Sony Corporation execs will forgo their annual bonus payments after the board backed a proposal from CEO Kaz Hirai.

Around 40 execs will return bonuses worth between 30 and 50 per cent of their annual pay as a result of the firm's electronics business remaining unprofitable for a second year running.

The decision to cut bonuses follows on from last year's initiative which saw Hirai and his predecessor return their bonuses.

Sony is expected to report an annual profit of £261m later this month, helped by the sale of some of its offices and a weak yen. The PlayStation 4 is expected to launch this holiday season.

Source: Bloomberg