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Toyota has said that it will reduce the number of its board members to 20-30 from the current 58 in order to speed up its decision-making. Toyota will adopt the slimmer executive board after a June general shareholders meeting approves the move, the company said.

Senior managing directors and executives above will remain on the board, while managing directors will become non-executive directors, Toyota said.

Observers noted however, that Toyota has stopped short of adopting a US-style corporate governance model.

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By GlobalData