Opposition to Toyota Chairman Akio Toyoda has surfaced among some of the Japanese company¡¯s biggest investors after a series of vehicle safety scandals gave rise to concerns about his leadership and the future of the world¡¯s biggest carmaker.
Nissay Asset Management voted against all 10 board members, including Toyoda, in June on the grounds their actions were ¡°strongly in opposition to the needs of society.¡± Such incidents not only hurt public trust, it published on its website, but they can also damage the market¡¯s valuation of the company.
As big shareholders begin to disclose why and how they voted during Toyota¡¯s annual meeting in June, their criticisms and fears are casting further doubt on Toyoda¡¯s chances of reappointment next year. Domestic banks and brokerages, including institutional investors, account for almost 40% of Toyota¡¯s shareholders. As the largest block, a change of heart among those ranks could have a decisive impact on the chairman¡¯s tenure.
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