Kansai Electric Power Co., Ltd. Compensation for reduced executive compensation Possibility of legal violation Internal investigation August 17 21:42
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Kansai Electric Power Co., Inc. has announced the results of an internal investigation that the former chairman of the board, Shosuke Mori, had instructed his subordinates on the issue of secretly compensating for some of the reduced executive compensation.
Kansai Electric Power Co., Ltd. reduced its remuneration for 18 officers at the time after the deterioration of business performance following the 2011 TEPCO nuclear power plant accident, but it was covertly covering a total of 260 million yen.
The company's compliance committee's findings on this issue were announced and a press conference was held on the 17th.
According to that, in 2015, the then-chairman, Ms. Morimoto, instructed the secretary office, "Can we cover the amount of the reduction in remuneration exceeding 50% after retiring as an officer?"
Then, as a result of examination in the secretarial room, if the reduction exceeding the instruction of Mr. Mori exceeded 40%, it was decided to compensate.
The investigation pointed out that there is a possibility of legal violations to Morimoto's advisor and Yasuhiro Yashima, a former standing corporate auditor who was in charge of the secretarial office at the time.
Regarding this issue, Kansai Electric Power has already filed an appeal for damages to the five former management teams, including Mr. Morimoto.
Vice President Yoichi Yazono, who attended the press conference, said that he would like to consider the legal responsibility of Mr. Yashima from the press group, "I would like to consider it at the Audit Committee," and indicated that he would consider additional complaints.