NSG Group announces voluntary reduction in senior management compensation
The NSG Group (‘the Group’) announces that, in alignment with its ongoing profit improvement plan announced on 2 February 2012, the Group's CEO has decided to reduce his compensation voluntarily as last year, reflecting his clear commitment to an early turnaround of the Group's performance.
1. Compensation reductions
The base compensation of Keiji Yoshikawa, Director, Representative Executive Officer, President and CEO, will be reduced by 20 percent. As no performance-based compensation payments have been awarded in two consecutive years, Keiji Yoshikawa's total annual 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 July 2013 to June 2014.
2. Other senior managers
As last year, no performance-based compensation payments have been awarded. As a consequence, the total annual compensation of other members of the Group's senior management, including other Executive Officers and Corporate Officers, will remain reduced by approximately 30 to 40 percent compared with the level in 2011.