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  "documentTitle": "Toyota Industries Corporation (6201)",
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  "notes": "Uses two distinct case studies (auto business captive supplier and emissions scandal) to argue for governance failure.",
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      "text": "January 2024 Special Investigation Committee report confirmed emissions cheating",
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      "text": "Best-in-class assets but run for TMC's benefit – and not for TICO's minority shareholders",
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      "text": "Average Automotive ROIC, FY3/20-FY3/25 (%)",
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      "text": "2024 emissions violations show clear evidence that TICO lacks appropriate governance and management frameworks; This needs to be urgently and fundamentally addressed",
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      "text": "Auto business is a captive supplier; Today, this business is essentially run for TMC's benefit; Large investments in best-in-class assets with very low returns are unacceptable",
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      "text": "Average Automotive ROIC: 2%",
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      "text": "Unacceptable governance failures unearthed by emissions scandal",
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      "text": "Over-investment in auto business for the benefit of TMC",
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      "kind": "quote",
      "text": "A probe by an independent investigation panel revealed that Toyota Industries had cheated on certification tests [...] The string of revelations has raised questions about [...] oversight [...] Nikkei Asia, January 29, 2024",
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      "text": "One factor that complicates discussions about valuations [...] the governance issues that arise from the situation [...] the company's largest customer is its largest shareholder, and the company lacks incentives to maximise profits. UBS, April 26, 2022",
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      "text": "One factor that complicates discussions about valuations [...] the governance issues that arise from the situation [...] the company's largest customer is its largest shareholder, and the company lacks incentives to maximise profits. — UBS, April 26, 2022; A probe by an independent investigation panel revealed that Toyota Industries had cheated on certification tests [...] The string of revelations has raised questions about [...] oversight [...] — Nikkei Asia, January 29, 2024",
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      "text": "Source: Company Materials, Leading Management Consulting Firm. Notes: (1) Calculated based on NOPAT and total assets; (2) 20xx calendar year matches FY20xx+1.",
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      "kind": "title",
      "text": "Scandals and coercive business relationships with TMC go hand-in-hand with cross-shareholdings",
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      "text": "...and Have Led to Poor Oversight and Coercive Business Dealings",
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