People who run big companies, that's who.
As previously mentioned, a new regulation now requires Japanese companies to disclose the previously well-guarded salaries of employees over ¥100 million (US$1.1 million). Executive salaries in Japan are lower than the astronomical compensation execs receive in the West.
"Companies owe their existence to society," says Shizuka Kamei, the Japanese politician who spearheaded the regulation. "People who are paid a lot should be proud of themselves and the job they do."
Here are some folks that might be proud of themselves and their bank accounts.
Howard Stringer: Sony Corp
¥410 (US$4.6 million)
Hajime Satomi: Sega Sammy Holdings
¥400 million ($4.5 million)
Yoichi Wada: Square Enix Holdings
¥204 million ($2.3 million)
Satoru Iwata: Nintendo
¥187 million ($2.09 million)
Kazunori Ueno: Namco Bandai Holdings
¥100 million ($1.12 million)
And Stringer pulls in one of the largest exec salaries in Japan among listed companies as the company posted its first back-to-back yearly loss. Yeah, that makes a lot of sense.
The concept of executives disclosing their salaries has caused controversy among the business community. In comparison to their Western counterparts, they do receive smaller salaries. But for many Japanese commenters on television and among those I have spoken with, the feeling is that successful businessmen don't need millions of dollars, that salaries such as these are excessive. What does that then say about the significantly larger salaries their Western counterparts are paid?
Sony Pays Stringer $US4.5 Million After Back-to-Back Losses [BusinessWeek]