TOYOTA CITY, Japan: Toyota shareholders have backed the board while voting down the first resolution proposed in 18 years at an annual general meeting (AGM) Wednesday, an endorsement of the automaker a day after it laid out an extensive electric vehicle strategy.
The resolution from three European asset managers called for greater disclosure on climate lobbying activity but was widely expected to fail given the strength of support for the management.
Investors have backed all 10 board members in a vote given weight by main United States pension funds arguing the re-election of Chairman Akio Toyoda could blunt board independence. Toyota company has said its board meets Tokyo Stock Exchange governance standards. Toyota said a voting breakdown would be issued on Thursday.
The meeting came a day after the international biggest vehicle maker by sales volume announced a roadmap for electric vehicles involving solid-state batteries and radical manufacturing changes, in the strongest signal of its intention to grow its battery electric vehicles market share and boost its share price.
