Toyota has slashed fiscal year 2011 remuneration paid to its 27 directors to JPY972m, down 42.8% from the previous year, as the automaker's performance deteriorated in the business year to 31 March, documents provided to shareholders ahead of its annual meeting showed.

While the total remuneration for its 10 auditors, including five outside auditors, rose 17.3% to JPY224m, the total remuneration paid to directors and auditors came to JPY1.20bn, down 36.7% year on year, Kyodo News reported. The average director remuneration was JPY36m (US$455,000) per person.

Early this month the automaker reported group net profit of JPY283.5bn yen for the 2011 business year, down 30.5%.

Its earnings were dragged down by the impact of the earthquake and tsunami in Japan and massive flooding in Thailand last year, as well as the yen's appreciation against other major currencies.