Nissan Shareholders Oust Director Motoo Nagai as Renault Withholds 15% Voting Support
Updated
Updated · Bloomberg · Jun 23
Nissan Shareholders Oust Director Motoo Nagai as Renault Withholds 15% Voting Support
2 articles · Updated · Bloomberg · Jun 23
Summary
Nissan shareholders voted against Motoo Nagai’s board reappointment at Tuesday’s annual meeting, ending the influential outside director’s tenure.
Renault’s withdrawal of support helped sink Nagai after a rare public standoff over the vote; the French carmaker owns 36% of Nissan but can exercise only 15% of voting rights.
Chief Executive Ivan Espinosa said the other 11 director candidates won the majority needed for appointment or reappointment.
The result underscores governance strains between Nissan, its top shareholder Renault and creditor interests, bringing unusual public conflict to Japan’s normally subdued shareholder meetings.