TOKYO — Toyota Motor Chairman Akio Toyoda mentioned he is probably not reelected as a director if shareholder assist for him continues to fall on the tempo it did this 12 months, based on an interview printed on Monday.
Shareholder backing for Toyoda slid to 72% on the firm’s annual normal assembly final month, following proxy advisers’ suggestions to vote towards his reelection. That compares to the assist of 85% in 2023.
Final month’s end result marked the bottom assist ranking ever for a director in Toyota’s historical past, the 68-year-old grandson of the corporate’s founder mentioned in an interview by the automaker’s personal information outlet.
“If it continues at this tempo, I can not be a director subsequent 12 months,” Toyoda mentioned.
His assist ranking amongst international institutional traders was significantly weak at 34%. Forward of the assembly, proxy advisers Institutional Shareholder Companies (ISS) and Glass Lewis each took situation with the way in which Toyota has handled certification testing violations.
Toyoda’s assist amongst home institutional traders stood at round 55%, in comparison with 70% or extra within the earlier 12 months.
That indicated half of them had been asking him to step down due to his behaviour over the previous 12 months, Toyoda mentioned throughout the interview.
The weaker assist amongst institutional traders contrasted sharply with an almost 99% approval ranking amongst retail traders.