Some Sumitomo shareholders back resolution on climate change

Logos of Sumitomo Corp are seen after the company's initiation ceremony at its headquarters in Tokyo, Japan April 2, 2018. REUTERS/Toru Hanaishareholders, including Nordea Asset Management and Legal & General Investment Management, say they will back a resolution calling on the Japanese trading house to align its business with international targets on climate change.

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.

Sumitomo did not immediately respond to a request for comment. The company's board said in May it would oppose the shareholder resolution. "We support the shareholder proposal," Sachi Suzuki, senior engager at EOS at Federated Hermes, told Reuters by email. EOS at Federated Hermes has $1.5 trillion in assets under advice.

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