FinanceMap scores this financial institution in the following areas. Please navigate to the relevant tab for in-depth analysis
FinanceMap assesses these portfolios for this financial institution. Please navigate to the relevant tab for in-depth analysis.
Fossil fuel companies are those whose primary sector falls within coal mining and services, or up-, mid-, and downstream oil and gas sectors. Green companies are defined as companies having over 75% revenue deriving from Substantial Contribution to Mitigation activities under the EU Taxonomy.
Portion of AUM Assessed: $302B
| Holding Name | Contribution to Sector Production |
|---|---|
| Kansai Electric Power Co Inc | 24.2% |
| Electric Power Development Co Ltd | 16.2% |
| Kyushu Electric Power Co Inc | 15.8% |
| Tokyo Electric Power Company Holdings Inc | 10.2% |
| Tohoku Electric Power Co Inc | 9.7% |
| Chubu Electric Power Co Inc | 7.0% |
| Shikoku Electric Power Co Inc | 5.6% |
| Hokkaido Electric Power Co Inc | 5.1% |
| Nextera Energy Inc | 0.7% |
| Iberdrola SA | 0.4% |
| Holding Name | Contribution to Sector Production |
|---|---|
| Toyota Motor Corp | 34.2% |
| Honda Motor Co Ltd | 21.4% |
| Suzuki Motor Corp | 18.2% |
| Nissan Motor Co Ltd | 11.7% |
| Mazda Motor Corp | 6.9% |
| Subaru Corp | 4.4% |
| Mitsubishi Motors Corp | 1.9% |
| Maruti Suzuki India Ltd | 0.5% |
| General Motors Co | 0.2% |
| Mercedes-Benz Group AG | 0.1% |
| Holding Name | Contribution to Sector Production |
|---|---|
| Glencore PLC | 39.6% |
| Coal India Ltd | 27.5% |
| Yankuang Energy Group Co Ltd | 9.7% |
| China Coal Energy Co Ltd | 9.6% |
| Exxaro Resources Ltd | 5.0% |
| Alamtri Resources Indonesia Tbk PT | 2.7% |
| United Tractors Tbk PT | 2.2% |
| China Shenhua Energy Co Ltd | 2.2% |
| Inner Mongolia Yitai Coal Co Ltd | 1.0% |
| Adani Enterprises Ltd | 0.4% |
| Holding Name | Contribution to Sector Production |
|---|---|
| Inpex Corp | 31.9% |
| Japan Petroleum Exploration Co Ltd | 14.4% |
| Mitsui & Co Ltd | 12.2% |
| ENEOS Holdings Inc | 8.6% |
| Tokyo Gas Co Ltd | 5.9% |
| Osaka Gas Co Ltd | 4.3% |
| Idemitsu Kosan Co Ltd | 4.0% |
| Chevron Corp | 2.2% |
| Cosmo Energy Holdings Co Ltd | 2.1% |
| Exxon Mobil Corp | 2.1% |
Nomura Holdings is a financial group company with a primary asset management subsidiary, Nomura Asset Management group (NAM), which is assessed below. NAM includes NAM Tokyo, NAM Malaysia, NAM UK, NAM US, NAM Europe KVG mbH and all other regional Nomura asset managers.
NAM has listed climate change as a priority engagement topic, however it is unclear if it is making efforts in line with limiting warming to 1.5°C. NAM has defined its climate engagement priorities and appears to use clear milestones to track progress on its engagements. However, the asset manager does not appear to have a defined escalation response.
NAM appears to be actively engaging companies around climate, in particular on themes around reaching net-zero and emissions reduction plans. For example, its engagements with an unnamed Australian materials company resulted in the company formulating a climate transition plan. Additionally, the asset manager is a member of several climate-related investor initiatives although it has not provided examples of how it is participating in these initiatives. It is unclear if NAM has any expectations set or has taken any action around climate lobbying.
NAM has described its stewardship governance and has recently created an engagement department for managing engagements. It is somewhat transparent about its engagements, providing some examples in its reporting as well as in depth examples on its website. The asset manager describes its voting policy and discloses its proxy voting record, although it does not provide rationale for all voting decisions.
It is unclear whether NAM is willing to use shareholder authority to file or co-file climate resolutions.
Insightia data indicates that NAM did not meet the minimum threshold to assess support of AGM resolutions InfluenceMap categorizes as in line with the Paris Agreement. Therefore, the asset manager has not been scored on InfluenceMap's climate-relevant voting query.
FinanceMap's methodology to measure the engagement process on climate was developed in consultation with several of the world's leading asset managers and uses key aspects of the UK Financial Reporting Council's 2020 Stewardship Code . The Stewardship Code was chosen to benchmark engagement quality as it provides an ambitious framework and detailed definitions of what constitutes effective engagement. FinanceMap defines the term ‘engagement’ as referring to all investor actions undertaken to influence the management strategy of the companies they own including private communications with corporate management and appointed advisors; questions at AGMs/other company meetings; comments on the company in the media; escalation and the shareholder resolution process (filing, voting behavior). FinanceMap’s methodology breaks the engagement process down into a set of sub-activities and looks for evidence associated with these across publicly available data sources.
Climate-relevance categorization of shareholder resolutions is based on the IPCC’s Special Report on 1.5°C and its concluded need for “rapid and far-reaching transitions in land, energy, industry, buildings, transport, and cities.” FinanceMap scored voting on any resolution where the intent and likely outcome is consistent with this IPCC stated need. The voting data is drawn from asset managers' disclosures to the US Security Exchange Commission (SEC), asset manager websites (including third-party websites they link to), directly from the asset managers, and through specialist voting data provider Insightia. The full list of resolutions assessed is available here.
The following table outlines the key queries and data sources, which FinanceMap uses to assess asset managers' corporate engagement programs. Every evidence piece is assessed on a five-point scale of -2,-1,0,1,2 or NA (not applicable)/NS (not scored). All queries, data sources, and evidence pieces are weighted against one another in a matrix system to arrive at a final top-level score. Clicking on specific cells will load the underlying evidence and information on how it has been assessed.
