TOKYO, Apr 16 (Pulse News Wire) – Sanrio Company,ltd. (8136.T) has suspended one of its executive directors amid suspicions of receiving unauthorized compensation from group subsidiaries.
According to internal reports, the executive allegedly received additional remuneration totaling several hundred million yen outside of the approved salary determined by the Nomination and Remuneration Advisory Committee. Following the discovery, Sanrio has halted all duties of the implicated director and initiated a detailed investigation with the support of an independent external agency.
The company stated it would promptly disclose any further developments related to the case and work towards implementing preventive measures across the entire group to avoid similar incidents in the future. "We sincerely apologize to our shareholders, investors, trading partners, and all stakeholders for any inconvenience and concern caused." This development highlights ongoing governance issues within the company and could impact investor confidence moving forward.
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