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Founder Masayoshi Son is trying to turn round the fortunes of SoftBank following a historic loss for its Vision Fund unit. But moves to counteract falling profits and a dwindling share price are too little, too late. They include steep pay cuts for executives of the Japanese tech investment group.
軟銀創辦人孫正義(Masayoshi Son)正試圖扭轉軟銀的命運。先前軟銀旗下的願景基金(Vision Fund)出現了歷史性虧損。但爲了抵消利潤下降和股價下跌而採取的措施實在太少，也太晚。其中包括這家日本科技投資集團高階主管的大幅減薪。
The surprisingly steep reductions follow a record investment loss of ¥3.5tn ($27.5bn) at the Vision Fund unit for the year to March. Oddly, Son’s pay was unchanged at Y100mn ($785,000). Executives who suffered pay package shrinkage included chief financial officer Yoshimitsu Goto. His remuneration dropped 40 per cent compared with the previous year
在作出令人驚訝的大幅減薪之前，在截至3月的一年中，願景基金部門的投資損失達到了創紀錄的3.5兆日元（275億美元）。奇怪的是，孫正義的薪酬沒有變化，仍是1億日元（78.5萬美元）。薪酬縮水的高階主管包括首席財務長後藤芳光(Yoshimitsu Goto)。與去年相比他的薪酬下降了40%
SoftBank has a history of largesse. Simon Segars, the former chief executive of the company’s chip unit Arm, earned $9mn during the three months that he was a board director. Former chief operating officer Marcelo Claure, who left SoftBank earlier this year after months of frosty negotiations over pay, earned more than $14mn in the year before his departure. That put him on a par with former chief operating officer of Bank of America Thomas Montag.
軟銀歷來出手大方。該公司晶片部門安謀(Arm)的前首席執行長西蒙•西格斯(Simon Segars)在擔任董事會董事的三個月裏賺了900萬美元。軟銀前首席運營官馬塞洛•克勞爾(Marcelo Claure)——在經歷了數月的薪酬談判後，克勞爾於今年早些時候離開了軟銀——在離職前一年的薪酬超過1400萬美元。這讓他與美國銀行(Bank of America)前首席運營官托馬斯•蒙塔格(Thomas Montag)齊名。
SoftBank blamed the record loss at its first Vision Fund in the year to March on the tech sell-off in the US and China. But some prominent companies in which SoftBank is the largest shareholder have performed far worse than the market. Shares in South Korean ecommerce platform Coupang have plunged 72 per cent since it listed. The stock of Didi, a Chinese ride-hailing group, has fallen 75 per cent in the past year.
軟銀將其首支願景基金在截至3月的一年中的創紀錄虧損歸咎於美國和中國的科技股拋售。但軟銀作爲最大股東的一些知名公司的表現卻遠不如市場。南韓電子商務平臺Coupang的股票自上市以來已經暴跌了72%。中國叫車集團滴滴出行的股票在過去一年中下跌了75%。
Such reversals call into question the strategy of SoftBank executives including Rajeev Misra, chief executive of SoftBank Investment Advisers, which oversees the firm’s Vision Funds.
這樣的逆轉讓人對軟銀高階主管的策略產生了質疑，其中包括軟銀投資顧問公司(SoftBank Investment Advisers)首席執行長拉吉夫•米斯拉(Rajeev Misra)，該公司負責監管願景基金。
SoftBank shares have halved since their 2021 peak. They trade below book value at less than half the group’s stated net asset value of $150bn.
軟銀股價自2021年達到峯值以來已經腰斬。這些股票的交易價格低於賬面價值，不到該集團公佈的1500億美元淨資產的一半。
Son has promised to play defence, slowing the pace of new investments and preserving cash. The question for investors should be whether it is worth holding shares in a business that is still paying executives highly to underperform the market.
孫正義已承諾將採取防禦措施，放慢新投資的步伐並保留現金。投資者的問題應該是，對一家仍在向業績遜於市場的高階主管支付高額薪酬的企業，持股是否值得。