Toyota's chairman Akio Toyoda will be facing some disgruntled shareholders this week, as two major proxy groups demand a vote against keeping the grandson of the founder on its board.
FILE - Toyota Chairman Akio Toyoda speaks during a news conference in Tokyo, June 3, 2024. Toyoda will be facing some disgruntled shareholders at the annual shareholders meeting on June 18, as two major proxy groups demand a vote against keeping the grandson of the founder on its board. FILE - A Toyota logo is shown at the North American International Auto Show in Detroit, Sept. 13, 2023.
“The company’s propensity to preserve its corporate culture is in fact suspected, and Toyoda should be held accountable for that,” it said.The past year has brought a flurry of scandals involving improper checks on vehicles, including collision tests, at group companies “More specifically, we believe that Mr. Toyoda holds responsibility for failing to ensure that the Group maintained appropriate internal controls and for the failure to ensure appropriate governance measures were implemented at Group companies,” it said in its proxy report.
The biggest of Toyota’s nearly 1 million shareholders are Japanese companies such as Japanese banks and financial institutions that are unlikely to challenge the automaker. Toyota Industries, a group company, is the No. 2 shareholder. He also hinted that factory workers might have skirted rules seen as meticulous but not vital for safety.
The company is doing well, said Aaron Ho, an equity analyst at CFRA Research. The recent scandal would make only “a small dent,” he said. “So there are no fundamental issues. We merely think that since production is being halted — for likely a few months, we estimate — deliveries will be affected,” he told The Associated Press.
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