Mizuho Financial Group Inc. will withhold the retirement allowances of a host of executives after the banking group incurred a group net loss of more than 2 trillion yen and skipped dividend payments in fiscal 2002, a spokesman said Tuesday.
The decision affects about 30 individuals, including Mizuho Financial management directors set to retire after a June 25 annual shareholders' meeting.
Also poised to lose out are board members and executive officers who quit Mizuho Bank or Mizuho Corporate Bank during the year to March 31, the spokesman said.
On May 26, the group reported a group net loss of 2.377 trillion yen for the year, or 254,524.66 yen per share, along with a pretax loss of 2.131 trillion yen, on operating revenue of 3.436 trillion yen.
But Mizuho Financial failed to rule out the possibility of issuing future retirement payments to the executives in the event that its business performance recovers.
Executive retirement allowances will be canceled at the group for the second straight year.
A similar decision was made last year, after glitches within the group's computer system inconvenienced clients across the country.
Mizuho Financial will open its upcoming shareholders' meeting to the media through the use of television monitors.