Press Conference by Shizuka Kamei, Minister for Financial Services

(Excerpt)

(Friday, March 12, 2010, from 8:44 a.m. to 8:54 a.m.)

Q.

In relation to the proposed disclosure requirement of executive remuneration, Nippon Keidanren also expressed opposition. Thus, industry groups unanimously are in their opposition to the proposed disclosure requirement. You have said that it is natural that executives disclose their remuneration given their social responsibility. Could you comment on their opposition?

A.

Regardless of their opposition, I will go ahead. I believe that there is not any ground for opposing the disclosure requirement. Moreover, we will not require disclosure by all executives. The requirement will be applied only to executives whose remuneration is 100 million yen or higher. Salaries of civil servants and Diet members are also subject to disclosure. Companies are social entities in relation to shareholders and to the general public. People who receive high remuneration should feel proud of their doing a worthwhile job; there is nothing wrong with earning a high income in itself. I do not know why they oppose the disclosure requirement. Do the opponents feel they earn too much for their mediocre performance? I would like to know the reason for the opposition.

(End)