Details on the vote tallies were not immediately available. But the company confirmed the majority voted in support of its positions. A shareholder proposal requesting that
The annual meeting, held at company headquarters in
The cheating did not result in recalls or safety problems. A shareholder proposal requesting that
Still, it’s a major embarrassment for a manufacturer with a reputation for quality whose production methods are studied around the world. Some individual shareholders asked about the scandal during the meeting.
Under Toyoda, it has pushed a “multi-pathway” approach to ecological vehicles, emphasizing hybrids, which have both a gasoline engine and electric motor, and using hydrogen for fuel instead of focusing on battery electric vehicles.
“The group considers climate change measures to be one of its important management tasks and is fully concentrated on realizing carbon neutrality by 2050,”
It stressed its multi-pathway strategy and argued it was transparent and sincere about various environmental efforts.
The results were expected because Toyota’s biggest shareholders among nearly 1 million are Japanese companies such as banks, insurers and financial institutions that would be unlikely to challenge the automaker, at about 39% ownership of the total shares.
Other corporate entities make up 25%, foreign corporate entities nearly 22% and individual shareholders about 14%.
Last year, Toyoda won re-election with nearly 85% of the vote. That was down from 96% in 2022. How much he received this year is still unclear.
Among proxy groups that wanted a vote against Toyoda was
ISS said in its proxy report that Toyoda “should be considered ultimately accountable” because his promises for change did not involve reshuffling of the board, which it believed was needed to prevent a recurrence of errant tests.
It did not oppose the appointments of other board members, including Sato.
Another major shareholder, proxy advisory company
Hayakawa oversaw appointments of board members, and more independent board members should be added, according to Glass Lewis, based in
In the fiscal year that ended in March, Toyota’s profits doubled from the previous year to
Toyota’s stock prices had tripled over the last five years to nearly
The improper checks on vehicles, including collision tests, started surfacing last year and were found at
The violations were also at Japanese automakers that aren’t part of the
“The issues we are facing today, including carbon neutrality, are challenges that everyone on earth needs to join forces in mind and spirit to tackle together,” Toyoda said ahead of the meeting.
“If we simply don’t know the right answer, let’s start by doing what we think is best.”
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