NSG Group announces voluntary reduction in senior management compensation
The NSG Group (‘the Group') announces that, in alignment with its profit improvement plan announced on 2 February 2012, members of the Group's senior management have decided voluntarily to reduce their compensation, reflecting their clear commitment to an early turnaround of the Group's performance.
1. Compensation reductions
Compensation for Katsuji Fujimoto, Director, Chairman of the Group, and Tomoaki Abe, Director, Vice-chairman of the Group, will be reduced by 30 percent and 20 percent respectively.
The base compensation of Keiji Yoshikawa, Director, Representative Executive Officer, President and CEO, will be reduced by 30 percent. As no performance-based compensation payments have been awarded, Keiji Yoshikawa's total compensation will therefore decline by approximately 50 percent in the period.
The above reductions will be applied to compensation due to be paid in the period from August 2012 to June 2013.
2. Other senior managers
As no performance-based compensation payments have been awarded, the total compensation of other members of the Group's senior management, including other executive officers and corporate officers, has already been reduced by 30 to 40 percent from last year.