Storebrand AM excludes Toyota Motor Corporation

Global automaker failed to reform its practice of actively lobbying against climate regulations and policies.

• Storebrand excluded Toyota Motor Corporation from investment in Q2 2025
• Based on lobbying against climate regulations and policies
• Exclusion follows 4-year engagement, including attempt to raise shareholder resolution in 2023
• Storebrand sold off Toyota shares valued at NOK 850 million as of 31^st May, 2025

“This case illustrates the scale of the challenge in climate lobbying, and one that is underestimated by many investors. How will governments and investors achieve the climate targets that we have made, when companies are undermining this direction behind closed doors?” - Kamil Zabielski, Head of Sustainable Investment, Storebrand Asset Management

Storebrand Asset Management has excluded the global auto manufacturer Toyota Motor Corporation from investment, due to Toyota’s persistent lobbying against climate-related regulation and policies; and its lack of transparency on the issues.

The exclusion of Toyota concludes a four-year long period of structured engagement with the company, and escalation of engagement, during which Toyota failed to materially reform its climate lobbying practices and transparency.

“Transparency on lobbying by companies and by the third-party associations funded by companies, is therefore important information for investors such as us. Climate lobbying disclosures indicate the whether the company’s business plans and commitments are in fact in line with its stated transition plan, and can expose potential reputational and legal risks.” - Kamil Zabielski, Head of Sustainable Investment, Storebrand Asset Management

Following the lengthy engagement and the lack of sufficient progress and indications that Toyota would not be likely to achieve the expectations we laid out, we decided to exclude the company from our investment universe, in accordance with our exclusion policy and our exclusion criteria for climate lobbying.

We have informed Toyota of our decision to conclude the engagement and of the sale of our position in the company. The exclusion, which was effective as of end-Q2 2025, involved the sale of shares in Toyota valued at NOK 850 million as of May 31^st, 2025.

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