For the first time, on June 17th, 2014, Etica Sgr voted at the shareholder annual general meeting of Toyota Motor, stressing the management on some environmental, social and governance (ESG) issues. Toyota is the biggest Japanese automotive manufacturer.
Etica Sgr voted for the election of fifteen proposed Directors, because no corporate governance issues have been found on their competence and independence profiles, while it abstained on the election of one independent corporate auditor, which currently serves as Chairman of the board of its main operating unit, Sumitomo Mitsui Bank (SMBC). Etica Sgr abstained because the outside statutory auditor nominee’s affiliation with the company could compromise his independence.
Etica Sgr, moreover, voted for the allocation of income and the payment of bonuses to directors, considering the amounts proposed in line with the good results of the Company during the year.
Finally, Etica Sgr voted for the delegation of authority to the Board of Directors to determine details of disposition of own shares through a third party allotment, for the benefit of a newly-established foundation named Toyota Mobility Foundation because, while the effect of the proposed establishment of Toyota Mobility Foundation is not too clear at the moment, the step of this proposal is necessary for the company to carry out a share repurchase.
17 June 2014Engagement ESG Foreign companies