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AutomotiveBusiness & Finance
02 June 2023, 8:11 pm 1 minute
Reuters was first to report the two largest U.S. public pension funds had voted against the re-election of Toyota Motor Corp Chairman Akio Toyoda ahead of the automaker’s annual meeting later this month. Both CalPERS and the Office of the New York City Comptroller, which oversees a number of city pensions, also voted for a shareholder resolution Toyota’s board has urged investors reject intended to improved disclosure of its lobbying on climate change. The votes come after the two leading proxy advisory firms raised issues about governance at the world’s largest automaker, which holds its annual meeting June 14.
Market Impact
Toyota shares closed up 3.4%, outperforming the 1.2% gain in the Nikkei index (.N225). The company’s shares have returned 13% including dividends this year, underperforming the broader index, which returned 21%.
Article Tags
Topics of Interest: AutomotiveBusiness & Finance
Type: Reuters Best
Sectors: Business & Finance
Regions: Americas
Countries: United States
Win Types: Speed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
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