Introduction of a Performance-Linked Stock Compensation Plan Using a BIP Trust
First written in FY2016. 8 of 16 entries say "Advanced", first in FY2020. Latest entry: FY2026.
9 other companies' latest entry also says "Reframed".
- FY2026ReframedAnnual report
「Share-based compensation consists of PSU (Performance Share Unit: performance-linked share-based compensation) and RSU (Restricted Stock Unit: restricted stock compensation), both using restricted stock. The purpose is to strengthen incentives to achieve the targets set out in the medium-term management plan and further promote enhancement of corporate value over the medium to long term and value sharing with shareholders.」
The company submitted to the General Meeting of Shareholders a proposal to revise the share-based compensation plan from PSU and RS to PSU and RSU, with a structure linked to ROIC, ROE, relative TSR and strengthening the management platform under the 2026–2030 plan. - FY2025AdvancedAnnual report
「Share-based compensation consists of PSU (Performance Share Unit: performance-linked share-based compensation) and RS (Restricted Stock: restricted stock compensation), both using restricted stock. The purpose is to further promote incentives to achieve the targets set out in the medium-term management plan, enhance corporate value over the medium to long term, and promote value sharing with shareholders.」
The company specifically disclosed the compensation structure for PSU and RS, which replaced the discontinued BIP trust and stock options, linked to the medium-term management plan targets, enhancement of corporate value and value sharing with shareholders. - FY2023AdvancedAnnual report
「Because the company adopted a new performance-linked share-based compensation plan from the fiscal year ended March 2023, it discontinued the performance-linked share-based compensation plan using the BIP trust. Accordingly, no shares have been granted under the performance-linked share-based compensation plan using the BIP trust from the fiscal year ended March 2023 onward.」
The company confirmed the discontinuation of the former BIP trust plan and moved to operating new performance-linked share-based compensation and restricted stock compensation plans. The new plans also incorporate the sustainability strategy and human capital management as evaluation factors. - FY2023-Q3AdvancedAnnual report
「During the nine-month period ended 31 December 2022, the decrease of 723,233 common treasury shares comprised a decrease of 408,435 shares due to the cancellation of treasury shares resolved at a meeting of the Board of Directors held on 2 September 2022 following termination of the officer compensation BIP trust plan, a decrease of 168,465 shares due to delivery to beneficiaries of the officer compensation BIP trust, a decrease of 114,932 shares due to delivery to beneficiaries of restricted stock compensation, a decrease of 31,400 shares due to the exercise of stock options, and a decrease of 1 share due to the sale of less-than-one-unit shares.」
For the discontinued BIP trust plan, the company proceeded with measures associated with its termination, including the cancellation of treasury shares and the delivery of shares to beneficiaries. - FY2023-Q2AdvancedAnnual report
「Following the termination of the officer compensation BIP trust plan, the company acquired 408,435 treasury shares from the BIP trust without consideration on 29 August 2022 in accordance with the trust agreement, and cancelled those treasury shares effective 12 September 2022 pursuant to a resolution of the Board of Directors dated 2 September 2022.」
For the discontinued BIP trust plan, the company acquired 408,435 shares held by the trust without consideration and cancelled them in September 2022, proceeding with the measures associated with termination of the plan. - FY2022ReframedAnnual report
「The company had introduced a performance-linked share-based compensation plan to promote value sharing with shareholders and increase motivation and morale toward improving performance over the medium to long term, but abolished the plan when a new share-based compensation plan was approved at the 158th Annual General Meeting of Shareholders held on 29 June 2022.」
The former BIP trust plan was discontinued and the company moved to a new plan approved at the June 2022 Annual General Meeting of Shareholders. The new plan includes performance-linked share-based compensation and restricted stock compensation. - FY2021WorsenedAnnual report
「Consolidated ROE (%) for the fiscal year ended March 2022 8.0 1.3 △6.4 ―」
For performance-linked share-based compensation covering the fiscal years ended March 2020 through March 2022, actual ROE for the fiscal year ended March 2021 was negative 6.4%, against an ROE target of 8.0%. - FY2020AdvancedAnnual report
「Because the company worked on the structural reforms announced in November 2016 through the fiscal year ended March 2019, it abandoned the continuation of the medium-term management plan covering the fiscal years ended March 2016 through March 2018 and did not pay compensation under this plan. However, after formulating a new medium-term management plan covering the fiscal years ending March 2020 through March 2022 in May 2019, it resumed the plan to further increase incentives for achieving the new plan.」
The BIP trust, which had been suspended following the withdrawal of the former medium-term management plan, was resumed as a plan linked to the new medium-term management plan covering the fiscal years ending March 2020 through March 2022, and 143,535 points were granted during the fiscal year. - FY2019ReframedAnnual report
「The following matters were approved at the 155th Annual General Meeting of Shareholders held on 27 June 2019: as a performance-linked share-based compensation plan linked to medium-term performance for directors other than directors serving as Audit and Supervisory Committee members and executive officers, the company would contribute up to ¥1,200 million in total to a trust established for successive three-fiscal-year compensation periods, and the total number of company shares to be delivered or otherwise transferred to directors, excluding directors who are Audit and Supervisory Committee members, outside directors, other non-executive directors and non-residents of Japan, and to executive officers, excluding non-residents of Japan, would be capped at 730,000 shares for each three-fiscal-year period.」
While BIP compensation tied to the former medium-term management plan continued not to be paid, a new plan covering 3 fiscal years was approved in June 2019, subject to caps of ¥1,200 million in trust funds and 730,000 shares. - FY2018RestatedAnnual report
「In connection with the structural reforms announced in November 2016, the company withdrew the Medium-Term Management Plan for Fiscal 2015 and therefore decided not to pay performance-linked share-based compensation tied to that medium-term management plan.」
Although the BIP trust plan itself had been disclosed, the company reaffirmed its policy of not paying share-based compensation tied to the withdrawn medium-term management plan. - FY2017DroppedAnnual report
「Because the company withdrew the Medium-Term Management Plan for Fiscal 2015 in connection with the structural reforms announced in November 2016, it decided not to pay performance-linked share-based compensation tied to that medium-term management plan.」
The company explicitly stated that it would not pay performance-linked share-based compensation tied to the medium-term management plan following its withdrawal. - FY2016First statedAnnual report
「For successive three-fiscal-year periods, the company contributes trust funds of up to ¥1,200 million for each period to the officer compensation BIP (Board Incentive Plan) trust, hereinafter referred to as the officer compensation BIP trust.」
The company introduced a plan under which shares and other instruments are delivered at a rate of 0% to 150% based on the achievement of targets such as revenue and operating profit under the medium-term management plan.