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SoftBank doubled payments to Vision Fund bosses because the company posted a record loss



SoftBank funds tech giants. But they're not all successes

Misra earned 1.61 billion yen ($ 15 million) in total compensation for the fiscal year ending in March, more than double her salary a year earlier, SoftBank said in filing a regulation on Friday. Most of the packages, nearly 1.42 billion yen ($ 13.2 million), are the principal payments, with the rest recorded as “other” compensation.

Meanwhile, the Vision Fund suffered an operating loss of 1.9 trillion yen ($ 17.7 billion) for the period. Grappling with business missteps and the impact of the coronavirus pandemic, SoftBank had to write down 47 company evaluations in the fund, including startups such as WeWork and Oyo.

Misra’s compensation package is “high,” and “it’s hard to see how it can be based on performance,” said Dan Baker, an analyst with research company Morningstar. SoftBank did not immediately respond to requests for comment.

SoftBank founder Masayoshi Son said at an earnings presentation earlier this month that he estimated that around 15 of the 88 Vision Fund portfolio companies went bankrupt.

Son earned 209 million yen ($ 1.9 million), a 9% salary discount compared to the previous year. About 40% of that is paid in stock options.

Although Son’s salary is low compared to Misra and several other executives, he also has a 22% stake in the company which is worth around $ 20 billion. Estimates of his net worth vary: Forbes peg in $ 23.4 billion, while Bloomberg score list $ 15.1 billion.
The salary increase for Misra, which serves as the chief executive officer of SoftBank Investment Advisors, arises when a startup that collects billions of dollars from the Vision Fund has laid off thousands of workers. He was the company’s second highest-paid executive last year.
Marcelo Claure, SoftBank’s chief operating officer, took the top spot, earning 2.1 billion yen ($ 19.6 million). The former executive of the telecommunications company was tasked with reversing WeWork. He also helped the merger T-Mobile (TMUS) and Sprint (S.) cross the finish line.
Executive salary in Japan generally lower than in the United States. A December study from advisory firm Willis Towers Watson found that the average CEO payment in Japan was 156 million yen ($ 1.5 million) in 2018, compared to $ 13.7 million for CEOs in the United States.

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Portuguese historical films will premiere on 29 December.



Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.



Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

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