Press Release
Reduction of Executive Compensation and Instructions to Directors
March 04, 2024
Chubu Electric Power Co.,Inc.
Chubu Electric Power Miraiz Co., Inc.
Chubu Electric Power Co., Inc. (President: Kingo Hayashi, "Chubu Electric Power") received a surcharge payment order and Chubu Electric Power Miraiz Co., Inc. (President: Shinya Otani, "Miraiz") received a cease and desist order and a surcharge payment order, respectively from the Japan Fair Trade Commission ("JFTC") under the Antimonopoly Act today in connection with the supply of city gas to large-volume customers in the Chubu area.
Also, Miraiz received a warning concerning the city gas supply for residential use in the Chubu area, and Miraiz and its subsidiary, Cenergy Co. (President: Minoru Yasui), received a warning concerning the supply of liquefied natural gas in Aichi, Gifu, and Mie prefectures respectively from JFTC.(Notified today)
Chubu Electric Power and Miraiz have violated the Antimonopoly Act, thereby undermining the trust of its customers, shareholders, local communities, business partners, and other stakeholders, and causing inconvenience and concern. Taking this into consideration, we hereby announce that the following reductions in executive compensation, etc., were resolved at the respective Board of Directors meetings.
Notice
1. Reduction of executive compensation
Taking the orders and warnings seriously, and in order to further ensure compliance with the Antimonopoly Act and other laws, the compensation of all representative directors currently in charge of management on behalf of the company will be reduced.
(Subject executives and reductions)
Chubu Electric Power |
Katsuno Satoru, Chairman of the Board of Directors Hayashi Kingo, Representative Director and President Mizutani Hitoshi, Representative Director Ihara Ichiro, Representative Director |
50% of monthly compensation 50% of monthly compensation 30% of monthly compensation 30% of monthly compensation |
3 months from March 2024 |
Chubu Electric Power Miraiz |
Otani Shinya, Representative Director |
50% of monthly compensation |
3 months from March 2024 |
2. Instructions for thorough prevention of recurrence
To ensure that they never receive such an order or warning again, all directors are instructed to thoroughly prevent the recurrence of similar cases.
(Subject executives)
Chubu Electric Power: All directors
Miraiz: All directors