TM - Toyota Chairman Akio Toyoda Retains Position Despite Decreased Shareholder Support | Benzinga
In the face of scandals and governance issues, Toyota (NYSE:TM) Chairman Akio Toyoda and nine other board members have been re-elected at the annual general meeting on Tuesday.
What Happened: Despite two leading proxy advisers recommending against Toyoda’s re-election, his reappointment was expected due to the automaker’s shareholdings by other Toyota group firms, record business results, and his popularity among Japanese retail investors, Reuters reported.
However, a significant decrease in shareholder support for Toyoda, the figures for which will be released on Wednesday, could prompt further governance reforms. Toyoda’s approval rating dropped to 85% last year from 96% in 2022.
Toyota has been dealing with a series of safety and certification testing ...