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Renault to block Nissan''s corporate governance overhaul, reports FT
France`s Renault SA has told Nissan Motor Co Ltd that it will block the company`s plan to overhaul its corporate governance, the Financial Times reported on Sunday.
France`s Renault SA has told Nissan Motor Co Ltd that it will block the company`s plan to overhaul its corporate governance, the Financial Times reported on Sunday. Renault Chairman Jean-Dominique Senard revealed the plan in a letter to Nissan Chief Executive Hiroto Saikawa on Saturday, according to the report, which cited people familiar with the letter.
The letter comes two weeks before Nissan`s annual meeting, where it had hoped to vote through a long-overdue transition from having statutory auditors to a governance system of three committees covering nominations, remuneration and audit, FT reported. Renault`s decision to abstain from the vote denies the proposal the two-thirds majority it needs to pass.
Renault and Nissan did not immediately respond to a Reuters request for comment on Sunday.
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