In today’s briefing:
- Necessary to Dissolve Cross Shareholdings While Simultaneously Ensuring the Independence of BoD
Necessary to Dissolve Cross Shareholdings While Simultaneously Ensuring the Independence of BoD
- Toyota’s sale of Denso shares is believed to be aimed at securing cash for full-scale EV production, and it’s premature to expect “governance improvement through the sale of cross-held shares.”
- Since Toyota intends to maintain a 20% equity stake in Denso, which is an equity method affiliate, there will be no change in the influence on Denso for a while.
- While intercompany shareholdings and board reciprocity based on business relationships were one of Toyota’s strengths, the interests of minority shareholders were at risk of being left behind.
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