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Glass Lewis advises against reelecting Toyota chairman as director

Proxy advisory firm faults Akio Toyoda, saying board lacks independence

A proxy adviser sees a systemic lack of independence in Toyota Motor's board of directors.   © Reuters

TOKYO -- U.S. proxy advisory firm Glass Lewis has recommended that shareholders vote against the reelection of Toyota Motor Chairman Akio Toyoda as a director, holding him responsible for what it claims is a lack of independence at the Japanese automaker's board.

The company also advised against voting for three auditor candidates, asserting the lack of independent auditors and concerns about their ability to perform an adequate oversight role. Toyota holds its annual shareholders meeting June 14.

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