The remuneration of the head of SoftBank Group Corp.'s Vision Fund more than doubled last fiscal year, even as the poor performance of the giant fund led the company to a record net loss, the company's notice to shareholders showed Friday.
Rajeev Misra received 1.6 billion yen ($14.9 million) in the fiscal year ended in March, according to the notice of its annual shareholders' meeting for June 25. The figure jumped from 752 million yen paid to him the previous year.
A SoftBank Group spokeswoman declined to comment on the increased pay. The company may face criticism at the upcoming shareholders meeting after it posted a group net loss of 961.58 billion yen in the just-ended business year, a sharp drop from the net profit of 1.41 trillion yen the previous year.
Chairman and CEO Masayoshi Son said at a press conference last week that his company may not pay a dividend for the current fiscal year. The top executive received 209 million yen last fiscal year, down from 229 million yen a year earlier.
The technology and investment giant blamed the record and first loss in 15 years to the nearly $100 billion investment fund which incurred a loss of 1.9 trillion yen.
SoftBank Group substantially wrote off the value of the fund's investments in startups, including U.S. co-space provider WeWork, over the coronavirus outbreak.
Misra was the second-highest paid executive among the company's executives after Marcelo Claure, executive vice president and chief operating officer, who earned 2.11 billion yen last fiscal year, up from 1.8 billion yen a year earlier. Claure, also chairman of We Co., operator of WeWork, could be one of the highest-paid executives at Japanese companies.
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