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Business trends

Japan execs' million-dollar club shrinks for first time in 8 years

Pandemic cuts into results-based pay, but top earners still riding high

Western-style incentive-based remuneration have gained popularity in Japan as companies look to attract global management talent.

TOKYO -- The number of corporate officers in Japan earning at least 100 million yen ($930,000) annually fell for the first time in eight years in fiscal 2019 as the coronavirus pandemic eroded performance-based compensation packages.

The ranks shrank by about 100 from the previous year's record high to 485 corporate officers at 237 companies, according to Tokyo Shoko Research, which looked at listed companies that had submitted earnings statements by Wednesday. The total last declined in fiscal 2011, in the wake of the March 2011 earthquake, tsunami and nuclear disaster.

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