TOKYO, May 12 (Pulse News Wire) – Dena CO.,LTD. (2432.T) announced that its board of directors held on May 12 decided to introduce performance-based equity compensation systems for internal and external directors.
The company plans to seek shareholder approval for these changes at its annual general meeting scheduled for June 27. Under the new system, internal directors will receive stock grants based on performance metrics set during their evaluation period. External directors will receive restricted stock awards aimed at aligning their interests with shareholders. Both systems require shareholder approval at the upcoming AGM.
Current cash compensation for directors, excluding external ones, is capped at an annual amount of ¥320 million, while external directors' fixed compensation is limited to ¥60 million annually. If approved, existing stock option programs will be phased out, and new options will not be issued going forward. Additionally, non-cash compensation for directors in fiscal 2027 will be equivalent to the current stock option program's value but subject to certain restrictions. The total number of shares granted under the new system will not exceed 160,000 per year, adjusted for any share consolidation or split post-approval.
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