Casio (6952): Director pay total, fixed and performance-linked split, 2026

(4) 役員の報酬等, the officers' remuneration item of CASIO COMPUTER CO.,LTD.'s annual securities report for its 70th fiscal year, April 1, 2025 to March 31, 2026, filed on EDINET on June 25, 2026, occupies pages 55 to 56 of 130. Its table ② prints, for the row 取締役(監査等委員及び社外取締役を除く), directors other than audit and supervisory committee members and outside directors, 報酬等の総額 of 173 million yen (US$1.1 million) for six persons, and lists under 報酬等の種類別の総額 a 固定報酬 of 83 million yen (US$0.51 million), a 業績連動報酬 of 89 million yen (US$0.54 million), a dash under 退職慰労金 and, under 左記のうち、非金銭報酬等, 35 million yen (US$0.21 million). The same item in the 69th report, filed June 26, 2025, on pages 57 to 58 of 131, printed 217 million yen (US$1.3 million) for five persons, with 126 million yen (US$0.8 million), 91 million yen (US$0.56 million), a dash and 43 million yen (US$0.26 million) in the same columns. This piece reads the 70th item and sets it beside the 69th, and the main change it finds is a sentence in the policy: one composition ratio, 固定報酬を60％・業績連動報酬を40％, has become two, one for the 代表取締役社長 and one for other 取締役.

The item has three numbered parts. ① 役員の報酬等の額又はその算定方法の決定に関する方針に係る事項, matters concerning the policy for deciding the amount or the calculation method of officers' remuneration, is printed under five bullet headings: ・業績連動報酬等に関する事項, on performance-linked remuneration; ・非金銭報酬等の内容, the content of non-monetary remuneration; ・取締役の報酬等についての株主総会の決議に関する事項, the shareholders' meeting resolutions; ・取締役の個人別の報酬等の内容に係る決定方針, the policy for individual directors' remuneration, divided into ア, イ and ウ; and ・取締役の個人別の報酬等の決定に係る委任に関する事項, the delegation of individual decisions. ② 役員区分ごとの報酬等の総額、報酬等の種類別の総額及び対象となる役員の員数 is the table by officer category. ③ 役員ごとの連結報酬等の総額等, consolidated remuneration by individual officer, is one sentence. The 69th report's item has the same three parts and the same five bullet headings in the same order.

The first bullet states the basis of the bonus. 業績連動報酬としての賞与については、業績伸長、企業価値・株主価値向上、社会の持続的成長に向けた取り組み強化を図るための経営努力の結果を基礎に評価・決定しています — the bonus as performance-linked remuneration is evaluated and decided on the basis of the results of management efforts toward growth in results, higher corporate and shareholder value and a stronger commitment to the sustainable growth of society. The next sentence names what is evaluated: 財務目標, financial targets, whose 評価指標 are 連結決算における営業利益・売上高・ＲＯＥ, operating profit, net sales and ROE on a consolidated basis; 非財務目標（サステナビリティ指標）, non-financial targets, the sustainability indicators; 各指標の前事業年度実績との比較, each indicator compared with the prior year's actual; and 相対的なＴＳＲ（株主総利回り）, relative total shareholder return. Then the year's figures: 当事業年度の役員報酬の評価指標とした連結決算における売上高は目標2,740億円に対し実績2,762億円、営業利益は目標220億円に対し実績230億円、ＲＯＥは親会社株主に帰属する当期純利益目標170億円ベースのＲＯＥ7.5％に対し実績8.0％でした — net sales of 2,762億円 (276.2 billion yen, US$1,686 million) against a target of 2,740億円 (274.0 billion yen, US$1,673 million); operating profit of 230億円 (23.0 billion yen, US$140 million) against a target of 220億円 (22.0 billion yen, US$134 million); and ROE of 8.0 percent against 7.5 percent, the target ROE being stated on the basis of a profit attributable to owners of parent target of 170億円 (17.0 billion yen, US$104 million). The 69th report's sentence printed a net sales target of 2,620億円 (262.0 billion yen, US$1,600 million) and an actual of 2,617億円 (261.7 billion yen, US$1,598 million), an operating profit target of 140億円 (14.0 billion yen, US$85 million) and an actual of 142億円 (14.2 billion yen, US$87 million), and an ROE target of 3.6 percent on a profit target of 80億円 (8.0 billion yen, US$49 million) against an actual of 3.6 percent.

