Advisory firm Glass Lewis has shifted its stance, recommending shareholders vote for the re?election of Toyota Motor (NYSE:TM) Chairman Akio Toyoda at the June AGM—after advising against him the previous two years. Proxy adviser ISS has likewise flipped to a “For” recommendation, highlighting growing confidence in Toyoda’s leadership despite earlier governance concerns.
Slide in Shareholder Support

In 2024, Toyoda secured just 72% backing—the lowest ever for a Toyota director, down from 85% and 96% in 2022 and 2023.

He warned in mid?2024 that continued slippage could jeopardize his board seat, underscoring the stakes for this year’s vote.

Why the Turnaround?

Strategic Continuity: Under Toyoda, Toyota navigated chip shortages, launched its groundbreaking bZ electric?vehicle lineup, and deepened investments in hydrogen technologies.

Governance Reforms: The board has since enhanced independent director quotas and strengthened its audit committee charter—moves that mollified major proxy advisors.

Analyst Sentiment and Valuation
Toyota’s fundamentals remain robust, with analysts forecasting a 15% upside to consensus targets. According to FMP’s Price Target Summary API, the median street price target for TM is $205, implying room for further shareholder value under Toyoda’s watch.
Dive into the Proxy Details
For the full text of Toyota’s governance proposals and board?renewal resolutions, stakeholders can review the official proxy filing via the SEC Filings API, which aggregates the latest 20?F and DEF?14A submissions.

With both Glass Lewis and ISS now aligned behind Toyoda, shareholders have clear guidance as they weigh leadership stability against demands for fresh oversight—making this June’s vote a bellwether for Toyota’s governance trajectory.