On Tuesday (June 25), local time, Toyota Motor submitted an annual securities report showing that the company's chairman Akio Toyoda's annual salary exceeded 1.6 billion yen.
Specifically, Akio Toyoda's compensation package for fiscal year 2023 (April 2023 to March 2024) includes: a salary of 289 million yen, a bonus of 324 million yen, and 280,000 shares worth about 1 billion yen.
Source: Toyota's official website
This means that Akio Toyoda's total revenue for the fiscal year reached 1.622 billion yen (about 10.2 million US dollars or 73.9 million yuan), an increase of 62% from 999 million yen in the previous fiscal year, making Akio Toyoda the "highest-paid Japanese corporate executive" for the third consecutive year.
According to the analysis, Toyota's test "fraud" did not worry shareholders too much, and the performance was indeed generally good: under the helm of Akio Toyoda, the company's total sales exceeded 45 trillion yen and its operating profit reached 5.35 trillion yen, becoming the first Japanese company in history to reach 5 trillion yen.
In terms of deliveries, Toyota manufactured and sold more than 11 million passenger cars, surpassing Germany's Volkswagen AG to become the world's No. 1 automaker for the fourth consecutive year. In addition, Toyota's U.S. and Japanese stocks have both hit new highs this year.
Toyota Motor U.S. stock price
But by comparison, Akio Toyoda's salary package of slightly more than $10 million is still less than that of other major automakers, with Stellantis CEO Carlos Tavares earning $39.5 million a year last year and General Motors' Mary Barra earning $27.8 million.
A week ago, at Toyota's annual shareholders' meeting, Akio Toyoda and nine other board members were successfully re-elected. However, Akio Toyoda's approval rating is only 71.93 percent — the lowest since 2010 — and reflects concerns about quality issues among some shareholders.
It should be pointed out that other subsidiaries of the Toyota Group hold a large number of shares in Toyota, Toyota Industries is the second largest shareholder of Toyota, and parts manufacturer Denso is its sixth largest shareholder, and their support provides a relatively stable base for Akio Toyoda.
However, there are still a number of people who have directly mentioned Toyota's fraudulent certification test scandal and asked Toyota's board of directors and management to explain. A number of executives, including Akio Toyoda, have apologized several times recently, but this obviously cannot dispel the dissatisfaction of some shareholders.