A climate-change disclosure proposal at Toyota that was pushed forward by three European funds has been voted down by shareholders.
Danish pension fund AkademikerPension submitted the climate resolution together with Norway’s Storebrand Asset Management and Dutch pension investment company APG Asset Management in May. The resolution sought to make Toyota improve the disclosure of its climate change-lobbying activities. Back then, Toyota’s board recommended that shareholders vote against the climate resolution. On Wednesday, shareholders did just that and rejected the resolution, which is the first investor proposal to come before the company’s annual general meeting in roughly 20 years.
Shareholders at the meeting applauded the rejection. Around 3,800 shareholders took part in the event that was held at Toyota City, Aichi Prefecture. The majority of Toyota’s shares are held by the company, its group firms, retired workers, and others who are sympathetic to the business’ viewpoints….