• In a historical vote on June 16th 2015, Toyota shareholders adopted with a 75 per cent majority the proposal to issue Model AA Class Shares. These shares will be sold only in Japan; they will not be listed, but will have voting rights. They will be priced at 120 per cent of the ordinary shares and will be paid a dividend at a rate lower than ordinary shares but at an increasing rate every year.
  • The company will commit to buy back the shares at the original price after five years. But at that time, holders of these shares will have the option of converting their shares into ordinary common shares at a conversion ratio yet to be determined.
  • Toyota believes that developing the next generation technologies will require massive investments over many years. It also believes that the current state of investment practices, the prevalence of roaming funds and the general emphasis on short-term stock prices, all work against the required investor stability for such long-term undertaking.

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