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Toyota Faces First Climate Lobbying Shareholder Resolution

Three major shareholders, led by AkademikerPension, have filed a climate lobbying-related resolution at Japanese carmaker Toyota. The move follows an extended period of active engagement led by the Danish pension fund, which controls US$20 billion in assets under management (AuM), in collaboration with Storebrand Asset Management, a Norwegian financial services firm with US$120 billion in AuM, and APG Asset Management, a Dutch pension investment company with US$600 billion in AuM. The shareholder resolution will be voted on at Toyota’s upcoming annual general meeting (AGM) on 14 June. Independent think tank InfluenceMap, which provides data-driven analysis on the impact of business and finance on the climate crisis, has ranked Toyota as one of the most negatively performing? companies in terms of climate lobbying. InfluenceMap provides analyses for investors in Climate Action 100+, a group with a total of US$68 trillion in AuM. Anders Schelde, Chief Investment Officer (CIO) at AkademikerPension, expressed the motivation behind the shareholder proposal, stating: “After over two years of intense engagement with Toyota, it has still not been possible to reach common ground with the company. Independent analysts, InfluenceMap, find that Toyota and its business associations such as Keidanren and JAMA still have a long way to go to be aligned with the goals of the Paris Agreement when it comes to their lobbying. Further, the California Public Employees’ Retirement System (CalPERS) and the Office of the New York City Comptroller have also voted against the re-election of Toyota Chairman Akio Toyoda and in support of the resolution led by AkademikerPension calling on the Japanese carmaker to improve disclosure of its lobbying on climate change. They are joined by the Church of England Pensions Board which also pre-declared its vote for the climate lobbying resolution. 

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