Tokyo: Advisory firm Glass Lewis has recommended shareholders re-elect Toyota Motor Chairman Akio Toyoda at this year's annual general meeting in June. This recommendation marks a shift from the firm's stance over the past two years, during which it advised shareholders to vote against Toyoda's re-election due to governance concerns.
According to Radio Television Brunei, Akio Toyoda, who is the grandson of the company's founder and previously served as chief executive, has faced scrutiny over his governance practices. Shareholder support for Toyoda has been declining in recent years, with his re-election to the board in 2024 receiving backing from only 72% of shareholders, compared to 85% and 96% in the two years preceding.
In a July 2024 interview with the automaker's news outlet, Toyoda acknowledged the risk to his board position if shareholder support continued to decrease. He noted that the 2024 re-election result represented the lowest support rating ever recorded for a director in Toyota's history.