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By Bloomberg

Toyota Motor Corp. plans to boost directors’ pay by 20 percent after the carmaker’s profit surged to a record.

The company will pay an average of 54.6 million yen ($458,000) to 14 directors, excluding external board members, for the fiscal year ended March, according to a statement posted on Toyota’s website Thursday. The average bonus paid to 12 executives will rise 45 percent to 73.8 million yen, subject to approval by shareholders at a meeting next month.

Toyota is rewarding its executives after net income jumped 19 percent to 2.17 trillion yen last fiscal year. The company projects profit will rise to 2.25 trillion yen in the year ending March 2016, after President Akio Toyoda boosted efficiency, revamped crucial models such as the Camry sedan and put the Lexus brand back in contention for the U.S. luxury- market crown.

Nissan Motor Co. Chief Executive Officer Carlos Ghosn has been the best-paid Japan executive in recent years. Ghosn, one of the few foreigners leading major Japanese companies, earned more than four times what Toyoda did in the fiscal year ended March 2014.

Toyota raised the base monthly salaries of unionized workers in Japan by 4,000 yen ($34) as of April 1, the company’s biggest wage increase since at least 1993. The raise was one- third less than what Toyota’s labor union had proposed.