Nissan and Renault Near a Deal to Resolve Corporate Governance Dispute

Date : 06/19/2019 @ 4:54AM
Source : Dow Jones News
Stock : Renault SA (RNO)
Quote : 52.59  0.18 (0.34%) @ 4:39PM

Nissan and Renault Near a Deal to Resolve Corporate Governance Dispute

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By Sean McLain in Tokyo and Nick Kostov in Paris 

Nissan Motor Co. and Renault SA are poised to resolve a standoff over changes to Nissan's corporate governance ahead of the Japanese car maker's shareholder meeting next week, according to people familiar with the plans.

Renault had threatened to abstain from a shareholder vote on the proposed changes, which would have blocked their approval. The French car maker holds a 43.4% stake in Nissan and the changes require a two-thirds majority to pass.

The proposal to be voted upon at the shareholder meeting calls for three committees to be set up on Nissan's board, handling audit matters, director nominations and executive compensation. The two car makers had clashed over Renault's desire for its chief executive, Thierry Bolloré, to sit on the audit committee.

Under the proposed compromise between Renault and Nissan, Mr. Bolloré would receive the audit-committee post, people familiar with the discussions said. They cautioned that the deal hasn't been made final yet. If completed, the compromise plan would enable Renault to vote in favor of the governance changes at the Nissan shareholder meeting on June 25, clearing the way for their approval.

Write to Sean McLain at sean.mclain@wsj.com and Nick Kostov at Nick.Kostov@wsj.com

 

(END) Dow Jones Newswires

June 18, 2019 23:39 ET (03:39 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.


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