Nissan executives are to miss out on bonus payments after the car manufacturer missed its performance targets last year.
Addressing shareholders at a meeting in Yokohama, Japan, the company's chief executive Carlos Ghosn stressed that its bosses were taking "responsibility" for the failure.
"In 2006 we did not meet our fiscal-year performance objectives, and we are taking that responsibility seriously," said Mr Ghosn.
"The bonus for Nissan's directors amounted to 390 million yen (£0.1 million) last year, but in fiscal 2006 we are not proposing to pay a bonus to the directors," he added.
Nissan's profits slumped by 11 per cent last year – the first time the company's profits have dropped in the past seven years.
The poor performance represents the first major setback for Mr Ghosn, who joined Nissan in 1999 after transferring from French company Renault, which owns a 44 per cent stake in its partner firm.
Yesterday's meeting attracted a "record" attendance of over 2,000 shareholders, some of whom heckled Mr Ghosn during the proceedings.
But while acknowledging that Nissan faced a "tough business climate" in 2006, the company chief stressed that the car maker was "investing heavily" in its future.
He added that Nissan was forecasting a 6.2 per cent rise in global sales, to 3.7 million units, in 2007.
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