervisory) committee financial-risk-audit disclosure (2025 escalation)
- `paris_1_5c_financial_impact` — disclosure of financial impact of failing to meet the Paris 1.5°C target
- `emissions_target` — formulate/disclose an effective plan to advance emissions reduction (Chubu 2025 local-coalition proposal)
- `nuclear_policy` — nuclear phase-out, reactor-operation restrictions, spent-fuel/reprocessing/plutonium, and plant-decommissioning proposals filed largely by local climate-energy citizens' coalitions at the utilities (Chubu, TEPCO, Kansai; energy-transition adjacent, not the Market Forces family)

## Key facts (company-disclosed approval %, from EDINET 臨時報告書)

Client-transition-plan proposals (the theme present in both years) declined at all three megabanks from 2024 to 2025:
- Mizuho: 22% (2024) → 10% (2025)
- MUFG: 18.38% (2024) → 8.94% (2025)
- SMFG: 24.21% (2024) → 14.79% (2025)

Director-competency proposals in 2024: Mizuho 25%, MUFG 25.79%, SMFG 26.34%. In 2025 these escalated to binding audit-committee disclosure proposals (Mizuho 11%, MUFG 6.80%, SMFG 15.22%).

Mitsubishi Corporation 2025: audit-committee financial-risk disclosure 3.54%; Paris 1.5°C financial-impact disclosure 8.24%.

Sogo-shosha 2025 (first year for these two): Mitsui & Co. — audit & supervisory board financial-risk audit 4.22%, Paris 1.5°C financial impact 5.01%. Sumitomo Corporation — 7.16% and 8.52% for the same two proposals.

Chubu Electric Power (utility) — Market Forces coalition: director competency 23.3% (2024); audit-committee risk 10.0% and Paris 1.5°C 9.3% (2025). Separate local-coalition climate/energy proposals ran lower: global-warming plan 2.6% (2025), nuclear phase-out / spent-fuel proposals 2.3–3.3% (2024 & 2025).

TEPCO (東京電力ホールディングス, utility) — proposals came in distinct proposer blocks: an anti-nuclear shareholder coalition of 191 (2024) / 196 (2025) individuals filed the Kashiwazaki-Kariwa plant abolition and related nuclear / renewable-energy items (~1.3–2.0%), while a separate single shareholder filed the two 2024 electricity-supply/renewable-promotion items tracked here (2.97% and 3.25%). The original proposal titles come from TEPCO's convocation notice (the extraordinary report restates only the amendment motions); several supply/pricing items remain in review.

Kansai Electric Power (関西電力, utility) — coalitions of ~20–92 individuals: withdrawal from the nuclear business, no-reprocessing, and reactor-operation-restriction proposals ran ~1.7–3.3%; broader decarbonization / zero-carbon items ran higher, ~14–21%. Director-dismissal, remuneration, and social items filed in the same slate are out of scope (excluded), and a few disclosure/operations items remain in review.

All proposals were rejected (否決); management recommended against each. Support fell across megabanks from 2024 to 2025; contextual factors (e.g. shifts in institutional investors' voting policies) may apply but are not asserted as causal.

## Pages

- [Home](https://gx.finance/): overview and per-company coverage
- [Proposal Explorer](https://gx.finance/proposals/): all proposals with support rates and data-quality badges; `?theme=<key>` opens the list filtered to one theme
- [Proposals by theme](https://gx.finance/themes/): the same records grouped by proposal theme, showing which companies received a comparable proposal in which year. This is an index, not a ranking or a comparison between companies: the denominator behind a disclosed support rate differs by issuer (e.g. MUFG discloses 賛成/出席議決権数, Mizuho discloses a whole-number percentage), rates are recorded exactly as disclosed and never recalculated, and no cross-company delta, average, or ordering by rate is computed
- [Proposal Detail](https://gx.finance/proposals/detail/): per-proposal evidence, EDINET-sourced vote counts, basis notes
- [Company Detail](https://gx.finance/companies/detail/): per-company coverage and year-over-year support trend
- [Machine-readable dataset](https://gx.finance/dataset.json): full JSON

## Data quality notation

| value_status | Meaning |
|---|---|
| confirmed | Verified against the EDINET primary filing (all current rows) |
| estimated | Approximate figure from a secondary source (none currently) |
| unknown | Rate not retrieved (none currently) |
| not_applicable | No vote held (e.g. proposal withdrawn) |

## Cross-references

Companies tracked here that are also covered by SNE Compass (snecompass.com — structural analysis of board governance and climate disclosure by the same author, separate methodology) carry a `snecompass_url` field in `dataset.json` and an "External references" link on their company page. The cross-reference is a link only: no figures from that dataset are imported into gx.finance, and its structural scores are not comparable to the disclosed vote data here.

- MUFG (8306) ↔ https://snecompass.com/esg/8306/
- SMFG (8316) ↔ https://snecompass.com/esg/8316/
- Mizuho Financial Group (8411) ↔ https://snecompass.com/esg/8411/
- Mitsubishi Corporation (8058) ↔ https://snecompass.com/esg/8058/
- Mitsui & Co. (8031) ↔ https://snecompass.com/esg/8031/
- Sumitomo Corporation (8053) ↔ https://snecompass.com/esg/8053/
- Chubu Electric Power (9502) ↔ https://snecompass.com/esg/9502/
- Tokyo Electric Power / TEPCO (9501) ↔ https://snecompass.com/esg/9501/

Eight of the nine tracked companies also carry a `gxceed_url` field in `dataset.json` — a company evidence cross-reference to GXceed (gxceed.com — machine-extracted decarbonization disclosure evidence and a GX research paper corpus by the same author). (Kansai Electric Power's cross-references are pending its inclusion in those datasets.) This too is a link only: GXceed's disclosure-evidence data, confidence indicators, and scores are never imported into this dataset, and nothing here feeds back into GXceed's figures. Company pages additionally link each proposal theme to the matching GXceed research topic page (e.g. client_transition_plan → gxceed.com/papers/topics/transition_finance) as a reading path, not an evaluation.

- MUFG (8306) ↔ https://gxceed.com/data/companies/8306
- SMFG (8316) ↔ https://gxceed.com/data/companies/8316
- Mizuho Financial Group (8411) ↔ https://gxceed.com/data/companies/8411
- Mitsubishi Corporation (8058) ↔ https://gxceed.com/data/companies/8058
- Mitsui & Co. (8031) ↔ https://gxceed.com/data/companies/8031
- Sumitomo Corporation (8053) ↔ https://gxceed.com/data/companies/8053
- Chubu Electric Power (9502) ↔ https://gxceed.com/data/companies/9502
- Tokyo Electric Power / TEPCO (9501) ↔ https://gxceed.com/data/companies/9501

Roles in this ecosystem: gxceed.com = research evidence / paper corpus; gx.finance = shareholder-proposal and voting evidence; postdoc.jp = research-talent market analytics. The hub overview lives at https://gxceed.com/about/research-orchestration.

## License and attribution

Compiled from public disclosure documents (primarily EDINET). Figures should be verified against the cited primary source before use in research or reporting. Cite as: gx.finance, Japan Climate Shareholder Proposal Tracker (https://gx.finance).

## Contact / operator

- Site: https://gx.finance
- Related platforms (link-only cross-refs): https://gxceed.com · https://snecompass.com · https://postdoc.jp
- AI summary (this file): https://gx.finance/llms.txt
- Full AI brief: https://gx.finance/llms-full.txt
- Machine-readable data: https://gx.finance/dataset.json