NAGOYA: A U.S. proxy advisory company has recommended that Toyota Motor Corp. shareholders vote against the Japanese automaker’s proposal to reappoint Chairman Akio Toyoda as director, it was learned Monday.
Glass Lewis argues that Toyoda is responsible for the lack of board directors who can be considered independent.
The U.S. company also said that the shortfall raises serious concerns about the Toyota board’s objectivity, independence and ability to provide adequate oversight.
Glass Lewis also recommended that shareholders oppose Toyota’s proposal to appoint three audit and supervisory board candidates, claiming that they are insufficiently independent.
Toyota replied that the proposals meet the Tokyo Stock Exchange’s standards and that the independence has been validated.