Toyota Group Firms to Reduce Number of Advisers to Zero
Nagoya, June 27 (Jiji Press)--Eight major Toyota Motor Corp. <7203> group firms plan to reduce their number of advisers to zero, informed sources said Thursday.
The move is part of governance reform efforts as the companies face increased criticism from investors that the function of advisers and their compensation are unclear.
The group firms include auto parts makers Denso Corp. <6902> and Aisin Seiki Co. <7259> and trading house Toyota Tsusho Corp. <8015>.
In 2018, Toyota reduced the number of its advisers from 61 to nine. The group companies followed suit by cutting the number of their advisers to seven from 84.
The remaining seven advisers will resign from their posts by the end of this month. Auto parts makers Jtekt Corp. <6473> and Toyota Boshoku Corp. <3116> have abolished the adviser system.
[Copyright The Jiji Press, Ltd.]