By Rachel Fixsen2021-05-10T15:57:00+01:00
Norway’s sovereign wealth fund, which invests around 8% of its equities allocation in Japan, has used an exercise by the Asian country to revise its corporate governance code to push for even more independence on Japanese company boards.
Responding to consultations on revisions to the Japanese Corporate Governance Code as well as guidelines for investor and company engagement – which apply to listed firms – Norges Bank Investment Management (NBIM) said: “We welcome the recommendation in the revised code for companies listed on the prime market to appoint at least one-third of the board as independent directors.”
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About Toyota Motor Corporation
Toyota Motor Corporation is a Japanese multinational automotive company that designs, manufacturers, and sells passenger and commercial vehicles. The company also has a financial services branch that offers financing to vehicle dealers and customers. Toyota is the second-largest car manufacturer in the world and ranked the 11th largest company by Forbes and produces vehicles under five brands: Toyota, Hino, Lexus, Ranz, and Daihatsu. Toyota also partners with Subaru, Isuzu, and Mazda.
Environmental
Motor vehicles are one of the largest contributors to greenhouse gas (GHG) emissions and, as a result, climate change, with the transportation sector accounting for a third of U.S. GHG emissions in 2018. Although most emissions come from vehicle usage rather than the process of manufacturing vehicles, government regulations place the burden on auto companies to improve fuel efficiency and reduce overall emissions. While climate change regulations present