TOYOTA (Aichi Pref.): Toyota Motor Corp. shareholders at an annual general meeting Wednesday approved all 10 board directors proposed by the leading Japanese automaker, including Chairman Akio Toyoda and President Koji Sato.

The approval came despite U.S. proxy advisory company Glass Lewis having advised Toyota shareholders to vote against the automaker’s proposal to reappoint Toyoda as a director, on the basis that there were not enough board members who could be considered independent.

Prior to the shareholder meeting, CalPERS, the biggest public pension fund in the United States, voted against Toyoda’s reappointment.

Two other proposals submitted by Toyota were also approved by a majority vote.

Also discussed at the meeting, held at the automaker’s headquarters in the city of Toyota, Aichi Prefecture, central Japan, was a shareholder proposal on decarbonization put forward by three European firms. The proposal, which called on Toyota to evaluate and report on the company’s climate-related activities every fiscal year, was voted down.

In a question-and-answer session, there were no questions or comments about the reappointment of Toyoda to the board.

One shareholder expressed frustration with the proposal about decarbonization efforts, and said that a similar proposal may be submitted next year.

This was the last Toyota shareholder meeting chaired by Toyoda, who became chairman in April. Looking back on about 14 years as president, Toyoda said, “I have been able to keep moving forward thanks to shareholders who have continued to cheer Toyota and support me.”

The day’s general meeting was attended by some 3,800 shareholders, up sharply from 934 the previous year.

JIJI Press