Toyota chairman losing support

Shareholder support for Toyota chairman Akio Toyoda has dropped for a second straight year and came in at 72 per cent at the company’s recent annual general meeting.

The declining level of backing, down from 85 per cent in 2023 and 96 per cent in 2022, comes amid certification scandals and governance concerns at the Japanese carmaker.

Toyoda, pictured, is the grandson of the company's founder and he was re-elected as chairman this month despite recommendations by proxy advisers to vote against the move.

Institutional Shareholder Services (ISS) and Glass Lewis raised concerns ahead of the poll about how Toyota has dealt with certification testing breaches involving the company.

Glass Lewis also questioned the board's independence and return on equity, reports Reuters.

Toyota has described the approval ratings as candid feedback from institutional investors.