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Toyota Motor chairman Akio Toyoda has cautioned that he might not be re-elected as a director if shareholder support for him continues to decline at the current rate, according to an interview published on Monday.
Key Takeaways:
Declining Support: Shareholder backing for Toyoda dropped to 72% at the company's annual general meeting last month, down from 85% in 2023. This result marks the lowest support rating ever for a director in Toyota's history, according to the 68-year-old grandson of the company's founder.
Proxy Advisers' Influence: The decrease in support followed recommendations from proxy advisers Institutional Shareholder Services and Glass Lewis to vote against Toyoda's re-election due to concerns over Toyota's handling of certification testing violations.
Institutional Investors' Stance: Toyoda's support among foreign institutional investors was notably low at 34%. Domestic institutional investors' support also fell, standing at around 55%, compared to over 70% the previous year. This indicated that half of the domestic institutional investors were dissatisfied with Toyoda's performance over the past year.
Retail Investors' Support: In contrast, Toyoda received nearly 99% approval from retail investors, highlighting a stark difference in perception between retail and institutional investors.
Future Implications: Toyoda acknowledged the gravity of the situation, stating, "If it continues at this pace, I can't be a director next year."
The interview was conducted by Toyota's own news outlet, reflecting the internal acknowledgment of the challenges facing Toyoda's leadership and the potential impact on his future with the company.
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