Hindi nagbibigay ng serbisyo ang XM sa mga residente ng Estados Unidos.

At Toyota shareholder meeting, all eyes on level of support for chairman

<html xmlns="http://www.w3.org/1999/xhtml"><head><title>PREVIEW-At Toyota shareholder meeting, all eyes on level of support for chairman</title></head><body>

By Daniel Leussink and Maki Shiraki

TOKYO, June 17 (Reuters) -Toyota Motor 7203.T Chairman Akio Toyoda may be in no danger of not being re-elected at the automaker's annual general meeting on Tuesday, but any further big drop in shareholder support could lead to increased action on governance reforms.

This year's AGM will follow scandals involving violations of certification tests at Toyota and its group companies including compact car maker Daihatsu and truck unit Hino Motors 7205.T.

Proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis have recommended that Toyoda not be re-elected, citing concerns over governance and the board's independence. Since then, another scandal over testing violations has also come to light.

Toyoda's approval rating fell to 85% last year from 96% in 2022 but he only needs a majority to be re-elected and scandals aside, business has been good.

The grandson of the car maker's founder, Toyoda has been on the board since 2000, making him its longest-serving director. He is expected to have support from individual investors as well as the many suppliers and Toyota group companies among its shareholders.

"I don't assume Akio Toyoda-san is not being re-appointed," said James Hong, head of mobility research at Macquarie. "It's just that the approval rate coming down will be a bit of a yellow flag to management."

Hong said that potential action from Toyota to counter criticism over governance could include an acceleration of its efforts to unwind cross-shareholdings, particularly shareholdings in non-automotive companies such as finance companies or telecoms firm KDDI 9433.T.

The outcome of the vote will be announced on Tuesday though the approval rate will not be disclosed until Wednesday.

ISS has taken issue with the way the automaker has dealt with certification irregularities within the Toyota group, saying that Toyoda should be considered "ultimately accountable" for the errors.

"It is important that the company establish appropriate compliance mechanisms under the board's leadership," it said in a report. "Now is a good time for change in the face of incidents at its group companies."

Glass Lewis, which is recommending that Toyoda not be re-elected for a second year in a row, said that he is responsible for the board's lack of independence and also cited concerns about its strategic shareholdings and return on equity.

Asked about the proxy advisers' recommendations, Toyota said in a statement to Reuters that taking stock of its mistakes was long rooted in its corporate culture and Toyoda would take the lead in re-instilling that culture and working with group companies to ensure effective governance.

Toyota's shares have lost 10% since the latest scandal emerged early this month. That said, the stock is still up 17% for the year to date, outperforming the broader market and adding to a gain of 43% last year.

The automaker retained its crown as the world's top-selling car maker for a fourth consecutive year in 2023, helped by a weak yen and growing hybrid vehicle sales. It booked a record profit for the last business year that ended in March.

"Toyoda should be highly regarded as he delivered results and led Toyota to growth," said Koji Endo, head of equities research at SBI Securities.

Reporting by Daniel Leussink and Maki Shiraki; Editing by Edwina Gibbs


Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.

Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.

Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.

Babala sa Risk: Maaaring malugi ang iyong kapital. Maaaring hindi nababagay sa lahat ang mga produktong naka-leverage. Mangyaring isaalang-alang ang aming Pahayag sa Risk.