Proxy firm Glass Lewis recommends vote against Toyota chairman

admin admin | 05-29 00:30

The automaker has previously said its board meets governance standards set by the Tokyo Stock Exchange.
Proxy advisory firm Glass Lewis has recommended Toyota Motor shareholders vote against re-electing Chairman Akio Toyoda at the Japanese automaker's annual general meeting in June, saying the board was not sufficiently independent.

Toyoda, the grandson of the company's founder and previously its chief executive, last year was re-elected to the board with around 85% approval, a drop from the previous year's almost 96%.

That represented a rare rebuke in corporate Japan where board members are frequently re-elected with near unanimous shareholder endorsement.

Last year, too, Glass Lewis recommended a vote against Toyoda, citing what it said was his responsibility for a lack of board independence.

No one was immediately available to comment on the matter at Toyota.

The automaker has previously said its board meets governance standards set by the Tokyo Stock Exchange.

Last year it said Toyoda had been re-nominated because he would push transformation of the company. Glass Lewis also said shareholders should vote against re-electing the board's vice chairman, Shigeru Hayakawa, showed a copy of its recommendations to shareholders shared with Reuters on Tuesday. It did not recommend such last year.

It said shareholders should also vote against a proposal urging the manufacturer to align its lobbying activity with the Paris Agreement on climate change.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.


ALSO READ

Ola Electric responds to ARAI notice, says prices of S1 X 2 kWh scooter unchanged

Ola Electric provided an invoice dated October 6, showing a INR 5,000 discount given to customers, a...

Hyundai Motor IPO’s off to a slow start

Around 35% of the total shares in the offering are reserved for retail investors, while QIBs and NII...

Under fire, Ola Electric taps EY India to get back on track

Close to a dozen executives from EY came on-board at Ola Electric a few weeks ago on deputation for ...

Tata Motors secures 5-star BNCAP safety ratings for Nexon, Curvv, and EV models in latest crash tests

Tata Curvv.EV BNCAP testTata Motors did it again! Tata Motors has once again secured 5 star rating i...

India needs to step up manufacturing to meet Viksit Bharat goal: Volvo Grp India MD

Volvo Group India Managing Director and President, Kamal Bali. The manufacturing sector is a weak li...

Dollar pullback to help Indian rupee, weak risk appetite to weigh

Investors are now nearly certain that the U.S. Federal Reserve will deliver a 25-basis-point rate cu...