Seven Sony executives, including chairman Sir Howard Stringer and chief executive Kazuo Hirai, are giving up their performance-based bonuses and taking pay cuts because of the group’s continued losses.
The Tokyo-based electronics and entertainment company did not disclose how much money was being returned. Last year, it paid ¥224 million (£1.8m) in performance bonuses to eight executives.
The group, which makes televisions, computers and the PlayStation 3 video game console, has racked up four straight years of losses, while its core television business has suffered eight years in the red. However, it is forecasting a return to profit this year.
Shareholders will be asked to approve payments totalling ¥799m in base salary payments to 21 executives for the financial year that ended on 31 March, according to documents released ahead of its annual meeting on 27 June.
The group plans to axe 10,000 jobs, about 6 per cent of its global workforce, after reporting a record annual loss of ¥457 billion for the year to March 2012.