On Wednesday, Toyota (7203.T) shareholders voted down an extraordinary resolution on the automaker’s climate advocacy and supported its board.
Given management support among Japan’s investors and the number of Toyota group companies and suppliers in its shareholder base, the resolution on climate lobbying, put forward by three European asset managers, was expected to be rejected by shareholders.
Shareholders approved all ten board members. After some large U.S. pension funds announced they would not vote for Chairman Akio Toyoda due to board independence concerns, that vote and his support have been under focus.
No voting breakdown was published.
The world’s largest manufacturer outlined an ambitious EV strategy a day before the shareholder meeting.
That proposal, which includes solid-state battery details and major production modifications, was the strongest signal that Toyota wants to dominate the battery EV industry.
Activists and green investors have criticized the Japanese firm for its delayed EV rollout. Toyota is pursuing carbon neutrality via EVs, petrol-electric hybrids, and hydrogen fuel cells.
Since customer needs, EV infrastructure, and renewable energy supplies vary per country, their strategy reduces carbon emissions more effectively and is more practicable.
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