Sumitomo Mitsui Trust Holdings (TYO:8309) will cut executive pay and tighten internal controls following the indictment of a former employee in March for insider trading, according to a Thursday filing on the Tokyo Stock Exchange.
The group's president and other senior executives will take a 20%-30% pay reduction.
An external investigation, led by former prosecutor Kazuo Sakakibara, highlighted gaps in ethical training and monitoring of trades.
As a result, SMBC plans stronger employee training, improved transaction monitoring, and stricter management of sensitive information.
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