Toyota faces shareholder backlash over governance

[superadmin]

TOKYO: Toyota faces an unprecedented challenge at its annual shareholder meeting on Wednesday, with some pension funds voting against Chairman Akio Toyoda on governance issues, while seeking more disclosures on the Japanese automaker’s climate lobbying.

The world’s top car maker has become a target in recent years for activists and green investors, who say it has been slow to roll out battery electric vehicles (EVs). Now, some investors have taken aim at the independence of its board.

The two largest US public pension funds – California’s CalPERS and CalSTRS – as well as New York City’s pension system and other asset managers have said they are voting against Toyoda.

Two prominent US proxy advisers have flagged concern about Toyota’s board independence.

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