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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.
软银创始人孙正义(Masayoshi Son)正试图扭转软银的命运。此前软银旗下的愿景基金(Vision Fund)出现了历史性亏损。但为了抵消利润下降和股价下跌而采取的措施实在太少，也太晚。其中包括这家日本科技投资集团高管的大幅减薪。
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
在作出令人惊讶的大幅减薪之前，在截至3月的一年中，愿景基金部门的投资损失达到了创纪录的3.5万亿日元（275亿美元）。奇怪的是，孙正义的薪酬没有变化，仍是1亿日元（78.5万美元）。薪酬缩水的高管包括首席财务长后藤芳光(Yoshimitsu Goto)。与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.
软银历来出手大方。该公司芯片部门安谋(Arm)的前首席执行官西蒙•西格斯(Simon Segars)在担任董事会董事的三个月里赚了900万美元。软银前首席运营官马塞洛•克劳尔(Marcelo Claure)——在经历了数月的薪酬谈判后，克劳尔于今年早些时候离开了软银——在离职前一年的薪酬超过1400万美元。这让他与美国银行(Bank of America)前首席运营官托马斯•蒙塔格(Thomas Montag)齐名。
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.
软银将其首支愿景基金在截至3月的一年中的创纪录亏损归咎于美国和中国的科技股抛售。但软银作为最大股东的一些知名公司的表现却远不如市场。韩国电子商务平台Coupang的股票自上市以来已经暴跌了72%。中国叫车集团滴滴出行的股票在过去一年中下跌了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.
这样的逆转让人对软银高管的策略产生了质疑，其中包括软银投资顾问公司(SoftBank Investment Advisers)首席执行官拉吉夫•米斯拉(Rajeev Misra)，该公司负责监管愿景基金。
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.
软银股价自2021年达到峰值以来已经腰斩。这些股票的交易价格低于账面价值，不到该集团公布的1500亿美元净资产的一半。
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.
孙正义已承诺将采取防御措施，放慢新投资的步伐并保留现金。投资者的问题应该是，对一家仍在向业绩逊于市场的高管支付高额薪酬的企业，持股是否值得。