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A significant difference in Toyota’s corporate governance structure is that the company currently does not have any directors that can be deemed as independent directors. Another major difference is that unlike domestic US companies Toyota is not required to have shareholder approval of equity compensation plans, therefore Toyota may choose to adopt an equity compensation plan under which stock acquisition rights are granted on specially favorable terms to the recipient without disclosing this information. It should also be noted that information regarding director compensation does not have to be disclosed by Toyota to the public...
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