TOYOTA CITY, Japan, June 14 Reuters Toyota shareholders rejected a resolution urging greater disclosure of its climate lobbying on Wednesday, voting down the first investor proposal to come before the automaker39;s annual general meeting in almost two decades.
Investors also backed all 10 members of the board, including Chairman Akio Toyoda, despite concerns about board independence raised by prominent U.S. proxy advisers. The breakdowns of both votes won39;t be released until Thursday.
The climate resolution was submitted by Danish pension fund AkademikerPension and two other European asset managers and sought to make Toyota release more details about its lobbying activities related to climate change.
It was widely expected to fail after Toyota39;s board recommended shareholders vote against it. The automaker39;s management typically enjoys strong support from shareholders, which include some of its group companies and suppliers.
Still, the proposal sharpened focus on Toyota39;s electric vehicle EV strategy and governance ahead of the meeting, the first under new CEO Koji Sato. Green investors and activists have said Toyota has been too slow to capitalise on the surging popularity of battery electrics.
Some influential U.S. funds, including top public pension CalPERS, had come out in favour of the climate resolution and against the reelection of board members including Toyoda.
Toyoda, the grandson of the company39;s founder, was reelected with 96 support last year….