Glass Lewis Reverses Stance, Supports Re-election of Toyota Chairman Akio Toyoda

Published 7 hours agoTM

Glass Lewis Reverses Stance, Supports Re-election of Toyota Chairman Akio Toyoda

Glass Lewis, an influential advisory firm, has shifted its position to recommend the re-election of Toyota Motor Chairman Akio Toyoda at the upcoming annual general meeting in June 2025. This marks a notable change from the firm's previous two years, where it advised shareholders to vote against Toyoda's re-election due to governance concerns.

In previous years, Glass Lewis raised issues related to the board's independence and strategic shareholdings as reasons for their opposition. Toyoda's shareholder approval rating reflected these concerns, declining to 72% in 2024 from 85% in 2023 and 96% in 2022. These figures illustrate the growing unease among shareholders over governance aspects, as reported by sources like U.S. News Money.

Interestingly, Institutional Shareholder Services (ISS) has also altered its recommendation and is endorsing Toyoda's re-election this year, aligning with Glass Lewis's revised stance. This change from both influential advisory bodies arrives as shareholders prepare to cast their votes at the upcoming meeting, spotlighting a potential shift in sentiment towards Toyota's governance. Reuters noted this crucial development as a significant indicator of evolving investor perceptions.

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