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Toyota: boss Akio Toyoda survives shareholder unrest

STORY: Toyota chairman Akio Toyoda has survived a shareholder revolt at the carmaker’s annual general meeting.

Two leading proxy advisers 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, Toyoda remains hugely popular among Japanese retail investors.

He’s also been praised for steering Toyota to another year of record profits and strong stock gains.

While that meant Toyoda 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.

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Toyoda 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 the Toyota headquarters.

The auto giant said it had wrongly conducted certification tests on six 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.