Toyota eyes to hike total pay of directors to $14.9 million

Article by Christian A., on May 29, 2014

Toyota Motor Corp. is planning a 19-percent jump in total pay for its directors after the carmaker posted record profits in the fiscal year ended March 2014. The proposed figure ballooned to JPY1.52 billion ($14.9 million) in combined compensation and bonuses to directors, including President Akio Toyoda, from JPY1.28 billion in the previous fiscal year.

The proposed increase in total pay comes as Toyota reached a deal in March to hike base wages in Japan by an average of JPY2,700 more in base pay per month, representing 1 percent of average salary in 2013 but less than the JPY4,000 hike that the Toyota Motor Workers’ Union had demanded.

Toyota also decided to increase the average employee bonus to JPY2.44 million. Toyota expects its net profit for the current fiscal year to drop 2 percent from the JPY1.82 -rillion profit logged last fiscal year.

Toyota, however, expects sales to surge in every major region except in Japan, where demand could drop no thanks to a newly implemented sales tax hike. Likewise, Toyota has proposed to increase its year-end dividend to JPY100 per share.

It is also repurchasing stock for the first time in five years. The carmaker said in March that it would buy back up to 60 million shares -- equivalent to a 2-percent stake -- for JPY360 billion.

If you liked the article, share on:

Topics: toyota

Comments

Recommended

Those in the United Kingdom may now order a new version of Skoda’s sports utility vehicle – the new Skoda Kodiaq Sportline. It will be slotted between SE L and...
by - December 10, 2017
As part of its new electrification strategy, German carmaker Volkswagen is working to finalize the production version of the Volkswagen I.D. Crozz SUV concept and introduce the new vehicle to...
by - December 10, 2017
The company founded by Ferdinand Porsche has been in the business of building vehicles -- sports cars, SUVs and race cars – since 1931. The brand has long catered to...
by - December 9, 2017
BMW strongly believes that the future will be all about the electrification, or should we say e-mobility. And this is why as early as now, they already have a vision...
by - December 8, 2017
At this year’s FIA World Touring Car Championship, it was Volvo that stood out and became the victor with an S60 TC1 race car. So to celebrate this victory, the...
by - December 8, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries