Both Glass Lewis and ISS reckon there aren’t enough properly independent directors on the board, even though Toyota complies with the requirements laid down by the Tokyo Stock Exchange.
Yet ISS held back from advising shareholders vote against them because it would risk “increasing management dominance of the board”.
Toyota is a laggard on both and is now under pressure to get powerful investors back onside.
CONTEXT NEWSMore than 15% of voting shareholders were against reappointing Chairman Akio Toyoda to Toyota Motor’s board at its annual meeting on June 14, the Japanese carmaker said on June 15.
About 15% of shareholders who voted supported a resolution asking the company to issue an annual review of its climate lobbying activities.
Persons:
Akio Toyoda, Glass Lewis, Glass Lewis plumped, Toyoda, Masahiko Oshima, carmaker, Pete Sweeney, Thomas Shum
Organizations:
MELBOURNE, Reuters, Toyota, ISS, Tokyo Stock Exchange, Sumitomo Mitsui Financial, Nikkei, California Public, New York, New York City Comptroller, Twitter, Thomson
Locations:
New York City