Investor support for Toyota Motor’s longtime leader, Akio Toyoda, sank to its lowest level since he took the helm as shareholders challenged the extent of control he exerts over the company.
According to a filing released on Wednesday, 71.9 percent of shareholders supported renominating Mr. Toyoda as chairman of Toyota’s board. That met the threshold required for re-election, but it was the lowest level of support for him since at least 2010, after Mr. Toyoda’s first full year as chief executive.
Ahead of Toyota’s shareholder meeting on Tuesday, The New York Times reported that several big investors planned to vote against Mr. Toyoda’s reappointment. They questioned whether recent problems with mishandled vehicle tests might indicate broader governance issues within Toyota, including inadequate checks and balances on management.
Subscribe to The Times to read as many articles as you like.