Reduction in directors’ compensation in response to deteriorating performance and the impact of the pandemic
First written in FY2020. 2 of 6 entries say "Advanced", first in FY2021-Q1. Latest entry: FY2022-Q2.
11 other companies' latest entry also says "Restated".
- FY2022-Q2RestatedAnnual report
「However, in the current fiscal year these measures were not implemented, and variable costs such as transportation expenses increased as a result of higher sales, although」
It is stated that the cost-reduction measures implemented in the previous fiscal year, including cuts in directors’ compensation and reductions in employee bonuses, have not been implemented in the current fiscal year either. - FY2022-Q1DroppedAnnual report
「In the previous fiscal year, personnel expenses, including cuts in directors’ compensation and reductions in employee bonuses, as well as travel expenses and other costs, declined substantially because of restrictions on sales activities implemented in response to the uncertain outlook resulting from the impact of COVID-19. However, in the current fiscal year, these measures were not implemented, and sales activities returned to normal except in some areas, resulting in increases in personnel expenses, travel expenses and other costs.」
It is explicitly stated that the cost-reduction measures implemented in the previous fiscal year, including cuts in directors’ compensation, reductions in employee bonuses and restrictions on sales activities, have not been implemented in the current fiscal year. - FY2021-Q3RestatedAnnual report
「In terms of profit, through cuts in directors’ compensation and employee bonuses, lower personnel expenses resulting from voluntary restraint, and reductions in various expenses related to sales activities」
Cost-reduction measures, including the reduction in directors’ compensation resolved in the previous fiscal year, continue to be cited as factors improving profit for the cumulative third quarter. - FY2021-Q2AdvancedAnnual report
「In terms of profit, in an uncertain outlook, through cuts in directors’ compensation and employee bonuses, lower personnel expenses resulting from voluntary restraint, and reductions in various expenses related to sales activities」
The reduction in directors’ compensation resolved in the previous fiscal year appeared as a factor improving profit for the cumulative second quarter, together with reductions in employee bonuses, personnel expenses and sales-related expenses. - FY2021-Q1AdvancedAnnual report
「In an uncertain outlook, through cuts in directors’ compensation and employee bonuses, lower personnel expenses resulting from voluntary restraint, and reductions in various expenses related to sales activities」
The reduction in directors’ compensation resolved in the previous fiscal year appeared in the results as a factor reducing costs in the current quarter, together with reductions in employee bonuses, personnel expenses and sales-related expenses resulting from voluntary restraint. - FY2020First statedAnnual report
「At the regular Board of Directors meeting held in April 2020, we took seriously the difficult business environment, marked by declines in revenue and profit for 2 consecutive fiscal years, and resolved to reduce the compensation of directors, excluding directors who are Audit and Supervisory Committee members, effective from April 2020. As the impact of the spread of COVID-19 on the Company’s future performance remains uncertain, we plan to continue reducing directors’ compensation.」
It is stated for the first time that, in light of declines in revenue and profit for 2 consecutive fiscal years and the impact of COVID-19, the policy is to reduce the compensation of directors other than those who are Audit and Supervisory Committee members from April 2020.