November 12, 2019
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Nissan announces new members of board

Tokyo, Jun 21 (efe-epa).- Japanese automaker Nissan Motor Company on Friday announced the nominees for the board of directors and its new corporate governance committees, which include top executives from Renault demanded by the French firm for its support of this corporate reform.

Chairman of Groupe Renault, Jean-Dominique Senard and CEO of Renault, Thierry Bollore, will form a part of two of the three committees that will be part of the new corporate structure proposed by Nissan, according to a statement by the company.

This corporate reform is aimed at equipping the firm with a more balanced governance after the ouster of its President Carlos Ghosn.

The proposal is set to be presented at Tuesday's shareholder's meeting.

Senard and Bollore's inclusion in the committees has paved the way for Renault to support the measure, following its threats to veto it on the grounds that it would not have sufficient representation in the new structure.

The abstention of Renault, which holds 43.4 percent of Nissan, would mean that the proposed change would not receive the two-thirds of the votes required in the general meeting of the shareholders.

The new measure was recommended by an independent committee which was entrusted with reviewing the power structure thoroughly, amid Nissan's complaints about the power concentrated in Ghosn's hands while heading Nissan Motor.

The suggested model proposes to create three committees which would supervise corporate appointments, compensation and internal auditing, to avoid an internal lack of control observed under Ghosn's management.

Senard is to sit on the nomination committee while Bollore will be on the auditing committee.

Senard will also be a vice-chair of a panel in charge of designating the posts for the new corporate structure under Yasushi Kimura, an external advisor from the Japanese oil refiner JXTG Holdings.

On Thursday, Renault said that the firm, "welcomes Nissan's decision to grant Renault's representatives a seat on the committees of the Nissan board," and added that, "the agreement reached on Renault's presence in Nissan's new governance confirms the spirit of dialog and mutual respect that exists within the alliance."

ahg/sk/ses

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