June 16, 2019
Latest News

Nissan 'regrets' Renault's decision to back out of approved governance reform

Tokyo, Jun 10 (efe-epa).- The management of Nissan Motor on Monday said Renault's decision to back out of a corporate governance reform at the Japanese company, which had been previously approved by French group's representatives, was "regrettable."

The reform, which involved the creation of three company governance committees, was recommended by an independent commission after its top executive Carlos Ghosn was dismissed.

Renault is the largest shareholder of Nissan Motor, holding 43.4 percent of the capital. It had approved the reform when taken to the board of directors, but it must be ratified at the general shareholders' meeting on Jun. 25.

"Nissan has received a letter from Renault indicating intention to abstain from voting" at the shareholders' meeting, said Nissan CEO Hiroto Saikawa in a statement Monday.

According to the Financial Times, abstention would imply that the reform proposal would not have two-thirds of the votes needed and would be blocked.

In the statement, Nissan said that this reform to "strengthen corporate governance" was "approved by all board members, including Renault's own nominees."

"Nissan finds Renault's new stance on this matter most regrettable, as such a stance runs counter to the company's efforts to improve its corporate governance," the statement added.

This comes days after a proposed merger of Renault and Fiat-Chrysler group fell through after the French government - Renault's main shareholder - asked for more time to analyze it.

Various media have reported that this request by the French authorities was linked, among other reasons, to the reluctance demonstrated by Nissan to the possible merger between Renault and Fiat-Chrysler.

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