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Mitsubishi wants to triple executives' annual pay | Mitsubishi wants to triple executives' annual pay |
(1 day later) | |
Mitsubishi Motors is proposing higher salary caps that could triple the annual pay packages of its top executives. | Mitsubishi Motors is proposing higher salary caps that could triple the annual pay packages of its top executives. |
The new limits come as the scandal-hit Japanese carmaker prepares to appoint Carlos Ghosn as chairman. | The new limits come as the scandal-hit Japanese carmaker prepares to appoint Carlos Ghosn as chairman. |
The firm wants to raise the cash limit on executive pay from 960m yen (£6.7m, $8.4m) to 2bn yen. There could also be non-cash rewards worth 1bn yen. | The firm wants to raise the cash limit on executive pay from 960m yen (£6.7m, $8.4m) to 2bn yen. There could also be non-cash rewards worth 1bn yen. |
The new salary caps need approval by shareholders. | The new salary caps need approval by shareholders. |
They are due to vote on that at an extraordinary meeting on 14 December. | They are due to vote on that at an extraordinary meeting on 14 December. |
Shareholders will also be asked to approve the appointment of Nissan and Renault boss Carlos Ghosn as chairman, and three other new executives with experience at Nissan. | Shareholders will also be asked to approve the appointment of Nissan and Renault boss Carlos Ghosn as chairman, and three other new executives with experience at Nissan. |
If approved, the total annual pay packages of all 11 executives on the company's new board could amount to 3bn yen. | |
New talent | New talent |
Mitsubishi Motors says the new salary caps are designed to attract outside talent to the company. | Mitsubishi Motors says the new salary caps are designed to attract outside talent to the company. |
Its reputation was hit badly after it admitted in April to falsifying the fuel efficiency of several models. | Its reputation was hit badly after it admitted in April to falsifying the fuel efficiency of several models. |
The admission led to a suspension of sales of the vehicles and prompted a sharp drop in Mitsubishi Motors' share price. | The admission led to a suspension of sales of the vehicles and prompted a sharp drop in Mitsubishi Motors' share price. |
Mitsubishi has suffered heavy losses resulting from the scandal. It has forecast a net loss of 145bn yen for the current financial year. | Mitsubishi has suffered heavy losses resulting from the scandal. It has forecast a net loss of 145bn yen for the current financial year. |
In May, Nissan helped to bail out Mitsubishi Motors by taking a 34% stake in its smaller rival. | In May, Nissan helped to bail out Mitsubishi Motors by taking a 34% stake in its smaller rival. |
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