The same figures appear elsewhere in the 70th report under their own labels. The business review on page 21 opens: 当連結会計年度における売上高は2,762億円（前期比5.5％増）、営業利益は230億円（前期比62.1％増）, net sales of 2,762億円 (276.2 billion yen, US$1,686 million), up 5.5 percent from the prior year, and operating profit of 230億円 (23.0 billion yen, US$140 million), up 62.1 percent; the same paragraph prints 親会社株主に帰属する当期純利益は182億円（前期比126.0％増）, 182億円 (18.2 billion yen, US$111 million), up 126.0 percent. The five-year table on page 2 prints 売上高 of 276,267 million yen (US$1,686.6 million) and 親会社株主に帰属する当期純利益 of 18,227 million yen (US$111.3 million) for the 70th period, and 自己資本利益率 of 8.0 percent for the 70th period and 3.6 percent for the 69th; the consolidated income statement on page 67 prints 営業利益 of 23,071 million yen (US$140.8 million) for the 70th year beside 14,236 million yen (US$86.9 million) for the 69th. The item's label is ＲＯＥ and the table's is 自己資本利益率; this piece quotes each as printed and does not reconcile the two.

The second bullet, ・非金銭報酬等の内容, describes the stock. 非金銭報酬としての株式報酬については、当社の企業価値の持続的な向上を図るインセンティブを与えるとともに、株主の皆様との一層の価値共有を進めることを目的とし、譲渡制限付株式報酬を導入しています — as non-monetary remuneration the company has introduced restricted stock remuneration, with the stated aim of an incentive for sustained improvement in corporate value and further sharing of value with shareholders. The number of shares granted to each individual is 個人別の報酬年額の一定比率相当額を株価（※）で除した数, an amount equivalent to a fixed proportion of the individual's annual remuneration divided by the share price, and the asterisk defines the price as 発行決議取締役会の前日終値, the closing price on the day before the board meeting that resolves the issue. The transfer restriction runs 取締役退任まで, until the director leaves office. The bullet reads the same in the 69th report. The words 一定比率 stand in that bullet without a percentage beside them; the ratio sentence in イ, read below, prints 株式報酬15％ as the stock component of the composition.

The third bullet records three shareholders' meeting resolutions, and it reads the same in both reports. At the 68th annual general meeting on June 27, 2024, the remuneration of directors other than audit and supervisory committee members was set at 年額４億円以内（うち社外取締役分年額５千万円以内）, 400 million yen (US$2.4 million) a year, of which 50 million yen (US$0.31 million) a year for outside directors, excluding salary for employee duties of directors who are also employees; at the close of that meeting the directors covered numbered ８名（うち社外取締役３名）, eight, three of them outside directors. At the 63rd annual general meeting on June 27, 2019, the remuneration of audit and supervisory committee members was set at 年額７千万円以内, 70 million yen (US$0.43 million) a year, with three members at the close of the meeting. At the same 63rd meeting, restricted stock remuneration for directors other than committee members and outside directors was set, 上記取締役報酬額の枠内で, within the directors' limit above, at 年額１億円以内（普通株式総数は年80,000株以内）, 100 million yen (US$0.6 million) a year and 80,000 common shares a year, with four directors covered at the close of the meeting.

The fourth bullet is the policy itself. ア states how the policy was decided: the board asked the 報酬委員会, the remuneration committee, to draft it, and resolved it 答申内容を尊重して, respecting the committee's reply. イ opens with two basic policies for directors other than committee members: ・外部人材の登用を見据えた市場競争力のある報酬水準であること, a remuneration level that is competitive in the market with the appointment of outside talent in view; and ・健全な企業家精神の発揮に資するインセンティブとなること, an incentive that serves the exercise of a sound entrepreneurial spirit. The level is set 市場ベンチマークを参照したうえで、職務毎の役割期待に応じて, by reference to market benchmarks and according to the role expected of each position. Remuneration of directors other than outside directors consists of 固定報酬, fixed remuneration, and 業績連動報酬である賞与及び株式報酬, a bonus and stock remuneration as performance-linked remuneration; outside directors receive 固定報酬のみ, fixed remuneration only, その職務に鑑み, in view of their duties. The payment schedule is printed too: the year of remuneration runs 毎年７月〜翌６月, July to the following June; fixed remuneration is paid monthly; the bonus is paid 12月及び６月, in December and June; and stock remuneration is granted ７月に一括, in one lot in July.

