There is an air of truce between Nissan and Renault. The Japanese giant said it was ready to re-discuss with its French partner Renault the structure of the alliance that unites the two car manufacturers and Mitsubishi, also reviewing the system of cross-shareholdings. He said it in front of the shareholders' meeting of the Japanese company Hiroto Saikawa, CEO of Nissan.
“We have postponed discussions on the future of the alliance – he specified – but this postponement can lead to a weakening of cooperation and affect operations on a daily basis. We need to find a system that makes the alliance permanent: should we review cross-shareholdings? Maybe yes, maybe not”, because if “imbalance becomes a factor of instability, then the question must be put on the table”.
Renault has 43% of Nissan, which in turn has 15% of Renault but without voting rights.
During the meeting, questions were also addressed to the president of Renault, Jean-Dominique Senard, who is a director of Nissan. "Since my arrival - he said - I have done everything to appease" the tensions in the Alliance after the Carlos Ghosn scandal, recalling that he "renounced the right" to preside over Nissan.
Regarding the merger proposal made by FCA to Renault, Senard remarked that "it would have been an exceptional project for Nissan and for the Alliance", therefore it is a "lost opportunity".
The shareholders' meeting of Nissan then approved the new governance structure of the company, after the reorganization desired by CEO Hiroto Saikawa, with the approval of the French partner Renault.
To recover from the Carlos Ghosn scandal, the former president arrested in Tokyo last autumn for alleged financial irregularities, Saikawa has proposed changing the governance of the car manufacturer, with the establishment of three committees: nominations, remuneration and auditing.
A vote of two-thirds of the shareholders was required for the approval of this new governance structure. Renault had threatened to abstain, which would have derailed the reorganization. However, the French group has found an agreement with the Japanese partner.
According to the agreement, the president of Renualt, Jean-Dominique Senard, and the director general of Renault, Thierry Bolloré, will sit on two of the three committees.
The shareholders' meeting thus approved all three items on the agenda: the 2018-2019 budget, the new organizational structure and the appointment of 11 directors (of which 7 independent).
