Japan Exchange Group, which operates the Tokyo Stock Exchange, said Thursday that Group CEO Hiromi Yamaji will take a 50% cut in monthly compensation for two months over an insider trading case involving a former TSE employee.
TSE President and CEO Moriyuki Iwanaga will also face a 50% compensation cut for two months.
TSE Senior Executive Officer Katsumi Ao will take a 20% compensation cut for two months, while Koji Watanabe, head of the TSE’s Listing Department, was issued a stern warning.
JPX and TSE also submitted a report following a Financial Services Agency order.
Also on Thursday, JPX released a report compiled by an independent directors’ investigation committee tasked with looking into the scandal. The committee described it as “an unprecedented case,” saying that it was “completely incompatible with the essential values and philosophy of JPX, which operates Japan’s capital markets.”
The former employee was indicted without arrest in December last year for allegedly leaking undisclosed information on tender offers to his father while working at the TSE division that handles the disclosure of important information by listed companies.
