(Be sure to read in the 2nd paragraph “designate Renault as parent company for disclosure purposes”)
TOKYO, June 28 (Reuters) – Nissan Motor shareholders at the Japanese automaker’s annual general meeting on Tuesday rejected an investor proposal that would have led to the disclosure of the deal detailing its alliance with Renault , holder of 43% of its capital.
Prior to the meeting, this shareholder offered to designate Renault as Nissan’s parent company for disclosure purposes, which the law would require publishing this 23-year-old agreement which details the financial and commercial alliance of the two manufacturers. .
The lack of publication of the agreement prevents shareholders from discussing the alliance, which therefore remains “unequal”, said this investor. Nissan only holds a 15% non-voting stake in Renault.
Observers expected to see the French automaker block the proposal. Nissan said last month, however, that it would disclose the contents of the agreement in its annual securities report, as long as it does not breach a confidentiality obligation.
The full publication would reveal the scope of this agreement (Restated Alliance Master Agreement) concluded when Renault saved Nissan from the brink of bankruptcy. The deal, which allows Renault to increase its stake in the management of Nissan, has long been a source of tension.
The Franco-Japanese alliance, which Mitsubishi Motors Corp joined in 2016, has been weakened since the end of 2018 by the disgrace of its historic leader Carlos Ghosn. The two automakers have since pledged to mobilize more resources and come together to manufacture electric vehicles (EVs).
Renault said in April, however, that all options were available as it reorganized its business in response to the rapid electrification of the auto industry, including a potential stock market listing of its EV unit.
For electric vehicle pioneer Nissan, it’s too early to consider splitting off its EV division, its chief operating officer said last month. (Satoshi Sugiyama report; French version Dagmarah Mackos, edited by Jean-Stéphane Brosse)