Backlash against Toyota Chairman Akio Toyoda has emerged among some of the Japanese company’s biggest investors after a series of vehicle safety scandals raised concerns about his leadership and the future of the world’s largest automaker.
Nissay Asset Management voted against all ten board members, including Toyoda, in June, saying their actions were “strongly inconsistent with the needs of society.” Such scandals not only damage public confidence, the company writes on its website, but can also damage the company’s market valuation.
As major shareholders begin to reveal why and how they voted at Toyota’s annual meeting in June, their criticism and fear cast further doubt on Toyoda’s chances of reappointment next year. Domestic banks and brokers, including institutional investors, account for nearly 40% of Toyota shareholders. As the largest bloc, a change of heart among those ranks could have a decisive impact on the chairman’s tenure.
