Renault Board Investigation Backs Ghosn. Governance Measures Stay in Place. Compensation Controversy Ongoing on French versus Japanese Corporate Governance

The Board of Directors said  it does not have information concerning Carlos Ghosn’s defense in Japan.

The Board of Directors of Groupe Renault met today in an ordinary session under the Chairmanship of Philippe Lagayette, Lead Independent Director. As part of the agenda, Claude Baland, Senior Advisor in charge of Ethics and Compliance, and Eric Le Grand Chief Ethics and Compliance Officer, presented to the Board the current status of the review of the compensation of the Chairman and Chief Executive Officer of Renault for the years 2015-2018, which was undertaken on November 23, 2018.

Their preliminary conclusion is that the compensation of Carlos Ghosn, Chairman and Chief Executive Officer of Renault and the conditions under which such compensation was approved followed applicable law as well as the recommendations of the *AFEP-MEDEF. The Board of Directors decided to maintain the current governance measures established on November 20, 2018.

Renault’s lawyers also provided the Board of Directors of Renault with a report on the presentation made to them by Nissan’s lawyers concerning the investigation they carried out at Nissan.

The Board of Directors requested that Renault’s lawyers continue their review and assessment of the information provided, in liaison with Nissan’s lawyers, and promptly provide the Board with a new update on the situation.

Furthermore, the Board of Directors noted that, at this stage, it does not have information concerning Carlos Ghosn’s defense.

* The AFEP-MEDEF Code is the corporate governance code for publicly traded companies. It defines principles of corporate governance by outlining rules on remuneration for corporate officers, controls and transparency. First published in September 2002, the Code is updated regularly

Groupe Renault

Groupe Renault has been making cars since 1898. Today it is an international, multi-brand group combining the Renault, Dacia and Renault Samsung Motors, Alpine and LADA brands. In 2017, it sold close to 3.76 million vehicles through 12,700 outlets in 134 countries. Groupe Renault employs more than 180,000 people and operates 36 manufacturing facilities worldwide. “To address the major technological challenges of the future and pursue profitable growth, Renault focuses on international development. It is harnessing complementary coverage across its five brands; electric vehicles; and its unique alliance with Nissan and Mitsubishi. With its Formula 1 team, Renault is active in motorsport as a force behind innovation, image and brand recognition.”

See AutoInformed on:

This entry was posted in auto news, litigation, people and tagged , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published.