AGM this year followed controversies involving failed certification tests at Toyota and its affiliates, Daihatsu and Hino Motors.
Glass Lewis and Institutional Shareholder Services, the automaker’s proxy consultants, had urged against re-electing Toyoda and chastised the automaker’s handling of these concerns.
However, Toyoda was expected to win the vote because of the substantial ownership by other Toyota group companies and his standing with Japanese retail investors, which was reinforced by his record-breaking financial results.
International investors, who account for 25% of Toyota’s stockholders, were expected to pose the greatest resistance.
Although he did not address the advice of the proxy advisers, Toyota CEO Koji Sato, who took over for Toyoda as CEO last year, apologized for the certification issues.