OSAKA – Despite incurring huge losses in its slumping liquid-crystal display and solar panel businesses, struggling electronics firm Sharp Corp. paid its board members more last fiscal year than the previous year, a document showed Monday.
Sharp doled out a total of ¥313 million ($2.5 million) to 13 board members in the business year ended March 31, according to a document attached to an invitation to its June 23 general shareholders’ meeting.
The figure compared to ¥245 million it paid to 16 board members in the previous business year, when the Osaka-based company returned to profitability for the first time in three years, and represented a 57 percent rise in average payment per member.
Sharp fell into the red again in its most recent business year, posting a net group loss of ¥222.3 billion amid stiff competition from other Asian rivals.
The company is undergoing broad restructuring, including the trimming of its global workforce by 10 percent. Its board members began taking pay cuts of up to 55 percent in February.
At the meeting, Sharp and shareholders are to discuss a planned financial aid package of ¥200 billion from its main creditor banks and a capital reduction, both part of the latest overhaul measures.