TOKYO, May 22 (Pulse News Wire) – Seven Bank,ltd. (8410.T) announced today that its board approved continuing and amending its equity-based compensation program for directors.
The changes aim to enhance alignment between executive remuneration and company performance. The revised plan will focus on metrics such as Return on Equity (ROE), per capita consolidated ordinary profit, and employee engagement. Under the amended program, directors will earn points based on their roles and company performance indicators. Points will determine the number of shares awarded upon retirement or meeting certain conditions. The program will run until March 31, 2029, subject to potential extensions.
Directors will receive shares or cash equivalents based on their accumulated points. At the upcoming annual shareholders' meeting scheduled for June 22, shareholders will vote on the updated performance criteria and other necessary items. The bank plans to extend the trust agreement through August 2029, with additional funding capped at 1.489 billion yen annually. Shares acquired under the trust will not be voted during the term but will still accrue dividends which will cover trust fees and expenses. In case of significant misstatements or breaches, the bank reserves the right to require repayment of performance-linked share awards from directors for up to three fiscal years prior to the identified issue.
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