At Toyota shareholder meeting, all eyes on level of support for chairman
) Chairman Akio Toyoda may be in no danger of not being re-elected at the automaker's annual general meeting on Tuesday, but any further big drop in shareholder support could lead to increased action on governance reforms.
Toyoda's approval rating fell to 85% last year from 96% in 2022 but he only needs a majority to be re-elected and scandals aside, business has been good. Hong said that potential action from Toyota to counter criticism over governance could include an acceleration of its efforts to unwind cross-shareholdings, particularly shareholdings in non-automotive companies such as finance companies or telecoms firm KDDI (OTC:
"It is important that the company establish appropriate compliance mechanisms under the board's leadership," it said in a report."Now is a good time for change in the face of incidents at its group companies." Toyota's shares have lost 10% since the latest scandal emerged early this month. That said, the stock is still up 17% for the year to date, outperforming the broader market and adding to a gain of 43% last year.
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