TOKYO : Toyota faces an unprecedented challenge at its annual shareholder meeting on Wednesday, with some pension funds voting against Chairman Akio Toyoda on governance issues, while seeking more disclosures on the Japanese automaker's climate lobbying.The world's top car maker has become a target in rec
TOKYO : Toyota faces an unprecedented challenge at its annual shareholder meeting on Wednesday, with some pension funds voting against Chairman Akio Toyoda on governance issues, while seeking more disclosures on the Japanese automaker's climate lobbying.
In some ways Toyota is an unlikely target, having long set Japan's enviable standard for quality and innovation. It has also done well for investors, returning 62 per cent over the last five years, including dividends, versus a 57 per cent return in the Nikkei 225. Toyoda, who took over as chair in April after more than a decade as chief executive of the company his grandfather founded, is unlikely to lose his seat.
Toyota views the shareholder proposal as an opportunity to eliminate misunderstanding about its strategy, which is also in shareholders' interest, the spokesperson added.
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