Greenpeace Australia Pacific has today urged Toyota shareholders to vote in favour of a resolution urging it to improve disclosure of its lobbying on climate change.
At Toyota Motor Corporation's most recent shareholder meeting, institutional investors filed a shareholder resolution proposing a change to the company's articles of incorporation, requiring it to disclose its climate change-related lobbying activities.
The resolution is due to be voted on at next Wednesday's annual general meeting, where Australian superannuation fund and shareholder Future Super will support the climate resolution.
"It's clear that Toyota shareholders share our concerns that the car manufacturer is blocking progress on electric vehicles through its determined fossil fuel lobbying," Greenpeace Australia Pacific campaigner Joe Rafalowicz said today.
"As transport remains a leading source of climate pollution, the choices major car manufacturers make today are vital to preventing runaway global warming.
"Yet in the face of all environmental and business sense, Toyota continues to advocate for petrol-powered vehicles, including hybrids, at the expense of electric alternatives.
"Greenpeace is encouraged to see climate resolutions come before Toyota shareholders, and strongly urges all shareholders to step up and vote one for the planet – backing this resolution which would force Toyota to disclose if, and how, its climate-related lobbying activities reduce risks for the Company from climate change; how they align with the goals of the Paris Agreement and the Company's goal of carbon neutrality by 2050. The report should disclose any instances of misalignment with those goals, along with the planned actions to address its efforts to block action on climate change."
"Under Mr Toyoda's leadership, Toyota has remained one of the world's most aggressive anti-climate lobbyists. While Toyota continues to delay moving to electric vehicles, shareholders now have a real opportunity to pursue climate action under new leadership.
"As Greenpeace Australia Pacific, we do not consider Toyota's current business strategy to be viable either financially or environmentally over the long term."
Ahead of next Wednesday's annual general meeting, Greenpeace Australia Pacific today strongly encourage investors, including super funds who are committed to climate action and hold shares in Toyota, to:
- Vote in favour of the shareholder resolution proposed by Kapitalforeningen MP Invest and others, requiring Toyota to disclose its climate lobbying activities
- Urge Toyota to dramatically speed up its electrification and decarbonisation strategies, and other activities that reduce its contribution and exposure to climate change.
Local leadership: Future Super
Greenpeace Australia Pacific today welcomed Future Super's commitment to use their Toyota shares for good, voting in favour of the climate resolution.
"Greenpeace encourages all Toyota shareholders, including superannuation funds and everyday investors who own Toyota shares, to use their votes to exercise responsible stewardship by voting in favour of the climate disclosure resolution," Mr Rafalowicz said.
"Super funds have a fiduciary obligation to mitigate the risks that climate change poses to their clients, and future generations. Voting in favour of this climate resolution will be a critical step in these efforts."
Notes
Please contact us for Greenpeace's Investor Briefing outlining the investor resolutions in detail.
The opinion of the Board of Directors on the Shareholder Proposal can be found here.
The largest Australian super funds hold shares in Toyota, including Aware Super, Australian Super, HESTA, CBUS Super, HostPlus and many more.
Toyota is the largest member of the Federal Chamber of Automotive Industries (FCAI), whose 'secret plan' to slow the electric vehicle transition in Australia has been exposed on repeated occasions (see here and here).
Please also find here a copy of Greenpeace Australia Pacific's most recent expose into Toyota's continued anti-climate lobbying practices, 'The Toyota Files'.
