Nissan's annual general meeting has approved sweeping governance changes, which were championed by its CEO Hiroto Saikawa.

As part of the reforms, the Nissan 11-strong board will feature two representatives each from Nissan and Renault, and seven independent directors.

The company also gains three new committees overseeing nomination, compensation and audit. These committees will be led by outside directors, but will have representative each from Nissan and Renault.

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Renault's inclusion in Nissan's new governance structure was a compromise after the French carmaker threatened to effectively veto the creation of the new committees if it wasn't represented.

Establishing a new corporate governance regime was one of the key aims of Saikawa after Nissan's then-chairman and former CEO Carlos Ghosn was arrested in November 2018 for alleged financial misdeeds.

In a stunning press conference just hours after Ghosn's arrest, Saikawa blamed the concentration of power and a lack of oversight as one of the reasons for Ghosn's underperformance in recent years and, ultimately, his downfall.

During his press conference today, Saikawa said he wanted "the [nomination] committee to accelerate preparation so we can hand over to the next generation of leaders".

He had previously indicated he would step down some time after his main goal as Nissan boss was achieved. It's unknown who will be named as his successor, nor how long the process will take.

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4 COMMENTS
DJM61 — 27 Jun 2019 14:15

They should be concentrating on a success plan?

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