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 scandals 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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