WionDrive News Desk 
One of the leading proxy advisory firm, Glass Lewis has delivered a significant guidance to Toyota Motor shareholders regarding the future meeting that is supposed to be held in end of June. The firm recommends shareholders vote against the re-election of the current chairman, Akio Toyoda, because of issues relating to perceived directorial independence.
It is perhaps a tell-tale sign that company veteran Akio Toyoda, who comes from the founder’s family and has been CEO of Toyota in the past, saw his share owners’ vote of confidence drop to around 85% in the latest re-elections from about 96% in the preceding year. This significant drop in support is rather unique in the context of corporate Japan, where board nominees usually enjoy close to unanimous support of shareholders.
Glass Lewis had been against Toyoda re-election last year, accusing him of interfering with board of director’s independence. At the time of writing this piece, it was still early for Toyota officials to release statements regarding the issue under discussion; nonetheless, the automaker has stated that its board complies with the Tokyo Stock Exchange’s (TSE) governance criteria. Last year, Toyota argued that Toyoda should be re-nominated on the grounds that he is currently the driving force behind the reformation of the company.
Apart from this, Glass Lewis has suggested voting against Toyoda and the board vice chairman, Shigeru Hayakawa re-election based on a report provided to Reuters. This is not in line with last year recommendation made by Glass Lewis. Also, the advisory firm recommends that the shareholders vote against the proposal to require the manufacturer to expound its lobbying activities to the goals established by the Paris Agreement, concerning climate change.
