Abolition of the Executive Retirement Benefit System
First written in FY2017-Q1. 1 of 2 entries say "Achieved", first in FY2017-Q2. Latest entry: FY2017-Q2.
20 other companies' latest entry also says "Achieved".
- FY2017-Q2AchievedAnnual report
「In connection with this, the entire provision for directors' retirement allowances was reversed, and the unpaid amount of ¥303 million relating to the lump-sum payments is presented under “Other” in non-current liabilities.」
In connection with the abolition of the directors' retirement allowance system, the entire provision for directors' retirement allowances was reversed. It states that implementation of the abolition and the related accounting treatment had been completed. - FY2017-Q1First statedAnnual report
「To prepare for the payment of directors' retirement allowances, the Company had recognized the amount payable under its internal rules as a provision for directors' retirement allowances. However, at a Board of Directors meeting held on 14 October 2016, it resolved to abolish the directors' retirement allowance system effective at the conclusion of the 41st Annual General Meeting of Shareholders held on 25 November 2016. At that general meeting, a resolution approving lump-sum payments of retirement allowances to directors reappointed at the meeting was passed.」
It states that, following approval by the Board of Directors and the Annual General Meeting of Shareholders, the directors' retirement allowance system was abolished and lump-sum payments were made to reappointed directors.