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Toyota Motor shareholders re-elected Akio Toyoda as chairman on Thursday, reflecting strong support from individual investors despite controversy surrounding the company’s ¥4.7 trillion ($33 billion) bid to acquire Toyota Industries. The decision came as proxy advisory firms Glass Lewis and ISS—who had previously flagged governance issues—did not oppose Toyoda’s reappointment this year, marking a shift in sentiment.
Toyoda, the grandson of Toyota’s founder and former CEO, was widely expected to retain his role. While the vote breakdown hasn't been disclosed, it remains unclear whether support surpassed last year’s record-low 72%.
The re-election comes amid criticism from foreign investors over Toyota’s plan to take forklift-maker Toyota Industries private. The ¥16,300 per-share offer has been called undervalued by some overseas shareholders, who argue it consolidates power within the founding family. Despite not sitting on Toyota Industries’ board, Toyoda has committed to invest ¥1 billion of his own funds in the buyout, which aims to restructure Japan’s largest corporate group.
Toyota Motor defended the acquisition, stating it will foster deeper collaboration without the pressure of short-term profits, aligning with its long-term mobility vision. A shareholder attending the AGM in Japan noted that Toyota had provided enough information on the deal through its Toyo Times platform and expressed confidence in the company’s future.
Support for Toyoda has declined over recent years, falling from 96% in 2021 to 72% in 2023. In a prior interview, Toyoda acknowledged his leadership could be challenged if backing continued to wane.
Founded in 1926 as Toyoda Automatic Loom Works, Toyota Industries originally focused on looms before evolving into the automotive powerhouse that spun off Toyota Motor.
