An independent proxy advisory services company, Glass Lewis, has suggested that Toyota shareholders vote against the re-election of chairman Akio Toyoda as a board director due to concerns that the car manufacturer does not have a sufficiently independent board.
Glass Lewis asserts that just three of Toyota’s 10 current board nominees could be considered as independent. This is short of its recommendation that at least one-third of directors be independent. Japan’s corporate governance code also calls for one-third board independence at companies listed in the country.
Toyota believes that four of its nominees are independent, including the deputy chair of Sumitomo Mitsui Banking, Toyota’s main lender. Glass Lewis refutes this and classifies him as “affiliated.”

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US Advisory Company Wants Toyota CEO Ousted For EV Opposition

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