Toyota Motor shareholders backed Chairman Akio Toyoda and nine other members of the automaker's board on Tuesday, despite concerns about governance raised by two leading proxy advisers.shareholders backed Chairman Akio Toyoda and nine other members of the automaker's board on Tuesday, despite concerns about governance raised by two leading proxy advisers.
The grandson of the company's founder, Toyoda remains deeply popular among retail shareholders. He has been praised for steering the company to another year of record profits and a strong stock performance last year. While Toyoda faced little risk of not being re-elected, a big fall in his approval rating could be an embarrassment for a company that has been the world's top-selling automaker four years in a row.The automaker has been bedeviled by a spate of safety and other certification testing violations at Toyota and its group companies, including small car maker Daihatsu. Institutional Shareholder Services had taken issue with the way the automaker has dealt with problem.
In early June, Toyota said it had wrongly conducted six different vehicle certification tests in the past, including for three models that were still being sold.
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Toyota shareholders demand vote against chairman Toyoda over scandalThe vote expected Tuesday at the annual shareholders meeting comes after Toyota apologized recently over fraudulent certification tests for vehicles.
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