TOKYO : 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.The recommendation comes as Japan's largest company by market capitalisa
TOKYO : Proxy adviser Institutional Shareholder Services 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.
Toyota's board said the fluidity of such disclosure made the proposal unsuitable for enshrining in the articles of incorporation. A spokesperson previously said few firms globally have made climate policy engagement-related disclosure to the extent of Toyota. 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.
This month, Toyota's top scientist said focusing on all-battery EVs could encourage some drivers to hold onto polluting vehicles, and that a lack of resources means battery-only cars cannot be the industry's sole response to climate change.ISS also argued that three of four nominees to Toyota's 10-member board that the automaker said are independent should be considered"affiliated" due to the firm's relationships with the nominees' current or former organisations.
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