Toyota Wins Over Shareholders at AGM After Questions On Strategy, GovernanceJune 14, 2023
Toyota shareholders backed the board and voted down the first resolution proposed in 18 years at an annual general meeting (AGM) on Wednesday, an endorsement of the automaker a day after it laid out an extensive electric vehicle strategy. EV ROADMAP Toyota aims to produce more efficient, faster-charging versions of current batteries to improve EV driving range and cost, and, within the decade, mass produce game-changing solid-state batteries after saying it had overcome a technical hurdle.
The carmaker said it would radically redesign manufacturing, having vehicles drive along the production line instead of being carried by conveyor. It will also employ a die-casting process that eliminates welding pioneered by EV leader Tesla (NASDAQ:TSLA). GOVERNANCE Two huge U.S. public pension funds voted against the re-election of Chairman Akio Toyoda, with proxy advisor Glass Lewis saying re-election threatened board independence. Toyota said its board meets Tokyo Stock Exchange standards. CLIMATE LOBBYING Three asset managers have urged Toyota to improve disclosure of climate change lobbying in a proposal backed by proxy advisor Institutional Shareholder Services. Toyota recommended voting otherwise, citing the fluidity of related factors. Toyota wins over shareholders at AGM after questions on strategy, governance