TOKYO, May 25 (Pulse News Wire) – Morinaga & CO.,LTD. (2201.T) decided to amend its Board Incentive Plan (BIP) trust-based equity compensation system for directors and senior executives.
The changes aim to support directors' and senior executives' ambitious challenges towards achieving the company's 2030 vision and promote shared interests with shareholders through increased shareholding among executives. Under the amended plan, which requires approval at the upcoming 178th Ordinary General Meeting of Shareholders scheduled for June 26, the scope now includes senior executives who are not concurrently serving as directors or non-resident foreigners. The total amount allocated per three-year cycle increases from ¥180 million to ¥330 million. Additionally, the initial target period post-amendment extends to four fiscal years ending March 31, 2030, with the trust term extended accordingly. Key points of the revised plan include: - Directors and eligible senior executives will receive shares or cash equivalent based on performance metrics and leadership roles.
- Each point corresponds to two shares of Morinaga & Co. stock, adjusted for splits, rights issues, or mergers. - The cap for annual points awarded remains at 24,000 points. Beneficiaries must meet certain criteria, such as being domestic residents and having completed their tenure while fulfilling ethical standards. Shares held within the trust will not exercise voting rights during the trust period but will accrue dividends used for trust expenses.
Upon termination, residual shares will be transferred back to the company for cancellation or donated to unrelated entities exceeding trust costs.
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