Nomura ESG Monthly (July 2026)

Research evidence excerpt

Nomura ESG Monthly (July 2026)

Global Markets Research

Nomura ESG Monthly (July 2026) 22 July 2026

EQUITY: JAPAN ESG

Review of voting behavior at 2026 AGMs of major companies Research Analysts

Japan ESG research

Voting behavior at major Japanese companies' 2026 AGMs Kazuya Nakagawa - NSC

We compiled data on voting at 2026 AGMs for the 384 TOPIX 500 companies with March kazuya.nakagawa@nomura.com

+81 3 6703 1184fiscal year-ends (major companies). In 2023–2025, all company proposals at major

companies were approved, but in 2026, an outside director candidate proposed by a Masaki Motomura - NSC

company was rejected. Also, there were proposals with low approval ratings at multiple masaki.motomura@nomura.com

+81 3 6703 1119companies because of concerns about the independence of outside directors and weak

earnings. None of the shareholder proposals at major companies were approved. (Masaki Kengo Tanahashi - NSC

Motomura) kengo.tanahashi@nomura.com

+81 3 6703 1295

Record number of shareholder proposals from institutional investors Sahoko Goshima - NSC

At annual general meetings held in June 2026, shareholder proposals were submitted at sahoko.goshima@nomura.com

105 companies (including four where the proposals were subsequently withdrawn). +81 3 6703 1740

Although this was below the previous year's level, it was still the second-highest number

on record. The number of companies receiving shareholder proposals from institutional

investors reached a record high of 55 (including three where they were withdrawn), up

from 52 a year earlier (including one where the proposal was withdrawn). Meanwhile, the

average (mean) and median approval rates for shareholder proposals were 13.8% and

8.6%, respectively; lower than 15.7% and 10.1% in the previous year and 15.2% and