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An independent panel has pledged to oversee a tough restructuring of Japan’s Tokyo Electric Power Co (TEPCO) to ensure that the utility will raise as much funds as possible to pay huge compensation claims. The five member panel will report to Japan’s industry minister Banri Kaieda and submit its final report in September.
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The Japanese government has put forward a bill to ensure that the utility pays compensation to those affected by the Fukushima incident. Tens of thousands of people remain evacuated in a 20 km zone around the plant. The bill calls for the creation of a body to handle claims made against TEPCO and will be funded by public money as well as contributions from power companies. Analysts say that the bill’s passage through parliament is likely to depend on whether the government can win over those opposed to it by enforcing tough restructuring of TEPCO.
Kazuhiko Shimoboke, head of the review panel, said: “All items are subject to review by the panel, including personnel expenses and pension benefits.” Under TEPCO’s current restructuring programme, executives have to forego their annual remuneration, while ordinary workers get a 20 percent pay cut. Other restructuring steps may include the separation of TEPCO’s power generation and distribution functions.