November 12, 2019
Latest News

Nissan shareholders approve corporate governance reform

Tokyo, Jun 25 (efe-epa).- The shareholders of Nissan Motor on Tuesday approved the reform of its management to prevent a concentration of power such as that wielded by former chairman, Carlos Ghosn, until last year.

The vote was held at the end of its 120th Ordinary Annual General Meeting of Shareholders in the city of Yokohama, south of Tokyo, and ran for three hours and 22 minutes, the company said in a statement.

Some 2,814 shareholders were present at the meeting, which was broadcast live.

The shareholders approved the creation of three board committees — one responsible for director nominations, another for executive remuneration and one for audit matters.

Eleven new directors were also elected, following the expiration of term of all existing directors, a Nissan statement said.

The approval of the reform had been up in the air for several days as Renault, which holds a 43.4 percent stake in Nissan, had announced it would abstain from the vote, which would have left the proposed changes short of the two-thirds majority needed to pass.

But a subsequent negotiation between Renault and Nissan resulted in the reformulation of the members of the committees to give greater weight to the former, and with the votes of the French automaker, the reform secured the required number of votes.

Present at the meeting was Nissan President Hiroto Saikawa and Renault Chairman Jean-Dominique Senard, who underscored the 20-year alliance of the two companies.

The governance reform is an outcome of the internal review process carried out after Ghosn was dismissed from his Nissan post following his arrest in Tokyo on Nov. 19, 2018.

Ghosn, who was chairman of Renault, Nissan Motor and Mitsubishi Motors, is facing charges for alleged financial irregularities in Japan and is also being investigated in France.

He has denied the charges and claims he was arrested as part of an alleged "conspiracy" by some executives of the Japanese firm over fears that a planned merger of the company with Renault would undermine its autonomy.

ag/pd/tw

Related content

Renault, Nissan maintain differences over possible merger

Tokyo, Jun 25 (efe-epa).- Renault and Nissan on Tuesday reaffirmed an alliance between the two created 20 years ago but maintained their differences regarding taking it to another level with a merger.

The issue came up during a shareholders meeting for Nissan Motor, held in Yokohama, south of the Japanese capital Tokyo, days after the two firms held antagonistic positions about an issue scheduled for Tuesday.

Renault had announced it would abstain from voting to elect three new board committees, which would have left the proposed changes short of the two-thirds majority needed to pass, as the French firm holds a 43.4 percent stake in Nissan.

But a subsequent negotiation between Renault and Nissan resulted in the reformulation of the members of the committees to give greater weight to the former, and with the votes of the French automaker, the reform secured the required number of votes.

However, from the positions that Renault Chairman Jean-Dominique Senard and Nissan President Hiroto Saikawa defended before shareholders, emerged a fresh possibility of this alliance turning into a merger.

This option was advocated by former chairman of Renault and Nissan Motor, Carlos Ghosn, but after his exit from both firms – owing to his arrest in Tokyo for alleged financial irregularities –, Senard does not consider it a priority.

"This project in its time was incredible beneficiary to Nissan. It would have been a wonderful project for Nissan and the alliance," underlined Senard when a shareholder asked him his views about the merger, adding that had the deal gone through it would have been beneficial for the alliance.

The Nissan management has maintained its reservations over this possible merger, while Saikawa stressed that in the current set-up both parties in the alliance respected one another's independence and they would continue with the same attitude. EFE-EPA

ag/sc/jt

News history
Tesla stock has risen this month as its 3rd-quarter numbers approach

By David Marino-Nachison

Australian Navy begins sea trials of 3rd air warfare destroyer

Sydney, Australia, Sep 16 (efe-epa).- Australia has begun the first phase of sea trials of its third and final Air Warfare Destroyer, the Department of...

Nissan Motor CEO steps down in the wake of bonus scandal

Tokyo, Sep 16 (efe-epa).- Hiroto Saikawa stepped down from his post as chief executive officer of Nissan Motor on Monday and has been replaced by Yasuhiro...

Trump says US is "locked and loaded" to respond to attack on Saudi oil

Washington DC, Sep 15 (efe-epa).- The president of the United States on Sunday warned that his administration was "locked and loaded" to respond to a recent...

Nissan CEO steps down over bonus scandal

Tokyo, Sep 9 (efe-epa).- Nissan Motor's CEO, Hiroto Saikawa, will step down on 16 September on the back of an investigation into over payments the executive...

Volkswagen to pay multi-million-dollar settlement over 'dieselgate' Australia

Sydney, Australia, Sep 16 (efe-epa).- German car giant Volkswagen has agreed to pay millions in compensation to those affected by its diesel emissions...

General Motors braces for first nationwide strike in 12 years

Washington DC, Sep 15 (efe-epa).- The United Automobile Workers trade union on Sunday called for a nationwide strike of 48,000 employees at General Motors,...

Mexico seeks to topple Brazil's Volkswagen Guinness World Record

Puebla, Mexico, Sep 15 (efe-epa).- The Mexican state of Puebla over the weekend attempted to take the Guinness World Record for the most Volkswagen vehicles...

Argentina's gov't to present new budget amid economic woes

Buenos Aires, Sep 15 (EFE).- Finance Minister Hernan Lacunza will present the proposed 2020 budget to the Argentine Congress this week, a budget that will...

World's biggest oil producer reduces output by 50 percent after Saudi attacks

By Suleiman al-Assad

Battle to power electric vehicles reaches Sweden

By William Boston

Are central banks losing their clout?

By Randall W Forsyth

Ecotourism, the answer to Latin America's rural development needs

By Maria Jose Brenes

Havana-based cigar maker says it doesn't foresee Helms-Burton lawsuits

Havana, Sep 13 (efe-epa).- Habanos S.A., a Spanish-Cuban joint venture that is a leading maker of Premium cigars, said Friday it does not believe it is at...

US pledges to increase trade with Brazil, without mentioning bilateral deal

Washington, Sep 13 (efe-epa).- US Secretary of State Mike Pompeo promised his Brazilian counterpart here Friday that exchanges of goods and services between...

Mexicans make drinking straws from reeds to curb use of plastic

Jose de Jesus Cortes

London, Sep 13 (EFE).- The London Design Festival returns this weekend to the British capital with events and facilities bringing together the best of the...

China exempts US soy, pork products from tariffs ahead of US negotiations

By Paula Escalada Medrano.

Vaping giant Juul Labs debates pushing back on US' new ban on e-cigarettes

By Jennifer Maloney

Trump's plans for oil drilling in Arctic refuge clear big hurdle

By Timothy Puko

IMF: US-CHINA TRADE WAR STARTING TO WEIGH ON GLOBAL ECONOMY

Washington, Sep 12 (efe-epa).- The International Monetary Fund said Thursday that the trade war between the United States and China is already triggering a...

Argentina’s obsession with the dollar, a vicious circle amid a crisis

By Rodrigo García

New tariffs applied on Chinese imports to the US

Beijing, Sep 12 (efe-epa).- China's Customs Tariff Commission of the State Council has postponed the planned 25 percent tariffs on 16 products from the...

EU's top diplomat visits Mexico to boost trade agreement

By Eduard Ribas i Admetlla

I agree Welcome to news4europe.eu. We use cookies to improve your online experience. Find out more.