From Breakingviews - Toyota gets activism, without the activists
The Toyota logo is seen on the bonnet of a newly launched Camry Hybrid electric vehicle at a hotel in New Delhi, India, January 18, 2019. REUTERS/Anushree Fadnavis/File Photo
SINGAPORE, June 5 - It’s one thing to be targeted by pushy activists looking for a quick return. It’s perhaps more embarrassing to receive the wholesale disapproval of American pension funds who are long-term stewards of capital. That’s the position the board of $200 billion carmaker ToyotaTwo large U.S.
Having the former CEO of 14 years lead the board is indeed bad governance. But the Americans went further;
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