On May 8, 2024, Toyota Motor Corporation announced in its press release that it had received a shareholder proposal from Kapitalforeningen MP Invest for its 120th Ordinary General Meeting of Shareholders. The proposal is as follows, i) Partial Amendment to Articles of Incorporation - Publication of the Annual Report on the Alignment of External Relations Activities Related to Climate Change with the Goals of the Paris Agreement. The company has decided to oppose the proposal and has stated that it will continue taking steps to achieve carbon neutrality through liaison activities in each country.

In response to the challenges faced to achieve the goal, the board of directors is required to make flexible and diverse management decisions in accordance with the circumstances at the time and change them flexibly as necessary. Since the method of disclosure also needs to be changed, the company would maintain the current Article of Incorporation, which stipulates the basic matter of organization and operation of the company, without stipulating individual specific matters related to execution of operations as proposed in the proposal. The company will continue to engage in dialogue with the shareholders, investors and environmental NGOs on how to effectively implement climate change measures.