Renault: Nissan's answers to the group's decision

(CercleFinance.com) - Several media today announced that Renault will abstain from voting at Nissan's ordinary shareholder meeting on 25 June, particularly with regard to the proposed amendments to the company's articles.
 

Nissan has received a letter from Renault stating its intention to abstain from voting.

These changes will provide the company with three statutory committees (appointments, remuneration and audit). The reason given is that Renault's point of view concerning the selection of committee members has not been sufficiently taken into account.
"Following the recent discovery of serious executive misconduct led by the company's former chairman, who was at the time also Chairman and CEO of Renault, Nissan established the Special Committee for Improving Governance," said Hiroto Saikawa, Nissan's CEO.

The special committee has made a series of recommendations. Based on these recommendations, the Nissan Board unanimously voted in favour of strengthening corporate governance by moving from a company with statutory auditors to a company with three statutory committees.

"This transition was discussed thoroughly by Nissan's board and 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 group adds.
" Dans l'intérêt de tous les actionnaires, Nissan continuera à faire tout son possible pour faire comprendre la nécessité de ces changements visant à renforcer la gouvernance ".

"In the interests of all shareholders, Nissan will continue to make the utmost efforts to communicate the necessity of these governance-strengthening changes."



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