Mazda Motor Corp. submits a bill asking for shareholder approval to buy back 2.2 million of its common shares, paying up to ¥1.6 billion ($14.6 million), at a May 12 board meeting.

It says it plans to purchase the shares from June 28, 2006 to June 27, 2007.

Mazda also submits a bill for issuance of subscription rights for new shares as stock options to compensate certain company directors.

The auto maker says it is requesting this to improve “the motivation and morale” of directors and other employees in relation to their job performance and for implementing continuous management reform.