Proxy advisory firm Glass Lewis & Co. is opposing the reappointment of Toyota Chairman Akio Toyoda, citing a shortage of independent directors at the automaker, the Nikkei newspaper said.
Glass Lewis also recommended shareholders vote against the three nominees for auditors, citing concerns over their ability to conduct appropriate audits, the Nikkei said, without specifying where it obtained the information.
The firm advised investors to not support a proposal by some shareholders for Toyota to amend its corporate charter to include specifics on how its working toward reducing risks for climate change, according to the newspaper. The plan is not necessarily in the interests of shareholders, Glass Lewis said.
Toyota defended the reappointment of Toyoda in an e-mailed statement Saturday, saying he has strengthened the company's competitiveness and can continue to contribute to increase its valuation by promoting its transformation into a mobility company.