Toyota Pres. Vows to Continue Taking On Challenges

June 14, 2018

Toyota, Aichi Pref.- Toyota Motor Corp. President Akio Toyoda told shareholders on Thursday that the automaker will continue taking on challenges.

Such a stance would be essential for Toyota to remain a "needed company in a phase of once-in-a-century transformation," he said, showing his resolve to enhance Toyota's competitiveness through vehicle electrification and autonomous driving.

Toyoda was speaking in a general shareholders meeting at the automaker's headquarters in the city of Toyota, Aichi Prefecture, central Japan.

At the meeting, shareholders gave their approval for the appointments of nine board members. This means that Toyoda's leadership entered its 10th year.

Teiko Kudo, managing executive officer at Sumitomo Mitsui Banking Corp., was appointed an outside director of Toyota, becoming the first woman to sit on the automaker's board.

Also in the meeting, the company reported its business results for fiscal 2017. In the year that ended in March, the automaker's net profit hit a record high for the first time in two years.

On the back of the strong earnings, Toyota proposed paying a total of 1,224 million yen in board members' bonuses, up 30.5 pct from the previous year. Payment per board member will reach 204 million yen on average, up 74.0 pct.

The shareholders meeting, which lasted one hour and 58 minutes, drew a record 5,258 participants, up 31 from last year.

Shareholders asked about the company's standards for selecting board members and policies related to vehicle electrification and autonomous driving.Jiji Press