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  "documentTitle": "Keisei Electric Railway (9009)",
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  "presentationDate": "2025-04-23 00:00:00",
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  "notes": "The slide uses a 'villain' framing by highlighting Keisei's outlier status against TSE standards.",
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      "text": "Contrary to TSE policies and all peers, Keisei refuses to base executive pay on Company performance metrics",
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      "text": "Case Studies Endorsed by TSE for their use of Compensation",
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      "text": "TSE: Action to Implement Management that is Conscious of Cost of Capital and Stock Price. As part of such efforts, remuneration plans for management could be used as a sound incentive for sustainable growth.",
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      "text": "\"As part of such efforts, remuneration plans for management could be used as a sound incentive for sustainable growth, for example by including indicators related to profitability and improvement of corporate value in the calculation of executive remuneration.\" — Tokyo Stock Exchange",
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      "text": "Source: Company disclosures.",
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      "text": "Performance Metrics Used in Remuneration table comparing Keisei to Tokyu, Seibu, Tobu, Keikyu, Keio, and Odakyu.",
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      "kind": "title",
      "text": "... without any performance-linked metrics...",
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