By Junko Fujita
JIC Chief Executive Masaaki Tanaka walked out of a Nov. 24 meeting to discuss remuneration levels at the investment fund, which was formed in September to manage more than $17 billion of public money, ministry official Keisuke Sasaki said.
JIC is seeking annual compensation of about 55 million yen ($480,000) for Tanaka and top management, Sasaki said, adding that this is higher than the Bank of Japan governor's 35.3 million yen and the 31.5 million yen paid to the president of the Government Pension Investment Fund (GPIF).
"Trust between the ministry and JIC's Tanaka has been damaged," Sasaki said. "It is difficult for the government to ask JIC to manage 2 trillion yen."
JIC said in a statement on Monday that the compensation it sought was the same as offered by the Ministry of Economy, Trade and Industry.
Sasaki acknowledged that the ministry had previously offered to pay as much as 55 million yen to JIC's top management but rescinded that offer last month and asked the fund to reconsider salary levels.
($1 = 113.5800 yen)
(Reporting by Junko Fujita; Editing by David Goodman)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)