Toyota and Kayo Doi

shareholders: Model AA shares, named after Toyota first car, will be restricted from trading for five years, according to The Japan Times. In exchange, the company pays a fixed dividend and will offer to buy back at the issue price. The proposal passed on Tuesday with about 75 percent of shareholders voting in favor, Kayo Doi, a company spokeswoman, said after the carmaker annual meeting at its headquarters in Toyota, Aichi Prefecture, the same day. Toyota has said its motivation for creating the stock is to attract shareholders who will support the costly investments it makes to develop cars that take years to pay off. The plan required approval from more than two-thirds of shareholders to pass. The proposal drew criticism from proxy adviser Institutional Shareholder Services Inc. and investors including the California State Teachers’ Retirement System for being sold only in Japan and lacking any benefit for common stockholders. (news.financializer.com). As reported in the news.