The resignation of all nine private-sector executives from Japan's largest public-private investment fund was formalized on Friday, bringing a conclusion to their dispute with the government, which had deemed their remuneration package as "too high."

The departures of Japan Investment Corp. President and CEO Masaaki Tanaka and eight others from the 11-member board became official with approval at an extraordinary shareholders meeting, effectively suspending the operations of the fund created just three months ago.

It was also decided that Mikihide Katsumata, the president of the fund's subsidiary INCJ Ltd., will double as an executive board member. The board of the entity is now left with Katsumata and just two other executives from the industry and finance ministries.