TOKYO (ANN/THE YOMIURI SHIMBUN) – A formal apology was issued by Toyota Motor Corp President Koji Sato to shareholders during the company’s annual shareholders meeting held at its headquarters in Toyota, Aichi Prefecture, on Tuesday.
Addressing the gathered shareholders, Sato, who chaired the meeting, expressed deep regret over the fraudulent certification tests uncovered by Toyota Motor on June 3.
The company has taken decisive action in response, including the suspension of production for three models manufactured by its group companies.
“We sincerely apologise for the significant inconvenience caused to our valued customers and shareholders,” Sato stated at the outset of the meeting.
Before the revelations, irregularities in certification testing were found at Daihatsu Motor Co. and Toyota Industries Corp, both of which are members of the Toyota Group.
“We sold [the models] without following the correct procedures to obtain certification,” Sato said. “Chairman Akio Sato is working on making improvements at the workplaces. I’ll work with him to prevent recurrence.”
Proposals to appoint 10 members to the board of directors, including Toyoda and Sato, were approved at the shareholders’ meeting.
Institutional Shareholder Services Inc, a US voting advisory firm, recommended against the proposal to appoint Toyoda as a director, saying that he is the one ultimately responsible for the certification irregularities.
Some institutional investors, including the California Public Employees’ Retirement System (CalPERS), the largest public pension fund in the United States, have stated that it voted against the proposal.
