• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION
No Result
View All Result
1
Home Business

Renault warns Nissan it will block governance overhaul

10 June 2019, 9:53 AM  |
AFP AFP |  @SABCNews
Renault

Nissan said it had received a letter from Renault "indicating intention to abstain from voting", a move that would mean the proposed changes fall short of the two-thirds majority needed to pass

Renault

Image: AFP

Nissan said it had received a letter from Renault "indicating intention to abstain from voting", a move that would mean the proposed changes fall short of the two-thirds majority needed to pass

French carmaker Renault has warned its alliance partner Nissan that it will block the Japanese auto firm’s plan to overhaul its governance structure, Nissan confirmed on Monday, a move it called “regrettable.”

In a statement, the Japanese firm said it had received a letter from Renault “indicating intention to abstain from voting”, a move that would mean the proposed changes fall short of the two-thirds majority needed to pass.

“Nissan finds Renault’s stance on this matter most regrettable, as such a stance runs counter to the company’s efforts to improve its corporate governance,” CEO Hiroto Saikawa said in a statement.

Renault’s decision, first reported by the Financial Times, was taken over fears the proposed governance changes could reduce its influence, the paper said.

The move by Renault, which is Nissan’s largest shareholder, is likely to further strain ties between the two firms after the shock arrest of former boss Carlos Ghosn.

A spokesman for Renault contacted by AFP had no comment.

Renault is pushing for a full merger between the pair, but there is deep scepticism of the plan at Nissan.

Last month, Fiat Chrysler stunned the auto world by proposing a merger with Renault that would – together with Renault’s Japanese partners Nissan and Mitsubishi Motors – create a car giant spanning the globe.

But the deal collapsed suddenly on Thursday, with the Italian-US carmaker FCA saying negotiations had become “unreasonable” due to political resistance in Paris.

Relations between Renault and Nissan have been tested over the arrest in November of their joint boss Ghosn, who awaits trial in Japan on charges of financial misconduct.

Nissan has said the alleged misconduct was the result of governance failings inside the firm, and that the proposed overhauls are necessary to ensure wrongdoing is not possible in the future.

Share article
Tags: RenaultNissan
Previous Post

Musical inspired by Greek mythology wins at Tony Awards

Next Post

Women boxers striking a blow for equality in Cuba

Related Posts

An aerial view shows unfinished residential buildings of the Gaotie Wellness City complex in Tongchuan, Shaanxi province, China September 12, 2023.

China’s central bank adviser proposes structural reforms to revive economy

24 September 2023, 12:22 PM
US President Joe Biden steps out of an electric Chevrolet Silverado EV pickup truck being shown to him by General Motors Chief Executive Mary Barra during a visit to the Detroit Auto Show to highlight electric vehicle manufacturing in America, in Detroit, Michigan, U.S., September 14, 2022. REUTERS/Kevin Lamarque/File Photo

Biden to visit Michigan to support auto strike, a day before Trump

23 September 2023, 5:30 PM
Wallet with bank notes and coins.

SA consumers poorer as they navigate tough economic times

23 September 2023, 6:42 AM

Workers hand over memorandum to Seriti Klipspruit Colliery amid retrenchment

22 September 2023, 5:15 PM
Chickens are seen at a poultry farm outside Klerksdorp in the North West province, South Africa, August 15, 2018. Picture taken August 15, 2018.

Avian flu outbreak expected to drive up egg, chicken prices

22 September 2023, 5:00 PM
A person holding South African notes.

Sigh of relief for indebted consumers as repo rate remains unchanged

22 September 2023, 8:09 AM
Next Post
women boxer

Women boxers striking a blow for equality in Cuba

Most Viewed

  • 24hrs
  • Week
  • Month
  • Concern over exclusion of foreign nationals from Road Accident Fund
  • Cashless taxi service launched in Cape Town
  • “Motsoaledi’s ZEP leave for appeal has no prospects of success”
  • ANC building up in flames in Port St Johns
  • Gqeberha on high-alert following disruptive weather warnings
  • High waves and rough water conditions force beach closures in the Western Cape
  • Prince Mangosuthu Buthelezi to rest in the town he built and nurtured
  • NSPCA files criminal case against Julius Malema for alleged animal cruelty
  • Snow, heavy rainfall expected in parts of KZN: SAWS
  • Cold-front sweeps across SA bringing snow and chilly temperatures
  • Buffalo City metro in Eastern Cape issues storm warning for weekend
  • A level two weather warning issued for southern KZN
  • Voortrekker Monument to host activities commemorating Heritage Day
  • Eight killed, several others injured in a head-on collision in Limpopo
  • Northern Cape motorists urged to drive safely due to poor visibility caused by fires

LATEST

File Image: A black rhino is seen after it was dehorned in an effort to deter the poaching of one of the world's endangered species, at a farm outside Klerksdorp, in the North West on February 24, 2016.
  • South Africa

Black rhino numbers on the increase in South Africa through a local programme


  • Uncategorized

Heritage Day 2023


Heritage Day on 24 September recognises and celebrates the cultural wealth of our nation.
  • South Africa

Mashatile calls on citizens to safe guard SA’s future


File Image: A shack fire
  • South Africa

Woodland cemetery informal settlement fire kills three people


City of Joburg firefighters are pictured at the scene of a fire in Joburg between Albert & Anderson Street in this image captured on 20 September 2023.
  • South Africa

Another building fire in Joburg


An aerial view shows unfinished residential buildings of the Gaotie Wellness City complex in Tongchuan, Shaanxi province, China September 12, 2023.
  • Business

China’s central bank adviser proposes structural reforms to revive economy


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2023

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION

© 2023

Previous Hadestown Musical inspired by Greek mythology wins at Tony Awards
Next women boxer Women boxers striking a blow for equality in Cuba