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Fujitsu to Dock Execs' Pay Over Glitches

Posted by iTech - 2005-11-26

TOKYO - Japan's Fujitsu Ltd. on Friday said it would dock the pay of its president and several other executives after problems in the company's software forced the Tokyo Stock Exchange to shut down trading earlier this month.
The computer maker's board of directors cut President Hiroaki Kurokawa's salary by half for six months, and imposed pay cuts of 10-25 percent on other executives, including those in charge of its financial information systems business, Fujitsu said in a statement.

The decision follows a similar set of penalties announced by the Tokyo Stock Exchange, including slashing the monthly pay of President Takuo Tsurushima by 50 percent for six months.

The bourse, Asia's biggest with over 2,000 issues listed, suspended trading in most stocks and bonds for all but the final 90 minutes on Nov. 1 due to a glitch in its transactions system. It was the biggest shutdown in the history of the exchange.

The exchange had said a new piece of software developed by Fujitsu — part of recent measures introduced by the TSE to deal with recent surges in trading volume — was behind the malfunction.

"Flawed instructions we received from Fujitsu regarding system improvements to its software seem to have caused the glitch," TSE spokesman Mitsuo Miwa said, adding the bourse had not yet decided whether to sue the computer company for damages.

The exchange launched an emergency upgrade of its transactions system last month after trading volume increased by almost 70 percent between July and September.

The Nagoya Stock Exchange, which experienced a similar shutdown three days later, has also blamed a mistake made by a Fujitsu subsidiary.

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