Skip to Content
Global News Select

Toshiba Corp. Withholding Former CEO's Performance-Based Pay

   By Kosaku Narioka 
 

Toshiba Corp. is withholding former Chief Executive Nobuaki Kurumatani's performance-based compensation worth up to 31 million yen ($279,556) for the fiscal year ended March, pending an investigation into last year's shareholder meeting.

Aside from the suspended pay, Mr. Kurumatani's total compensation was Y145 million, Toshiba said in a filling made Thursday.

Toshiba said it planned to invite third-party experts to investigate what had really happened at the shareholder meeting in July 2020.

A special shareholder meeting in March approved a proposal to look into whether voting at last year's shareholder meeting had been conducted fairly.

The investigators said earlier this month that Toshiba exerted inappropriate influence on shareholders and effectively attempted to prevent its shareholders from making a proposal or exercising voting rights.

 

Write to Kosaku Narioka at kosaku.narioka@wsj.com

 

(END) Dow Jones Newswires

June 24, 2021 23:18 ET (03:18 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.