This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. Mizuho Financial Group, Inc. assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.
May 15, 2023
Company: Mizuho Financial Group, Inc.
Representative: Masahiro Kihara, President & Group CEO
Head Office: 1-5-5 Otemachi, Chiyoda-ku, Tokyo
Stock code: 8411 (Tokyo Stock Exchange Prime Market)
Opinion of Mizuho’s Board of Directors on Shareholder Proposal
Regarding the agenda of the 21st Ordinary General Meeting of Shareholders scheduled to be held on June 23, 2023, Mizuho Financial Group, Inc. (President & CEO: Masahiro Kihara) has received a document stating shareholders’ intentions to exercise their proposal rights. Mizuho hereby announces that at its Board of Directors meeting held today, it has resolved to oppose the shareholder proposal.
1. Proposing Shareholders
Joint proposal by three shareholders
＊As some of the proposing shareholders are individuals, the names are withheld.
2. The Shareholder Proposal
Please refer to the Appendix 1.
3. Opinion of the Board of Directors on the Shareholder Proposals and the Reasons therefor
(1) Opinion of the Board of Directors
The Board of Directors opposes this proposal.
(2) Reasons for the Opposition
We established a transition plan that aims at achieving net-zero GHG＊ emissions in our financing and investment portfolio (Scope 3) by 2050 and are promoting an integrated approach (the transition plan includes mid-term targets for Scope 3 reduction in the electric power, oil & gas and thermal coal mining sectors, supporting client transition through engagement, implementation and review of financing and investment policies for sectors recognized as facing transition risk at particularly high levels, and risk controls in carbon-related sectors. Reduction targets were set by using scenarios aligned with net-zero by 2050). The progress status of the transition plan and the targets are disclosed in our integrated report and other materials. We will continue to actively promote our initiatives and disclosures.
In addition, in respect of the Articles of Incorporation, which should contain stipulations on corporate organization and other basic items, it would be inappropriate to insert stipulations pertaining to individual business execution therein and doing so may hinder our ability to respond flexibly and promptly.
Accordingly, the Board of Directors is of the opinion that it is unnecessary to add what this proposal requires to the Articles of Incorporation.
Please see the Appendix 2 for details of our group’s initiatives and opposition regarding the shareholder proposal
（Appendix 1）The Shareholder Proposal (PDF/60KB)
（Appendix 2）Our Group's Initiatives (PDF/382KB)