Toyota Chairman Akio Toyoda and nine other board members were re-elected at an annual general meeting.
TOYOTA CITY, Japan — Toyota Chairman Akio Toyoda and nine other members of the automaker's board were re-elected at an annual general meeting on Tuesday, with shareholders shrugging off concerns about governance and certification test scandals.
Toyoda's approval rating fell to 85% last year from 96% in 2022. Since then, the world's biggest automaker has been bedevilled by a spate of safety and other certification testing violations at group firms including small car maker Daihatsu as well as at its parent company. "Setting a tone at the top is critical," Michael Garland, who oversees corporate governance for the funds, said in an emailed statement.
But Toyoda, who is the grandson of the company's founder, remains deeply popular among retail investors, which account for 12.6% of the automaker's shareholders. Last business year's record profits and a strong stock performance have also worked in his favour. More certification irregularities have come to light since the proxy advisers made their recommendations.
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