Toyota’s Akihito Toyoda: Glass Lewis Overturns Past Opposition and Backs His Re-Election

Toyota’s Akihito Toyoda: Glass Lewis Overturns Past Opposition and Backs His Re-Election

In a surprising turn of events, the influential consulting firm Glass Lewis has reversed its stance and recommended that Toyota shareholders vote in favor of re-electing Akihito Toyoda at the upcoming annual meeting in June. This marks a significant shift, as Glass Lewis had opposed Toyoda’s candidacy for the past two years, citing concerns about corporate governance.

Akihito Toyoda, the grandson of the company’s founder and former CEO, has faced declining support from shareholders in recent years. In 2024, only 72% of shareholders voted in his favor, the lowest percentage in Toyota’s history. The previous year saw 85% support, and 96% in 2022.

Toyoda himself acknowledged the threat to his position on the board of directors in an interview with Toyota’s official media outlet in 2024. He described the voting results as troubling and stated that he would continue serving only if he had the sustained support of shareholders.

The situation seems to be changing. In addition to Glass Lewis, another major proxy advisory firm, ISS (Institutional Shareholder Services), has also come out in favor of Toyoda’s re-election. Last year, ISS had recommended voting against his candidacy.