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AllianzGI announces its intention to vote for two shareholder resolutions at the Chubu Electric Power’s upcoming AGM

23.06.2025 | Allianz Global Investors (AllianzGI), one of the world’s leading active investment managers, has announced today its intention to support two shareholder proposals at Chubu Electric Power’s upcoming Annual General Meeting (AGM) on June 26, 2025. The votes relate to Item 12: “Disclosure of financial risk audit by Audit & Supervisory Committee Assessment” and Item 13 : “Disclosure of the financial impact of failing to meet a 1.5 degree Celsius target under the Paris Agreement”. As is the practice in Japan, the proposals are in the form of a request to amend the Articles of Incorporation of the company.

Chubu Electric Power ranks among Japan’s largest utilities with significant emissions, boasting over 59 GW of domestic thermal capacity through JERA1 and 9.2 GW non-thermal capacity as of March 20242. Its "Zero Emissions Challenge 2050" aims to cut CO2 emissions by 50% by 20303. However, by FY2023, only a 37% reduction was achieved, with little progress since 2020 and even an emissions increase in 2022. Since 2022, climate-related proposals have been repeatedly filed at Chubu’s AGM, receiving support of 19.9% (2022), 19.6% (2023), and 23.3% (2024) . These initiatives have targeted asset resilience, policy disclosure, and director competencies.

The two resolutions AllianzGI is supporting are climate-related, requesting that the board address the financial risks of climate transition by clarifying the scope of the Audit and Supervisory Committee as well as a financial impact assessment of transition risks and physical risks under scenarios including the one where the company is already publicly committed. Given its large thermal portfolio, Chubu is exposed to both physical and transition risks. Indeed, despite an ambitious decarbonisation roadmap and transition target for Chubu, progress has been slow. Detailed, milestone-driven disclosures are crucial to reassure shareholders of Chubu's commitment. These include clear financial disclosures, including material CAPEX planning under various climate scenarios.

Matt-Christensen

Matt Christensen, Global Head of Sustainable and Impact Investing at AllianzGI, commented:
"Our decision to vote for these two proposals reflects the high importance we place around board oversight of climate risk and related financial impacts that are highly material. Strengthening top-down oversight through rigorous evaluation and better transparency by the Audit and Supervisory Committee—ensuring directors’ competence in assessing and supervising climate risks—is essential in an evolving regulatory landscape. Supporting these proposals is therefore consistent with our commitment to effective governance and stewardship. At AllianzGI it is our duty on behalf of our clients to exercise our voting rights thoughtfully. "

Earlier this year, AllianzGI preannounced its votes at Stellantis, Adidas, Meta and Alphabet’s AGMs on various shareholder resolutions regarding remuneration, governance and social issues. The announcements can be viewed in our press centre.

1 In 2019, Chubu transferred its thermal power, including coal assets, to JERA—a joint venture with TEPCO. https://www.chuden.co.jp/english/resource/corporate/ecsr_report_2024_all.pdf
2 https://www.chuden.co.jp/english/resource/corporate/ecsr_report_2024_all.pdf
3 Using FY2013 as a baseline



Contact:

Marion Leblanc-Wohrer
Tel: +33 6 85 15 74 54
Email: marion.leblancwohrer@allianzgi.com 




About Allianz Global Investors

Allianz Global Investors is a leading active asset manager with more than 700 investment professionals in over 20 offices worldwide and managing EUR 561 billion in assets. We believe that with every change comes an opportunity. Our goal is to actively shape the future of investing for all our clients, wherever their location and whatever their objectives. Curious and active in everything we do, we aspire to generate impact beyond alpha, steering our clients’ assets towards the right place at the right time, and building solutions that draw on capabilities across public and private markets. Our focus on protecting and growing our clients’ assets allows us to create trusted partnerships, underpinned by a commitment to sustainability and driving positive change.

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