Between those sentences sits the one sentence of イ that changed. The 69th report printed: 報酬の構成割合は、業績連動報酬をより重視し、固定報酬を60％・業績連動報酬を40％とする（業績連動報酬40%の内訳は、賞与25％（財務・非財務指標連動15％・ＴＳＲ連動10％）・株式報酬15％） — the composition places more weight on performance-linked remuneration, at fixed 60 percent and performance-linked 40 percent, the 40 percent being a bonus of 25 percent, of which 15 percent linked to financial and non-financial indicators and 10 percent to TSR, and stock remuneration of 15 percent. The 70th report prints in its place: 報酬の構成割合は、業績連動報酬をより重視し、代表取締役社長については固定報酬40％・業績連動報酬60％、取締役については固定報酬50％・業績連動報酬50％とする（業績連動報酬の内訳は、代表取締役社長（賞与45％（財務・非財務指標連動35％・TSR連動10％）・株式報酬15％）、取締役（賞与35％（財務・非財務指標連動25％・TSR連動10％）・株式報酬15％） — for the representative director and president, fixed 40 percent and performance-linked 60 percent, the latter a bonus of 45 percent, 35 percent on indicators and 10 percent on TSR, plus stock of 15 percent; for other directors, fixed 50 percent and performance-linked 50 percent, the latter a bonus of 35 percent, 25 percent on indicators and 10 percent on TSR, plus stock of 15 percent. Both years close the sentence with the same proviso: ただし、個別の役割により比率調整をする場合がある, the ratio may be adjusted for individual roles. The stock component is 15 percent in every version and the TSR component is 10 percent in every version; the figures that differ between the versions are the indicator-linked bonus and the fixed share.

ウ is the board's reason for judging that the year's individual remuneration follows the policy: 個人別の報酬決定にあたり、報酬委員会の答申に基づき報酬委員会委員である取締役と協議し決定しているため — because individual remuneration was decided in consultation with the directors who are members of the remuneration committee, on the basis of the committee's reply. The fifth bullet records the delegation. 社外取締役を委員長とする報酬委員会, the remuneration committee chaired by an outside director, deliberates on the remuneration system and levels at the board's request and reports to the board. The board then delegates the decision of individual remuneration, 株主総会で決議された報酬枠内かつ報酬の決定方針に則り, within the limits resolved by the shareholders' meeting and in line with the policy, to two named persons. In the 70th report they are 取締役会長 樫尾和宏氏及び代表取締役社長 高野晋氏, the chairman of the board, 樫尾和宏, and the representative director and president, 高野晋. In the 69th report they were 代表取締役会長 樫尾和宏氏及び代表取締役社長 増田裕一氏, the representative director and chairman, 樫尾和宏, and the representative director and president, 増田裕一. The reason printed is the same in both years: 当社全体の業績等を俯瞰しつつ各取締役の担当部門の評価を行うには取締役会長及び代表取締役社長が最も適しているからであります, the two are best placed to evaluate each director's area of responsibility while surveying the company's results as a whole, the 69th report naming the first office as 代表取締役会長.

② is a table in millions of yen with one column of counts. Its columns are 報酬等の総額（百万円）, total remuneration; 報酬等の種類別の総額（百万円）, total by type, under which stand 固定報酬, 業績連動報酬, 退職慰労金 and 左記のうち、非金銭報酬等, of which non-monetary; and 対象となる役員の員数（名）, the number of officers covered. The 70th table has three rows. 取締役(監査等委員及び社外取締役を除く): 173, 83, 89, ―, 35, 6 — 173 million yen (US$1.1 million) in total for six persons, listing fixed 83 million yen (US$0.51 million), performance-linked 89 million yen (US$0.54 million), a dash under retirement benefits, and non-monetary 35 million yen (US$0.21 million). 監査等委員(社外取締役を除く), audit and supervisory committee members other than outside directors: 15, 15, ―, ―, ―, 1 — 15 million yen (US$0.09 million) for one person, all of it fixed. 社外役員, outside officers: 50, 50, ―, ―, ―, 7 — 50 million yen (US$0.31 million) for seven persons, all fixed. Two notes follow. １ 取締役の報酬等の総額には、使用人兼務取締役の使用人分給与は含まれておりません: the total excludes salary for employee duties of directors who are also employees. ２ 取締役（監査等委員及び社外取締役を除く）に対する非金銭報酬等の総額の内訳は、業績連動報酬35百万円であります: the non-monetary total for the first row consists of performance-linked remuneration of 35 million yen (US$0.21 million). The figures are quoted as printed in whole millions of yen, and this piece does not add the type columns.

