Toyota's President Akio Toyoda discusses the company's growth over his 12-year term in office.

In the heart of Toyota City, Aichi Prefecture, on June 16, 2021, Toyota Motor Corporation held its annual Ordinary General Shareholders' Meeting. The meeting was attended by 383 individuals, the same number as the previous year.

At the helm of the corporation, President Akio Toyoda addressed the shareholders, reflecting on his 12-year tenure and the challenges he has faced. Akio's notions that "nothing good comes from confrontation" and his desire to be useful to others and work for the sake of others became stronger after he became president.

Akio mentioned that he has spent his corporate life in a lonely environment due to being from the founding family. However, he felt that they had been given a push in the run-up to the Ordinary General Shareholders' Meeting, as their share price exceeded 10,000 yen the day before.

During the meeting, Akio highlighted Toyota's significant achievements and growth over the past 12 years. The total sales of Toyota over the past 12 years amounted to 300 trillion yen. Additionally, Toyota's consolidated workforce has increased by 50,000 people.

Akio emphasised the importance of Toyota's contributions to various stakeholders, including national and local governments, members of the company, and suppliers. He provided concrete figures to demonstrate Toyota's contributions to society, including taxes paid and jobs created, over the past 12 years.

Executive salaries at Toyota are about three percent lower than they were last year. Meanwhile, Toyota is planning to increase its dividends.

Akio believes that he was able to continue as president for 12 years due to various crises, including the global financial crisis, recall crisis, U.S. Congressional hearings, and Great East Japan Earthquake. He stated that it is due to these crises that both he and Toyota have been able to survive to this day and that more Toyota members started to listen to his words and try to change themselves.

Akio Toyoda also spoke about the interconnected nature of the automotive industry. He emphasised that the automotive industry is not one dominated by finished car manufacturers but rather has grown with the mutual support of everyone in the industry. About 70 percent of Toyota's sales was spent on purchasing parts from suppliers, amounting to 230 trillion yen.

However, it's worth noting that there are no specific publicly available figures detailing Toyota Motor Corporation's exact payments to the Japanese state budget, the number of jobs created, or the income generated for suppliers over the last 12 years.

Akio's 12-year battle as president was a constant struggle against headwinds, both against the environment surrounding Toyota and an internal struggle to "bring back what makes us Toyota". Despite numerous failures and mistakes, Akio and his colleagues have tirelessly taken action and faced reality together during the past 12 years.

In response to shareholders' questions during the meeting, Akio mentioned a 20 trillion-yen increase in market capitalization is worth a 10 percent consumption tax increase in Japan. This statement was met with a mix of reactions from the shareholders, reflecting the ongoing debate about the role of corporations in society and their responsibility to contribute to the economy.

As the meeting concluded, it was clear that Akio Toyoda's leadership has steered Toyota through challenging times, resulting in significant growth and contributions to various stakeholders. The future of Toyota remains uncertain, but with Akio at the helm, the corporation continues to face challenges head-on, working for the sake of others and striving for continuous improvement.

Toyota's President Akio Toyoda discusses the company's growth over his 12-year term in office.