Two of the largest U.S. public pension systems have voted against the re-election of Toyota Motor Corp Chairman Akio Toyoda, shareholder voting records showed, sharpening the focus on the automaker's annual meeting later this month.
Toyota Motor Corporation President Akio Toyoda attends a press conference over rigging safety tests by its affiliate Daihatsu that affected 88,000 vehicles, in Bangkok, Thailand, May 8, 2023. REUTERS/Athit PerawongmethaSlow rollout of electric vehicles has attracted criticismTOKYO, June 2 - Two of the largest U.S. public pension systems have voted against the re-election of Toyota Motor Corp
The details of the votes come after two leading proxy advisory firms last week raised issues about governance at the automaker. One of them,re-electing Toyoda, citing what it said was his responsibility for the lack of a sufficiently independent board. The world's largest automaker has been a target for climate activists and green investors in recent years who say it has been too slow to roll out battery-electric vehicles.
It said Toyoda, the grandson of the company's founder, had been re-nominated to the board because he would push Toyota's transformation from auto manufacturing to a company that also provides a range of "mobility" services.
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