A group of European asset managers, with shares in Toyota Motor worth around $400 million, has presented a proposal to the Japanese automaker’s shareholders, urging the company to increase its disclosure of lobbying activities related to climate change.
The resolution, which is believed to be the first of its kind to go before Toyota’s investors, calls for a comprehensive, annual review of the company’s climate-related lobbying. Danish pension fund AkademikerPension, Norway’s Storebrand Asset Management, and Dutch pension investment company APG Asset Management are behind the proposal, which asks for a report on whether Toyota’s lobbying activities reduce the risks of climate change and align with the Paris Agreement and the company’s goal of carbon neutrality by 2050. Toyota’s board has recommended that shareholders vote against the proposal at the annual general meeting in June.
The move by the asset managers highlights the pressure faced by new CEO Koji Sato from green investors and climate activists, as the company has been criticized for its slow adoption of battery electric vehicles. Toyota has said it expects to see a five-fold increase in pure electric vehicle sales this business year.
