Toyota shareholders endorse board members, reject activist proposal

Shareholders of Toyota Motor Corp. on Wednesday approved Chairman Akio Toyoda and nine others as board members and rejected an activist proposal calling for more disclosure on the automaker’s climate lobbying.

The first shareholder proposal at a shareholders meeting in 18 years came as three European institutional investors called on the world’s largest automaker to disclose its lobbying activities regarding climate change.

Shareholders had also faced a recommendation from U.S. advisory firm Glass Lewis to vote down the company’s proposal to reappoint Toyoda, the chair of the board, arguing th...