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インタビュー:議決権行使の結果、新年度から個別開示へ=清水日生社長

[東京 22日 ロイター] – 日本生命保険の清水博社長は、ロイターとのインタビューで、新年度から投資先企業に対する議決権行使の結果を個別議案ごとに開示する方針を明らかにした。日生は、これまで株価や企業との対話活動への悪影響が懸念されるとし、開示を見送ってきた。清水社長は「議決権結果を個別開示しても契約者の不利益にならないと判断し、来年度から踏み切る」と語った

一方で「スチュワードシップ(SS)活動(対話・議決権行使)報告の中で、議決権行使の結果開示だけしても、はっきり言って意味がない。そこに至る企業との対話の考え方を詳しく、分かりやすく、理解してもらう形で報告することに価値がある」と述べ、日生として投資先企業に求める考え方を積極的に伝えていくことが重要との考えを示した

インタビューの主なやり取りは、以下の通り

――議決権行使結果の個別開示についての考えは

「SS活動については、日本版スチュワードシップ・コードができる以前から、対話(エンゲージメント)を重視してきた。議決権行使はSS活動の1つの要素であり、重要なのは議決権行使にいたる対話をどれだけ重ね、深く行うかだ。対話を通じてわれわれの課題認識を企業に理解してもらい、対話の中で解決してもらうことに力を入れてきた。われわれの調査では、企業に伝えた課題の4分の1が対話の中で解消されている。対話の重要性を示すものだ」

「その延長線上に議決権行使があり、透明性やガバナンスのレベルを高めることは承知している。しかし、結果開示が対話に及ぼす影響や、反対を投じた先の企業の株価に対する影響など、契約者利益に必ずしもプラスにならないかもしれないので慎重だった。ただ、数年間の実証で、開示しても対話や株価への影響など特段の契約者の不利益にならないと判断し、来年度から開示に踏み切ろうと考えている」

――反対した場合の理由も開示するのか

「開示する方向で議論している。しかし、重要なのはSS活動やエンゲージメントに対して、日生がどのような考え方で臨んでいるのかを明確に開示することだ。これまでは代表的なケースをいくつも取り上げて、個別名が分からなくても日本生命の臨み方を理解してもらえるように開示してきた。個別開示するにしても、代表例を開示することはやっていきたい」

――SS活動は、どのようにあるべきと考えるか

「SS活動報告で、議決権行使の結果だけを開示して終わりというのは、違うと思う。議決権行使に至る長い期間と量の対話があってこそのSS活動であり、議決権行使だ。その説明をしない限りにおていは、十分なSS活動報告にならないだろう。そこを理解してもらえないと、企業もどのような対応をしなければならないのか分からず困る。企業と将来にわたって対話をしていく上で、結果開示だけでははっきり言って意味がない。対話の考え方を詳しく、分かりやすく、理解してもらう形で報告することに価値がある」

――生保の議決権行使基準が、緩いのではないか

「何をもって緩いということなのか。われわれは長期の機関投資家なので、何年かにわたって積み上げて最終判断する。1年ごとの結果で判断する投資家ではない。そうした投資家の基準よりも、少し余地を持って議決権行使基準を決めている。長期投資家であることが、行使基準の作り方に反映している。一方で、ROE基準などさまざまな視点が注目される中で、新しい基準も入れてきた。時代の変遷や注目されるテーマには柔軟に取り組んでいく」

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