Mitsubishi Motors has proposed tripling the total compensation its board of directors could earn per year, as the troubled Japanese car maker seeks to rebound from a fuel economy scandal that culminated in a rescue by Nissan.
Shareholders will vote on boosting the limit for total director pay to ¥2 billion (Dh65.3m) per year, from ¥960 million, and on introducing as much as ¥1bn per year in new equity-linked compensation, at an extraordinary meeting scheduled for December 14. Mitsubishi Motors said the amended compensation plan would enhance management and help to attract talented directors from outside the company and Japan.
Mitsubishi Motors sold a 34 per cent stake to Nissan last month for about US$2.3bn, after a months-long scandal related to manipulated mileage ratings and falsified test data. A company-appointed team of investigators in August said a “collective failure” by Mitsubishi Motors started with management and led to improper fuel economy testing dating as far back as 1991.
Shareholders also will vote next month on approving the appointment of the Nissan chairman Carlos Ghosn to the same title at Mitsubishi Motors, and on adding three other Nissan-appointed executives to the board.
Shares of Mitsubishi Motors have slumped 48 per cent this year in Tokyo, reducing the company’s market capitalisation to about $7.07bn. Nissan has declined 16 per cent, while the benchmark Topix index has dropped 4.9 per cent.
* Reuters
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Company%20profile
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COMPANY%20PROFILE%20
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4.35pm: Al Bastakiya Listed | $300,000 | (D) | 1,900m
5.10pm: Nad Al Sheba Turf Group 3 | $350,000 | (Turf) | 1,200m
5.45pm: Burj Nahaar Group 3 | $350,000 | (D) | 1,600m
6.20pm: Dubai City of Gold Group 2 | $300,000 | (T) | 2,410m
6.55pm: Al Maktoum Challenge Round 3 Group 1 | $600,000 | (D) | 2,000m
7.30pm: Jebel Hatta Group 1 | $400,000 | (T) | 1,800m
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
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Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
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COMPANY%20PROFILE
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UAE currency: the story behind the money in your pockets