Toyota Motor Corp. plans to boost pay for directors by 19 percent for the last fiscal year after the company earned record profit.
Toyota proposed ¥1.52 billion in combined compensation and bonuses to 21 directors, including President Akio Toyoda, in a notice to shareholders on Tuesday. The company paid ¥1.28 billion the previous fiscal year.
The automaker said 18 board members earned a total of ¥816 million in salaries, while 13 members earned a total of ¥659 million in bonuses. In addition, three outside board members received ¥47 million combined.
By comparison, total pay for union workers increased 8.2 percent on average from the previous fiscal year.
After recording an unprecedented ¥1.82 trillion profit in the last fiscal year, Toyota forecast this month that net income will slip 2.4 percent in the year ending March 31. The company predicts deliveries will increase in every major region except Japan, where the nation’s first sales tax increase in 17 years is expected to temper demand.
Toyota has proposed raising its yearend dividend to ¥100 a share, or ¥165 for the full year. The company also is buying back stock for the first time in five years. In March, it said it would repurchase as many as 60 million shares, equivalent to a 1.9 percent stake, for ¥360 billion.
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