Toyota Wins Vote on Shares Locking In Owners for Five Years
This article is for subscribers only.
Toyota Motor Corp. won approval to sell a new class of stock to long-term shareholders, a proposal that divided proxy advisers and drew criticism from foreign investors.
The proposal passed with about 75 percent of shareholders voting in favor, Kayo Doi, a company spokeswoman, said Tuesday after the carmaker’s annual meeting at its headquarters in Toyota City, Japan. Model AA shares, named after Toyota’s first car, will be restricted from trading for five years. In exchange, the company pays a fixed dividend and will offer to buy it back at the issue price.