Shareholder resolutions about climate change are a new development from the anti-nuclear proposals that have been common for years.

May 25, 2022

Season Snapshots: Japan TOPIX 500

Below is an excerpt from ISS Corporate Solution’s recently released paper “Season Snapshots: Japan TOPIX 500”. The full paper is available for download from the ISS Corporate Solutions (ICS) online library.

With the 2022 proxy season under way, ISS Corporate Solutions (ICS) has examined a number of key governance factors for selected regional indices to review what happened in the 2021 proxy season. The fifth in the series covers the Japanese index the TOPIX 500, and looks at shareholder proposals and director elections, as well as sustainability and governance changes happening in the Japanese markets. This follows earlier reports covering the Korean KOSPI index, the S&P 500, Canada’s S&P/TSX Composite Index and the UK FTSE 100 Index.


  • The utilities sector was the most targeted by shareholder resolutions, receiving 86% of the total, with the main focus on nuclear power
  • Out of 4,590 director elections, only two directors failed to be elected
  • Newly-established Sustainability Standards Board of Japan will contribute to domestic and international sustainability disclosure standards
  • In January, the Tokyo Stock Exchange was restructured into the Prime Market, the Standard Market, and the Growth Market. Prime Market companies are held to higher governance and disclosure standards

By: Paul Hodgson, Senior Editor, ISS Corporate Solutions. Jun Frank, Managing Director, Advisory, ISS Corporate Solutions.

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