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SMBC Nikko Securities to cut chairman, CEO pay over insider-trading scandal

SMBC Nikko Securities Inc. Chairman Tetsuya Kubo, CEO Yoshihiko Shimizu and two other executives will receive two-month pay cuts for poor management in connection with an insider-trading scandal involving a former employee, The Nikkei reported Dec. 26.

An independent investigative committee concluded there was no organizational involvement in the insider trading but pointed out that the management "should have imposed more vigorous information security" within the company, the report said.

Kubo and Shimizu will receive a 20% cut in their remuneration for two months beginning in January 2019, and two other executives will receive a 5% to 10% pay cut.

SMBC Nikko Securities said it will introduce more security cameras within the company to monitor employees' movement and will provide training about ethics.

Japanese media reported in November that a former employee had been arrested for allegation of insider trading.