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Toyota Investors Urged to Vote Against Founding Family Chair
- Proxy advisers ISS and Glass Lewis cite governance issues
- Chairman and former CEO Akio Toyoda is grandson of founder
Akio Toyoda has long been the face of the company, which he led from 2009 until 2023, when he ceded the chief executive officer role to Koji Sato.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
Toyota Motor Corp.’s proposal to reelect Chairman Akio Toyoda to its board is coming under pressure by two leading proxy advisory firms, which urged shareholders of the world’s largest carmaker to vote against the founding family scion.
Institutional Shareholder Services Inc., which advises large investors, recommended on Tuesday withholding support for Toyoda, citing improper vehicle testing by subsidiary Daihatsu Motor and regulatory violations by Toyota group affiliates Hino Motors Ltd. and Toyota Industries Corp.