TOKYO - For the first time, Toyota Motor Corp. will issue stock options of 5,000 to 15,000 shares to each of its 56 directors.
Toyota's shares are currently trading at about ¥3,480, or about $30.25 at current exchange rates.
A recent change in Japanese law opened the way for companies here to offer options.
The options, plus a share buyback and a closer focus on return on equity, are all part of Toyota President Hiroshi Okuda's drive to move the company toward what he calls 'global standards' of management and finance.
Okuda has indicated he would like to see Toyota shares listed on the New York Stock Exchange next year. To do so, Toyota must align its accounting and other reporting practices with U.S. standards.
Separately, Toyota said it plans to buy back up to ¥100 billion of its stock, about $870 million at current exchange rates, not to exceed 27 million shares.