President of drugmaker paid 477 million yen

The Yomiuri Shimbun

Nihon Chouzai Co. President Hiroshi Mitsuhara received 477 million yen in annual compensation in fiscal 2009--the highest amount disclosed so far among Japanese executives, according to financial reports released by listed companies as of Monday.

Mitsuhara is the founder of the Tokyo-based pharmaceutical company and the company's largest shareholder, with 29.2 percent of its shares.

For the business year ending in March, Nihon Chouzai's sales increased 14.4 percent from the previous year to 98.2 billion yen, and after-tax profits increased by 233.7 percent to 1.4 billion yen.

In other executive salaries released, major music company Avex Group Holdings Inc. President Masato Matsuura received 249 million yen, Panasonic Corp. Chairman Kunio Nakamura took in 122 million yen, and Panasonic President Fumio Otsubo was paid 105 million yen.

Sony Corp. reported four executives received more than 100 million yen, including Executive Deputy President Hiroshi Yoshioka who received about 135 million yen, in addition to Chief Executive Officer Howard Stringer and two other executives whose compensation had been disclosed at the company's shareholder meeting.

Listed companies are now required to disclose in their financial statements the names and salaries of board members whose yearly remuneration is 100 million yen or more.