California, New York pension systems vote against Toyota chairman re-election

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The California Public Employees’ Retirement System (CalPERS) and the Office of the New York City Comptroller both also voted for a resolution urging Toyota to improve disclosure of its lobbying on climate change, according to online postings by the funds.

The details of the votes come after two leading proxy advisory firms last week raised issues about governance at the automaker. One of them, Glass Lewis, recommended shareholders vote against re-electing Toyoda, citing what it said was his responsibility for the lack of a sufficiently independent board.