Renault has reached an agreement with Nissan on the representation of the French car manufacturer in the new governance of its Japanese partner, announced Thursday the diamond group in a statement.
This agreement paves the way for Renault's positive vote on this governance at the shareholders' general meeting of Nissan on 25 June. The French manufacturer, the largest shareholder of Nissan with 43% of the capital, had threatened not to support if its two leaders Jean-Dominique Senard and Thierry Bolloré were not represented in the new instances.
Jean-Dominique Senard, President of Renault, to sit on Nissan nominating committee
According to a source close to the manufacturer, Jean-Dominique Senard, president of Renault, will sit on the Nissan nominations committee while Thierry Bolloré, executive director, will sit on the audit committee. On the other hand, it will not have representation in the third committee envisaged, that of remuneration. Renault "welcomes Nissan's decision to grant (to its) two representatives (...) a seat on the Nissan Board Committees, which will be presented at the Annual Shareholders' Meeting on June 25", the French group said in a statement. "The agreement thus found on Renault's presence in Nissan's new governance, confirms the spirit of dialogue and mutual respect that exists within the Alliance," says the manufacturer.
Jean-Dominique Senard and Thierry Bolloré are Renault's two representatives on the Nissan Board of Directors. Initially, Nissan did not want to appoint Thierry Bolloré in one of the committees. The group's management is hostile to this leader who has long supported former Renault CEO Carlos Ghosn, arrested in Japan in November for alleged financial malpractice.