Toyota Plans Higher Compensation for Board as Earnings IncreaseAnna Mukai and Masatsugu Horie
Toyota Motor Corp., the world’s biggest carmaker, plans to increase compensation and bonuses for board members as it forecasts profit and sales will climb to the highest level in six years.
Toyota plans to pay 1.1 billion yen ($10.8 million) in compensation and 428 million yen in bonuses to directors, as well as audit and supervisory board members, for the year ended March 2013, the company said in a notice sent to shareholders. The total is 28 percent higher than a year earlier.
The Japanese carmaker, which retook its global sales crown from General Motors Co. and Volkswagen AG last year, projects net income to increase 42 percent to 1.37 trillion yen in the year ending March 2014. The Toyota City, Japan-based company earlier this month reported its biggest annual profit in five years, and in March approved the biggest bonus for workers since 2008.
The amount to be paid to directors will be decided at Toyota’s June 14 shareholders’ meeting.