The 69th table on page 58 has the same three rows and the same two notes, with different figures in two of the rows. 取締役(監査等委員及び社外取締役を除く): 217, 126, 91, ―, 43, 5 — 217 million yen (US$1.3 million) for five persons, listing fixed 126 million yen (US$0.8 million), performance-linked 91 million yen (US$0.56 million), a dash and non-monetary 43 million yen (US$0.26 million); note ２ there reads 業績連動報酬43百万円, 43 million yen (US$0.26 million). 監査等委員(社外取締役を除く): 15, 15, ―, ―, ―, 1, the same figures as a year later. 社外役員: 54, 54, ―, ―, ―, 5 — 54 million yen (US$0.33 million) for five persons. Set beside each other, the first row moves from five persons to six and from 217 million yen (US$1.3 million) to 173 million yen (US$1.1 million), with fixed remuneration printed at 126 million yen (US$0.8 million) and then 83 million yen (US$0.51 million), performance-linked at 91 million yen (US$0.56 million) and then 89 million yen (US$0.54 million), and the non-monetary figure at 43 million yen (US$0.26 million) and then 35 million yen (US$0.21 million); the outside officers' row moves from five persons at 54 million yen (US$0.33 million) to seven at 50 million yen (US$0.31 million). The counts are persons covered during the fiscal year, and the next paragraph reads them against the officer lists.

③ 役員ごとの連結報酬等の総額等 is one sentence in both reports: 連結報酬等の総額が１億円以上である者が存在しないため、記載しておりません — the company states that no person has consolidated remuneration of 100 million yen (US$0.6 million) or more, and so nothing is listed. The sentence is the company's own statement about the threshold of 100 million yen (US$0.6 million) that this part of the form applies, and it is quoted here as such.

The counts in the two tables can be read against ① 役員一覧 under (2) 役員の状況. The 70th report's list a., as of the filing date June 25, 2026, on pages 44 to 46, carries the heading 男性6名 女性2名 （役員のうち女性の比率25％）, six men and two women, and eight names: 取締役会長 樫尾和宏; 代表取締役社長ＣＥＯ 高野晋; 取締役執行役員経営統轄部長兼ＩＲ担当 田村誠治; 取締役 数原英一郎 and 取締役 倉澤佳子, whom note １ names as 社外取締役; 取締役監査等委員 阿部博友 and 取締役監査等委員 原夏代, whom note ２ names as 社外取締役監査等委員; and 取締役監査等委員（常勤） 山口昭彦. The 69th report's list a., as of June 26, 2025, on pages 43 to 47, carried the heading 男性10名 女性1名 （役員のうち女性の比率9％） and eleven names: 代表取締役会長 樫尾和宏, 代表取締役社長ＣＥＯ 増田裕一, 取締役常務執行役員ＣＦＯ 高野晋, 取締役常務執行役員ＣＳ本部長 樫尾哲雄, 取締役執行役員コーポレートガバナンス戦略担当 山岸俊之, three 取締役 named as 社外取締役 in note １, 尾﨑元規, 数原英一郎 and 廣田康人, two 取締役監査等委員 named as 社外取締役監査等委員 in note ２, 阿部博友 and 千葉通子, and 取締役監査等委員（常勤） 山口昭彦. The 70th report's governance outline on page 36 states that at the 69th annual general meeting on June 27, 2025, 取締役を３名減員するとともに、取締役の半数を社外取締役とし, the number of directors was reduced by three and half of the directors were made outside directors, and the board's note ４ on the same page states that 田村誠治, 倉澤佳子 and 原夏代 were elected at that meeting. The tables print counts, not names, for persons covered within each fiscal year; the lists print the officers on two filing dates; this piece matches neither list to a row person by person.

