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A climate change proposal targeting Toyota was shot down by shareholders on Wednesday, dealing a blow to efforts from three European funds to make the Japanese carmaker comply with their environmental, social, and corporate governance (ESG) norms.
It's a matter of the independence of the chair," said Anders Schelde, chief investment officer of Denmark's AkademikerPension, which is a shareholder. "That, combined with the global climate issue, makes us vote against Mr. Toyoda." The automaker says Toyoda was nominated to the board for his ability to drive the transformation from manufacturing to providing a range of mobility services. It says its board meets Tokyo Stock Exchange governance standards for independent oversight.
(Bloomberg) -- Toyota Motor Corp.’s annual shareholder meeting became a referendum of sorts on the Japanese carmaker’s electric vehicle strategy, thanks to a handful of outspoken foreign investors.Most Read from BloombergElizabeth Holmes Objects to $250-a-Month Victim Payments After PrisonInstant Pot and Pyrex Maker Instant Brands Files BankruptcyUS Inflation Slows, Giving Room for Fed to Pause Rate HikesPutin’s Economic Forum Puts Russia’s Isolation on DisplayAmericans Say They Need $2.2 Millio
Toyota executives have fielded challenges and reaped praise from investors at an annual...
Danish fund AkademikerPension has accused the car giant of lobbying to weaken global efforts to phase out the internal combustion engine.