California, New York pension systems vote against Toyota chairman re-election By Reuters

By David Dolan

TOKYO (Reuters) -Two of the largest U.S. public pension systems have voted against the re-election of Toyota Motor (NYSE:) Corp chairman Akio Toyoda, shareholder voting records showed, sharpening the focus on the automaker’s annual meeting later this month.

The California Public Employees’ Retirement System (CalPERS) and the Office of the New York City Comptroller both also voted for a resolution urging Toyota to improve disclosure of its lobbying on climate change, according to online postings by the funds.

The details of the votes come after two leading proxy advisory firms last week raised issues about governance at the automaker. One of them, Glass Lewis, recommended shareholders vote against re-electing Toyoda, citing what it said was his responsibility for the lack of a sufficiently independent board.

Toyota on Friday did not immediately comment on the funds’ votes against the re-election of Toyoda.

The world’s largest automaker has been a target for climate activists and green investors in recent years who say it has been too slow to roll out battery-electric vehicles.

Toyota has previously said its board meets governance standards set by the Tokyo Stock exchange for independent oversight and it would act with “objectivity, independence and an ability to conduct appropriate supervision.”

It said Toyoda, the grandson of the company’s founder and its chairman, had been nominated as a candidate for director because he would push forward with Toyota’s transformation from auto manufacturing to a company that also provides a range of “mobility” services and products.

Toyota’s board has recommended shareholders vote against the climate lobbying disclosure proposal at its annual meeting on June 14. It said Toyota was committed to carbon neutrality by 2050 but the company needed the flexibility to make quick adjustments, including in how it makes disclosures.