A firm that advises large investors backed the reappointment of Chairman Akio Toyoda to Toyota’s board, reversing its position from a year ago.
"There are no particular concerns about the nominee,” Institutional Shareholder Services said in a report Thursday. The world’s No. 1 carmaker will hold its annual meeting June 12.
ISS, Glass Lewis and other proxy advisory firms can influence voting at shareholder meetings by providing an analysis for why stakeholders should support or reject proposals on directors and other matters. Last year, ISS and Glass Lewis recommended against Toyoda’s re-election, citing concerns over governance and his handling of a series of vehicle safety scandals, as well as Toyota’s commitment to reducing its impact on climate change.
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