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Proxy advisory firm Glass Lewis has recommended shareholders re-elect Toyota Motor Chairman Akio Toyoda (NYSE: TM) at the upcoming annual general meeting in June, reversing its previous two years of opposition. The shift signals renewed confidence in Toyoda’s leadership despite ongoing corporate governance concerns.
Toyoda, the grandson of Toyota's founder and former CEO, has faced growing scrutiny from investors over governance practices at the Japanese auto giant. Shareholder support for his board position has steadily declined in recent years, dropping from 96% in 2022 to just 72% in 2024—the lowest director approval rating in Toyota’s history.
In a 2024 interview published by Toyota’s in-house media, Toyoda acknowledged the threat to his position, expressing concern over waning shareholder confidence. However, the recent endorsement from Glass Lewis may help stabilize his standing. The firm noted improvements in governance oversight and leadership continuity as factors in its changed recommendation.
Institutional Shareholder Services (ISS), another influential proxy advisor, has also backed Toyoda’s re-election this year. This marks a reversal from its 2024 stance, when it recommended a vote against his continuation on the board.
Toyoda remains a symbolic and strategic figure at Toyota, especially as the company navigates global competition, EV transitions, and increased scrutiny on sustainability and corporate transparency. His continued leadership is now poised to receive broader shareholder backing, signaling a potential turning point in investor sentiment.
With both major proxy firms supporting his reappointment, Toyoda is expected to secure re-election despite past setbacks. The vote will be closely watched as a litmus test for Toyota’s evolving governance standards and shareholder relations.
