Toyota shareholders rejected a resolution urging greater disclosure of its climate lobbying
Investors also backed all 10 members of the board, including Chairman Akio Toyoda, despite concerns about board independence raised by prominent United States proxy advisers. The breakdowns of both votes won't be released until Thursday.
Still, the proposal sharpened focus on Toyota's electric vehicle 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. Toyota shares rose 6.3 per cent on Wednesday after adding to another sharp rise a day earlier and logging their best two-day performance in a little over three years.Toyota says EVs are just one element in its multi-pathway approach to carbon neutrality that includes petrol-electric hybrids and hydrogen fuel cells.
"Japanese people like Toyota and I think they support Akio," said 61-year-old Mr Tadashi Imai, an individual shareholder who said he has held stock in the company for around a decade.Proxy adviser Glass Lewis recommended shareholders vote against Toyoda, citing what it said was his responsibility for a lack of sufficient board independence.
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