believes that four of its nominees are independent, including the deputy chair of Sumitomo Mitsui Banking, Toyota’s main lender. Glass Lewis refutes this and classifies him as “affiliated.”“In our view, the board does not have a sufficient number of independent directors, which raises serious concerns about its objectivity, independence and ability to perform proper oversight,” Glass Lewis said in a recent report.
The company has also suggested that Toyota shareholders vote against the election of some statutory auditor nominees at the annual meeting scheduled for June 14.notes that Toyota has hit back at Glass Lewis’ assertions, stating that Sumitomo Mitsui Banking’s transactions with at are not material and that the potential appointment of its executive “won’t conflict with the interest of general shareholders.