Proxy adviser Institutional Shareholder Services (ISS) has recommended that shareholders of Toyota Motor Corp vote in favour of a resolution urging the automaker to improve disclosure of its lobbying related to climate change.
TOKYO, May 28 - Proxy adviser Institutional Shareholder Services has recommended that shareholders of Toyota Motor Corp
ISS in a report also said it regarded three of Toyota's four outside board director nominees as not truly independent.Concerned that Toyota is missing out on profit from soaring EV sales, Danish pension fund AkademikerPension, Norway's Storebrand Asset Management and Dutch pension investor APG Asset ManagementToyota's board said the fluidity of such disclosure made the proposal unsuitable for enshrining in the articles of incorporation.
Hurdles are high for the resolution to pass because it requires a two-thirds majority and Toyota's shareholder base includes suppliers and other business partners.the resolution, saying Toyota has shown "significant responsiveness" to shareholders.to sell 1.5 million all-battery EVs by 2026, has long argued that a range of power solutions, such as battery-petrol hybrid and hydrogen fuel cells, will be necessary to reach carbon neutrality.
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