This is starting to sound like a variation on a Judy Garland lyric from the Company that Got Away (FCA). “The night is bitter… The road gets rougher…
Paybacks are hell. Nissan has received a letter from Renault indicating its intention to abstain from voting on measures to strengthen Nissan’s weak corporate governance practices. In a statement Nissan acknowledged the slight saying the reason given, according to media reports, is that Renault’s views concerning selection of committee members have not been adequately reflected.
This after the French government asked for more time to study the FCA Renault merger when it learned that Nissan intended to abstain from a vote that would allow it to go forward. (AutoInformed on Renault’s Board of Directors Continue FCA Merger Study, Renault’s Board of Directors Continue FCA Merger Study)
Renault’s voting stake at Nissan’s ordinary general meeting of shareholders on June 25 is needed and wanted to pass proposed amendments to the company’s Articles of Incorporation. These amendments would be necessary for Nissan to transition to a company with three statutory committees – nomination, compensation and audit. Renault did not immediately respond to AutoInformed’s request for elucidation.
The latest twist in the strained Renault Nissan Mitsubishi “alliance” came after the discovery of “serious executive misconduct” led by the company’s former chairman, Carlos Ghosn, who was at the time also Chairman and CEO of Renault. (AutoInformed on Renault Board Confirms Expenses Improperly Used by Ghosn)
Nissan established the Special Committee for Improving Governance, which was led by and composed of third-party advisers, to discuss and recommend governance improvements to lay the groundwork for a “robust system of governance in support of Nissan’s operations.”
Nissan’s board voted unanimously to strengthen corporate governance by transitioning 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.,” Nissan said.
“In the interests of all shareholders, Nissan will continue to make the utmost efforts the necessity of these governance-strengthening changes,” Nissan concluded.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Renault Returns the Nissan Abstinence Vote Favor
This is starting to sound like a variation on a Judy Garland lyric from the Company that Got Away (FCA). “The night is bitter… The road gets rougher…
Paybacks are hell. Nissan has received a letter from Renault indicating its intention to abstain from voting on measures to strengthen Nissan’s weak corporate governance practices. In a statement Nissan acknowledged the slight saying the reason given, according to media reports, is that Renault’s views concerning selection of committee members have not been adequately reflected.
This after the French government asked for more time to study the FCA Renault merger when it learned that Nissan intended to abstain from a vote that would allow it to go forward. (AutoInformed on Renault’s Board of Directors Continue FCA Merger Study, Renault’s Board of Directors Continue FCA Merger Study)
Renault’s voting stake at Nissan’s ordinary general meeting of shareholders on June 25 is needed and wanted to pass proposed amendments to the company’s Articles of Incorporation. These amendments would be necessary for Nissan to transition to a company with three statutory committees – nomination, compensation and audit. Renault did not immediately respond to AutoInformed’s request for elucidation.
The latest twist in the strained Renault Nissan Mitsubishi “alliance” came after the discovery of “serious executive misconduct” led by the company’s former chairman, Carlos Ghosn, who was at the time also Chairman and CEO of Renault. (AutoInformed on Renault Board Confirms Expenses Improperly Used by Ghosn)
Nissan established the Special Committee for Improving Governance, which was led by and composed of third-party advisers, to discuss and recommend governance improvements to lay the groundwork for a “robust system of governance in support of Nissan’s operations.”
Nissan’s board voted unanimously to strengthen corporate governance by transitioning 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.,” Nissan said.
“In the interests of all shareholders, Nissan will continue to make the utmost efforts the necessity of these governance-strengthening changes,” Nissan concluded.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.