Sony shakes up board bonuses

By GARETH MACKIE
Published on 07/06/2012 05:19

SEVEN Sony executives, including chairman Sir Howard Stringer and chief executive Kazuo Hirai, are giving up their performance-based bonuses and taking pay cuts because of the group’s continued losses.

The Japanese electronics and entertainment company, which reported a record annual loss of ¥457 billion (£3.7bn) for the year to March, did not disclose how much was being returned. Last year, it paid ¥224 million in bonuses to eight executives.

Shareholders will be asked to approve payments totalling ¥799m in base salary payments to 21 executives, according to documents released ahead of its annual meeting on 27 June.