From Breakingviews - Toyota governance fight gets stuck in traffic
of Toyota’s 10 board candidates are unaffiliated, fewer than the one-third the advisory sets as a floor. Toyota insists its board meets the Tokyo Stock Exchange’s independence standards.
Yet ISS recommends backing the candidates anyway as a vote against them risks “increasing management dominance of the board”. Glass Lewis suggests investors blame Chair Akio Toyoda. He should go in any event: having the former CEO of 14 years lead the board is bad governance. The duo also disagree on a shareholder resolution pushing for an annual report on climate lobbying. The proxy advisories’ independence of thought is laudable.
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