YOKOHAMA, Japan – The Nissan Motor Co., Ltd. board of directors today approved the establishment of the Special Committee for Improving Governance. The board also acknowledged ongoing discussions regarding the nomination for the position of chairman of the board and reaffirmed its ongoing efforts to fully inform its Alliance partners Renault and Mitsubishi Motors Corporation.
1. Establishment of Special Committee for Improving Governance
- On Nov. 22, the board approved the study of the creation of a committee to receive advice from an independent third party regarding governance management and enhanced governance of director compensation. Following that mandate, the three independent outside directors – Masakazu Toyoda, Keiko Ihara and Jean-Baptiste Duzan – led the study.
- Today, the board resolved to establish the Special Committee for Improving Governance, incorporating external independent experts based on the recommendations of the independent outside directors. (See attachment for details.)
- Taking into account the results of the investigation into acts of serious misconduct by the former Nissan chairman and former representative director, the Special Committee for Improving Governance aims to find the root causes and provide recommendations for the enhancement of the company’s governance, including proposals to improve approval processes and governance for determining director compensation and to provide recommendations for creating a healthy state of governance as the foundation for sustainable business in a leading global company.
2. Appointment of chairman of the board
- On Nov. 22, the board approved the establishment of an advisory committee that will propose nominations from the board for the position of chairman. The committee is composed of Masakazu Toyoda who chairs the committee, Keiko Ihara and Jean-Baptiste Duzan.
- Today, the board received and acknowledged the report from the committee that the committee will continue its discussions.
3. Alliance partners
- Nissan continues its efforts to keep its Alliance partners fully informed. Today at the board meeting of Mitsubishi Motors, Nissan presented a full briefing of the conduct of the former Nissan chairman and representative director. Nissan today reaffirms to Renault its readiness at any time to provide a full briefing at a Renault board meeting in order to maintain an equal understanding among the Alliance partners.
About Nissan Motor Co., Ltd.
Nissan is a global full-line vehicle manufacturer that sells more than 60 models under the Nissan, INFINITI and Datsun brands. In fiscal year 2017, the company sold 5.77 million vehicles globally, generating revenue of 11.9 trillion yen. On April 1, 2017, the company embarked on Nissan M.O.V.E. to 2022, a six-year plan targeting a 30% increase in annualized revenues to 16.5 trillion yen by the end of fiscal 2022, along with cumulative free cash flow of 2.5 trillion yen. As part of Nissan M.O.V.E. to 2022, the company plans to extend its leadership in electric vehicles, symbolized by the world's best-selling all-electric vehicle in history, the Nissan LEAF. Nissan’s global headquarters in Yokohama, Japan, manages operations in six regions: Asia & Oceania; Africa, the Middle East & India; China; Europe; Latin America; and North America. Nissan has partnered with French manufacturer Renault since 1999 and acquired a 34% stake in Mitsubishi Motors in 2016. Renault-Nissan-Mitsubishi is today the world’s largest automotive partnership, with combined sales of more than 10.6 million vehicles in calendar year 2017.
For more information about our products, services and commitment to sustainable mobility, visit
nissan-global.com. You can also follow us on Facebook, Instagram, Twitter and LinkedIn and see all our latest videos on YouTube.
###
Media contact
Koji Okuda or Nicholas Maxfield
+81-(0)45-523-5552
nissan_japan_communications@mail.nissan.co.jp