Nissan Not to Accept Renault Request for Shareholder Meeting

Economy

Tokyo, Dec. 19 (Jiji Press)--Nissan Motor Co. <7201> does not plan to hold an extraordinary shareholder meeting soon, despite a request from its French alliance partner, Renault SA, it was learned Wednesday.

The refusal is because the major Japanese automaker aims to rebuild its corporate governance system on a priority basis, following the arrest and indictment of former Chairman Carlos Ghosn for his alleged failure to report part of his pay in breach of the financial instruments and exchange law, informed sources said.

Nissan has notified Renault of this stance in writing, according to the sources.

Before a board meeting of Nissan on Monday this week, at which it initially hoped to select a new chairman, Renault, eager to dispatch a new top executive to Nissan, requested the Japanese company to hold an extraordinary shareholder meeting at an early date.

Renault apparently wants to block Nissan's bid to select a Japanese official as its new chairman to succeed Ghosn, who is from Renault.

[Copyright The Jiji Press, Ltd.]

Jiji Press