The remuneration committee's own pages frame the delegation. ホ．指名委員会・報酬委員会 on pages 38 to 39 of the 70th report states that both committees are advisory bodies under the board, that the committee rules require 社外取締役を過半数含む構成, a majority of outside directors, with the chair chosen from among them, and that both committees have six members. For the 報酬委員会 the chair is 社外取締役 原夏代氏 and the members are 取締役会長 樫尾和宏氏, 代表取締役社長 高野晋氏, 社外取締役 数原英一郎氏, 社外取締役 倉澤佳子氏 and 社外取締役 阿部博友氏. The page prints 報酬委員会開催回数３回 for April 1, 2025 to March 31, 2026, with attendance of 3 of 3 for 樫尾, 高野 and 阿部, 2 of 3 for 数原, and 1 of 1 for 倉澤 and 原, note ４ stating that the latter two were elected at the 69th annual general meeting and appointed to the committee by the board the same day; note ５ adds that the committee met once between April 1, 2026 and the filing date. What the committee did is printed in one sentence: 具体的には、役員報酬枠の運用状況とベンチマーク報酬水準について確認・審議を行いました, it confirmed and deliberated on the operation of the officers' remuneration limits and benchmark remuneration levels. The 69th report's pages 37 to 38 printed eight members, a chair 社外取締役 阿部博友氏, and three meetings in the year to March 31, 2025.

The non-monetary column has a counterpart in the share pages. (4) 取得自己株式の処理状況及び保有状況 on page 34 of the 70th report prints, under その他（譲渡制限付株式報酬としての自己株式の処分）, other disposals of treasury shares as restricted stock remuneration, 58,722 shares with 処分価額の総額 of 76,985,013 yen (US$469,994) for the fiscal year, and dashes in the 当期間 columns. The note to the consolidated statement of changes in equity on page 81 prints the year's decrease in treasury shares as 59千株, 59 thousand shares, and attributes it to 譲渡制限付株式報酬としての自己株式の処分による減少, a decrease by disposal of treasury shares as restricted stock remuneration. The 69th report's page 33 printed 63,940 shares and 84,085,486 yen (US$513,342), and its page 80 a decrease of 64千株 under the same words. The policy in イ says the stock is granted in one lot in July. 処分価額の総額 is quoted here under the label the table prints and is not read as the remuneration figure; the item's table prints 非金銭報酬等 of 35 million yen (US$0.21 million) and 43 million yen (US$0.26 million) as separate figures.

Set side by side, the two items differ in five printed places, and the comparison here is confined to the item (4) 役員の報酬等; the governance pages are compared only where quoted. First, the indicator sentence in the first bullet: the three targets and three actuals for net sales, operating profit and ROE quoted above. Second, the ratio sentence in イ: one pair, 60 percent and 40 percent, in the 69th; two pairs, 40 and 60 for the 代表取締役社長 and 50 and 50 for 取締役, in the 70th. Third, the delegation paragraph: 代表取締役会長 樫尾和宏氏 and 代表取締役社長 増田裕一氏 in the 69th; 取締役会長 樫尾和宏氏 and 代表取締役社長 高野晋氏 in the 70th, with the office 代表取締役会長 printed as 取締役会長 at three occurrences in the two sentences that follow. Fourth, the table ②: the figures and counts of the first row and of the row 社外役員 quoted above, the middle row unchanged at 15 million yen (US$0.09 million) and one person. Fifth, note ２ beneath the table: 43 million yen (US$0.26 million) and then 35 million yen (US$0.21 million). Every other sentence of the item, from the evaluation basis of the bonus to the one sentence of ③, is printed in the same words in both years.

Method. The desk located the two annual securities reports in the EDINET document-list API for June 25, 2026 and June 26, 2025, retrieved the PDFs through the same API, and read them with pdfplumber: (4) 役員の報酬等 (pages 55 to 56 of the 70th report, 57 to 58 of the 69th), the cover (page 1), the five-year table (page 2), the business review (page 21 of the 70th, 20 of the 69th), the treasury share page (page 34 of the 70th, 33 of the 69th), the governance outline (page 36 of the 70th, 35 of the 69th), the committee pages (pages 38 to 39 of the 70th, 37 to 38 of the 69th), the officer list (pages 44 to 46 of the 70th, 43 to 47 of the 69th), the consolidated income statement (page 67 of the 70th) and the equity note (page 81 of the 70th, 80 of the 69th). The remuneration tables were read with extract_tables and the columns matched to their printed headings; the row labels are given as printed. The two years' items were compared sentence by sentence after removing whitespace, which is how the five places of difference were found. Apart from the reference conversions to US dollars at ¥163.8 = US$1, nothing here is computed: the type columns are not added, no year is differenced, no ratio is applied to any figure, and the indicator sentence is not reconciled with the income statement. Names are given in the Japanese form the reports print.