Toyota: boss Akio Toyoda survives shareholder unrest

Toyota chairman Akio Toyota has survived a shareholder revolt. At the carmaker's annual general meeting, 2 leading proxy advisors had recommended voting against his re election amid a spate of safety and testing violations at the company. The grandson of the firm's founder, Toyota remains hugely popular among Japanese retail investors. He's also been praised for steering Toyota through another year of record profits and strong stop gains. While that meant Toyota faced little chance of not being re elected, insiders were concerned that a significant vote against him could be an embarrassment. Exact figures on the result won't be released until Wednesday. Toyota was forced to issue an apology after Japan's government began probing violations at the parent firm and group companies, including small car unit Daihatsu. Earlier in June, officials from the transport ministry launched an on site inspection at Toyota headquarters. The auto giant said it had wrongly conducted certification tests on 6 vehicles, three of which are still on the market. It has promised steps to prevent any recurrence of the problems. Toyota shares have fallen around 10% since the latest revelations came to light, but are still up 18% or so this year.

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