Toyota Plans to Offer Higher Compensation and Bonuses for Board Members image

Toyota said it plans to offer higher bonuses and compensation for its board members as it expects sales and profit to be the highest in the past 6 years.

The Japanese automaker will offer 1.1 billion yen ($10.8 million) in compensation, plus 428 million yen in bonuses for its audit and supervisory board members and directors for the financial year ended March 2013. This would be with 28% more compared with the bonuses and compensation for the previous financial year.

Toyota managed to take back the global sales crown from GM and VW and now it expects a net income up 42% to 1.37 trillion yen for the financial year ending March 2014. At the beginning of this month, the automaker reported its highest annual profit for the past 5 years and two months ago it approved the highest bonus for its workers since 2008.

A new annual ranking shows that Toyota managed to surpass BMW and become the most valuable automaker. This year, Toyota’s brand value was up 12% to $24.5 billion, mainly due to the new models introduced in the hybrid market. On the other side, BMW’s value dropped 2% to $24 billion, due to the automaker’s lack of new models introductions in the past years, compared with Toyota.

Source: Bloomberg