July 14, 2022
To Whom It May Concern,
Company Name | Toyo Denki Seizo K.K. |
Representative | Akira Watanabe, President |
(Stock Code: 6505 TSE Standard Market)
Masaru Hamada, General Manager,
Inquiries Human Resources and General Affairs
Division
(TEL 03-5202-8121)
Notice Concerning Reduction of Directors' Bonuses and Continuous Reduction of Executive Remuneration
Toyo Denki Seizo K.K. (hereinafter "Toyo Denki") hereby announces that it has decided to reduce Directors' bonuses and continuously reduce executive remuneration as follows.
1. Reduction of Directors' bonuses
- Reason for reduction
Toyo Denki has made a significant downward revision to net income for the fiscal year under review as stated in the "Notice on Difference Between Consolidated Performance Forecast and Results for the Fiscal Year Ended May 2022 and Recording of Non-operating Income, Extraordinary Losses and Income Taxes-Deferred (Gain)" announced today. Accordingly, it has decided to reduce Directors' bonuses so as to clarify the management responsibility that led to the reduction of shareholders' equity.
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Details of the reduction
85% reduction of total amount of year-end bonuses for four Directors (excluding outside Directors) (including 100% reduction of year-end bonuses for two Representative Directors) - Date of reduction (payment date) July 29, 2022
2. Continuous reduction of executive remuneration
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Reason for continuous reduction
Toyo Denki will take all possible measures for the early recovery and improvement in its corporate value which
declined under the drastically changing business environment. Accordingly, it has decided to continuously make efforts toward thorough cost reduction and reduce executive remuneration.
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Details of continuous reduction
Continuous 10% reduction of monthly remuneration for Directors (excluding outside Directors) - Applicable period
For the time being during the fiscal year ending May 2023
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Disclaimer
TOYO Electric Mfg. Co. Ltd. published this content on 14 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2022 07:39:07 UTC.