Hyperdrive
Opposition to Toyota’s Chairman Spreads Among Big Shareholders
- Investors are disclosing how they voted at June meeting
- Votes against Toyoda cited concerns over governance, scandal
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Opposition to Toyota Motor Corp. 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 Corp. voted against all 10 board members in June, including Toyoda, on the grounds their actions were “strongly in opposition to the needs of society.” Such scandals not only hurt public trust, it published on its website, but they can also damage the market’s valuation of the company.