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

Toyota's chairman sees shareholder backing slide to 72% amid governance concerns

<html xmlns="http://www.w3.org/1999/xhtml"><head><title>UPDATE 3-Toyota's chairman sees shareholder backing slide to 72% amid governance concerns</title></head><body>

Adds Toyota share performance in last paragraph

By Daniel Leussink

TOKYO, June 19 (Reuters) -Shareholder backing for Toyota 7203.T Chairman Akio Toyoda slid for a second straight year, results from its annual general meeting showed on Wednesday, with his support rate dropping to 72% amid certification scandals and governance concerns.

The result marks the lowest level of backing for Toyoda, the grandson of the company's founder, since the world's largest automaker started disclosing the breakdown of shareholder votes in 2010.

It is likely to be seen as an embarrassing rebuke for one of the giants of corporate Japan, where traditionally executives are re-elected to boards with overwhelming support. It is also a testament to the extent U.S.-style corporate governance is taking root across Japan Inc.

The result follows recommendations by proxy advisers to vote against Toyoda's re-election and comes after an approval rating of 85% last year and 96% in 2022.

Institutional Shareholder Services (ISS) and Glass Lewis both took issue with the way the company has dealt with ongoing certification testing violations, which involve Toyota and group companies such as compact car maker Daihatsu.

Glass Lewis, which had recommended that Toyoda not be re-elected for a second year in a row, also expressed concerns about the board's independence and return on equity.

Most of the slippage in support is expected to have come from foreign investors which account for a quarter of Toyota's shareholders. Those that voted against Toyoda included U.S. public pension CalPERS and Canadian pension investor CPP Investments.

Toyota said in a statement it saw the approval ratings as candid feedback from institutional investors and that to enhance the independence of its board, it had clarified the roles and expectations of outside executives and redefined the criteria for assessing independence.

It added that to accelerate its transformation it would sell cross-shareholdings. Critics say the practice of cross-shareholdings between Japanese firms encourages lax governance by ensuring a too-cozy relationship between management and shareholders.

"The governance or holding structure side is where we expect changes to accelerate. Obviously, that has been the focus of the shareholders, and shareholders have been demanding faster changes there," said James Hong, head of mobility research at Macquarie.

Toyoda was never expected to lose his re-election, given shareholdings in the automaker owned by other Toyota group firms, record business results and his popularity among Japanese retail investors.

Though the automaker has been under fire in recent years for its slow shift to battery electric vehicles, its so-called "multi-pathway" strategy - where it also heavily invests in hybrids and hydrogen fuel cells - now appears prescient.

It benefited from its strong hybrid line-up last year as growth for battery EVs in major markets like the United States slowed on relatively high prices and worries about the lack of charging infrastructure.

Toyota's shares have fallen 9% since revelations of further certification testing violations came to light in early June, but are still up 20% for the year to date.

Reporting by Daniel Leussink; Editing by David Dolan and 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.