Record 717 Executives Earn Over ¥100 Million in Japan
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A total of 717 executives received individual annual compensation of more than ¥100 million at 316 Japanese companies in the fiscal year ended March 2023, according to Tokyo Shōkō Research’s analysis of 2,342 companies’ securities reports that were submitted as of June 30, 2023. This was a record high for both the number of companies and the number of people.
This disclosure is in accordance with a Cabinet Office ordinance, which, since March 2010, has required companies to report the total amount of compensation for executives earning more than ¥100 million along with the total amount by type (including basic remuneration, stock options, bonuses, and retirement benefits) in their securities reports.
The highest amount of individual remuneration was ¥4.87 billion, received by Z Holdings’ Director Shin Jung-ho. The majority of that remuneration, ¥4.57 billion, came from the consolidated subsidiary Line, the most popular social media app in Japan. The second highest was ¥2.10 billion received by Sony CEO Yoshida Ken’ichirō.
Seven people received over ¥1 billion in remuneration, one person less than the previous year.
Highest Paid Executives in Japan (Period Ending March 2023)
| Company | Name | (Previous Year) |
|---|---|---|
| Z Holdings | Shin Jung-ho | ¥4.87 billion (¥4.34 billion) |
| Sony | Yoshida Ken’ichirō | ¥2.10 billion (¥1.89 billion) |
| Takeda Pharmaceutical | Christophe Weber | ¥1.72 billion (¥1.86 billion) |
| PHC Holdings | John Marotta | ¥1.65 billion (¥0.56 billion) |
| Tokyo Electron | Kawai Toshiki | ¥1.42 billion (¥1.67 billion) |
| Toyota | James Kuffner | ¥1.33 billion (¥0.91 billion) |
| Z Holdings | Idezawa Takeshi | ¥1.24 billion (¥0.92 billion) |
| Toyota | Toyoda Akio | ¥1.00 billion (¥0.69 billion) |
| Takeda Pharmaceutical | Andrew Plump | ¥0.97 billion (¥0.92 billion) |
| Z Holdings | Masuda Jun | ¥0.95 billion (¥0.72 billion) |
By company, Hitachi had the highest number of executives who received more than ¥100 million in pay with 20. This was followed by Itōchū with 14 and Mitsubishi Heavy Industries with 10.
Number of Executives with Compensation of Over ¥100 Million
| Company | Number (previous year) |
|---|---|
| Hitachi | 20 (18) |
| Itōchū | 14 (6) |
| Mitsubishi Heavy Industries | 10 (2) |
| Mitsubishi UFJ Financial Group | 9 (13) |
| Mitsui & Co. | 9 (9) |
| Nomura Holdings | 9 (7) |
(Translated from Japanese. Banner photo: Toyota Chairman Toyoda Akio. © Reuters.)