Toyota chairman warns he may lose board spot if investor support continues to fall

Toyota Motor Chairman Akio Toyoda recently said that he might not be reappointed as a director for the company if the shareholder support erodes as it is doing at present. Speaking in an interview, Toyoda suggested that the 72 percent vote of confidence that he received during the company’s last annual general meeting, which is 13 percent decline in confidence as compared to the previous year, could harm his position.

This showed that approval of a Toyota director registered the lowest score ever from such support. The latest is even lower among the foreign institutional investors who gave Toyoda only 34% votes after ISS and Glass Lewis proxy advisory firms gave Them critical votes on how they manage certification testing violations.

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Domestic institutional investor fund also declined to as low as 55% from over 70% of the previous year. Toyoda said this proved that many people must be dissatisfied with his leadership over the past one year. Still, he remained locally popular garnering a near 99% approval rating among the retail shareholders.