Toyota shareholders vote against climate resolution
Shareholders' meeting shows backing for Board of Management. New focus on electric vehicles

At its annual general meeting (AGM), Toyota (7203.T) shareholders rejected an unprecedented resolution on the automaker's climate lobbying and backed its board. The resolution, introduced by three European asset managers, calling for greater disclosure of climate lobbying, was largely rejected as expected. This was due to strong support for management from individual investors and the high number of Toyota group companies and suppliers in the automaker's shareholder base.
Shareholders also voted in favor of all ten board members. Support for Chairman Akio Toyoda was in particular focus after some large U.S. pension funds announced they would vote against Toyoda over concerns about the board's independence.
A breakdown of the voting results has not yet been released.
The shareholder meeting came a day after the world's largest automaker announced an ambitious electric vehicle (EV) roadmap, including details on solid-state batteries and sweeping changes in production. In doing so, Toyota sent the strongest signal yet that it is seeking a larger market share in battery-powered EVs and boosted its share price.
"The Japanese like Toyota and I think they support Akio," said 61-year-old Tadashi Imai, an individual shareholder who says he has held shares in the company for about a decade. "Toyota's announcement yesterday about rolling out solid-state batteries by 2027 sent shares up 5%. That's really impressive, 5%."
The Japanese giant has become a target of activists and green investors in recent years, claiming it has been slow in bringing EVs to market. Toyota is taking a multifaceted approach to achieving carbon neutrality that includes EVs as well as electric hybrid vehicles and hydrogen fuel cells.
The company argues that its approach is more effective at reducing carbon emissions and more practical because customer needs, EV infrastructure, and clean energy supplies vary from country to country.
