TOKYO : A trio of European asset managers has submitted a shareholder proposal urging Toyota Motor Corp to improve disclosure of its lobbying on climate change, likely the first time such a resolution will go before the Japanese automaker's investors.
The Japanese firm was once the undisputed global leader in environmentally friendly cars with the Prius hybrid, but more recently it has been criticised as slow to embrace battery electric vehicles . Think tank InfluenceMap has given it low ratings for opposing policies that would mandate the long-term phase-out of the internal combustion engine.
That would include a report detailing whether such lobbying, including through industry associations and public statements, reduces risks for the company from climate change and aligns with the goals of the Paris Agreement as well as Toyota's own goal of carbon neutrality by 2050, they said in a statement.
Toyota's board urged shareholders to vote against the proposal, saying there were still many obstacles to the mass-market adoption of electrified vehicles, including inadequate supplies of clean energy in some countries. As such, reaching carbon neutrality meant the use of hybrid and fuel-cell vehicles, it said.
The fund said that Toyota's own reports on its climate policy engagement fall"far short of investor expectations" when compared with benchmarks established with InfluenceMap and used by a large number of investors.
Car Car Latest News, Car Car Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »