Toyota Motor Corp. will cut bonuses to its board members for this fiscal year amid a serious downturn in business due to the global financial crisis, the auto giant announced over the weekend.
The move comes as the company's group operating profit during the latter half of fiscal 2008 (from October 2008 to March 2009) is expected to fall into the red.
The drastic cost cutback in bonuses is aimed at clarifying the responsibility of management for the slump in business and will save about 1 billion yen, the company said.
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