Glass Lewis Supports Re-Election of Toyota Chairman

Glass Lewis has advised shareholders to re-elect Toyota Motor, opens new tab Chairman Akio Toyoda, at this year's annual general meeting in June.

Key Highlights

• Glass Lewis reverses stance, now endorses Akio Toyoda's re-election amid improved governance practices.
• Institutional Shareholder Services also supports Toyoda's reappointment, reflecting renewed confidence in leadership.

Glass Lewis has recommended that shareholders vote against his re-election for the past two years. Toyoda's position at the automaker has come under scrutiny due to governance concerns.

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In recent years, shareholder support for Toyoda, the former CEO and grandson of the company's founder, has decreased. In 2024, he received 72% of the vote from shareholders, compared to 85% and 96% in the two years prior.

In July 2024, Toyoda said that if shareholder support kept declining, his position on the board might be in danger. He stated at the time that the 2024 result represented the lowest support rating ever recorded for a Toyota director.

In addition to Glass Lewis, proxy adviser Institutional Shareholder Services (ISS) has recommended that shareholders vote to re-elect Toyoda this year, as opposed to voting against him last year.