Financial news

Nissan considers giving Renault some seats on oversight committees: Kyodo

By  | 

Via Reuters Finance

FILE PHOTO : The Nissan logo is seen at Nissan Motor Co.’s global headquarters building in Yokohama, Japan, December 17, 2018. REUTERS/Kim Kyung-Hoon/File Photo

TOKYO (Reuters) – Nissan Motor Co is considering giving its alliance partner Renault SA some seats on planned oversight committees after the French automaker expressed discontent with the envisioned governance reform, Kyodo news reported on Friday, citing people close to the matter.

The two-decade-old partnership of Nissan and Renault was plunged into a crisis earlier this week, as the French automaker’s demand for a greater say in Nissan’s new governance system drew rare public censure by the Japanese firm.

Renault, which owns 43.4% of the Japanese firm, signaled it would block Nissan from formally adopting an overhauled governance structure at a June 25 shareholder meeting – unless Renault received representation on new Nissan committees.

According to Kyodo, Nissan is now considering having Renault executives as members of the nomination and audit committees, citing the sources.

The chairman of French car maker said earlier in the week that he was confident of reaching an agreement with Nissan on the composition of the Japanese company’s main board committees. He said he would support Nissan’s governance reform if the Japanese firm allowed Renault’s two representatives on Nissan’s board to be part of its powerful committees.

Reporting by Ayai Tomisawa; editing by Christian Schmollinger


Print Friendly, PDF & Email

Hold dit netværk orienteret

READ ALSO  Exclusive: Sempra nears $3 billion Chile sale to China's State Grid - sources