TOKYO: Advisory firm Glass Lewis has recommended that shareholders re-elect Toyota Motor Corporation Chairman Akio Toyoda at the company’s upcoming annual general meeting in June.
This marks a significant shift for Glass Lewis, as it had previously recommended against Toyoda’s re-election for the past two years, citing governance concerns. Toyoda, the grandson of Toyota’s founder and a former CEO, has faced increasing scrutiny over his leadership.
In recent years, Toyoda’s shareholder support has waned. He was re-elected to the board in 2024 with 72% of shareholder votes, a sharp decline from 85% in 2023 and 96% in 2022. In a July 2024 interview with Toyota’s official news outlet, Toyoda acknowledged that his position on the board could be at risk if shareholder backing continued to decline. He noted that 2024 marked the lowest support for any director in Toyota’s history.
In addition to Glass Lewis, proxy adviser Institutional Shareholder Services (ISS) has also endorsed Toyoda’s re-election this year, reversing its stance from the previous year when it recommended voting against him.
— Reuters
