Toyota shareholders re-elected Akio Toyoda as chairman during the company’s annual general meeting. The vote followed a series of fraudulent vehicle certification tests involving Toyota and its group subsidiaries.
Influential proxy advisory firms Institutional Shareholder Services and Glass Lewis recommended that investors vote against Toyoda. His approval rating previously fell to a record low of 85% in 2023, down from 96% in 2022.
Investors continue to monitor the company’s corporate governance and electric vehicle strategy. CEO Koji Sato apologized for the certification failures and committed to revamping the company's internal culture.