Investor Support for Toyota Chair Drops
Investor Support for Toyota Chair Drops
Investor Support for Toyota Chair Drops
News summary

Toyota Chairman Akio Toyoda faced a significant decline in shareholder support at the annual general meeting, with backing dropping to 72%, the lowest since 2010, reflecting governance concerns and certification scandals. Proxy advisers ISS and Glass Lewis criticized Toyota's handling of certification testing violations, leading to opposition from major global investors like CalPERS and CPP Investments. Despite re-election, concerns persist about governance issues and lack of independence on Toyota's board, signaling a shift in Japanese corporate governance norms with shareholders exerting pressure for better practices.

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