07:17 AM EDT, 05/28/2024 (MT Newswires) -- Toyota Motor ( TM ) is set to hold its annual general meeting in June and proxy advisory firm Glass Lewis has recommended that shareholders vote against the re-election of Chairman Akio Toyoda and Vice-Chairman Shigeru Hayakawa, Reuters reported Tuesday, citing a copy of Glass Lewis' recommendations.

According to the report, Glass Lewis claimed that Toyota's ( TM ) board was not sufficiently independent and that the proxy advisory firm also recommended a vote against Toyoda last year.

Toyota Motor ( TM ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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