Statement by Nissan –
YOKOHAMA, Japan – Based on a whistleblower report, Nissan Motor Co., Ltd. has been conducting an internal investigation over the past several months regarding misconduct involving the company’s Representative Director and Chairman Carlos Ghosn and Representative Director Greg Kelly.
The investigation showed that over many years, both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amounts, in order to reduce the disclosed amount of Ghosn’s compensation.
Also, with regard to Ghosn, numerous other significant acts of misconduct have been uncovered, such as personal use of company assets, and Kelly’s deep involvement has also been confirmed.
Nissan has been providing information to the Japanese Public Prosecutors Office and has been fully cooperating with its investigation. Nissan will continue to do so.
As the misconduct uncovered through our internal investigation constitutes clear violations of director duty of care, Nissan’s Chief Executive Officer Hiroto Saikawa will propose to the Nissan Board of Directors to promptly remove Ghosn from his positions as chairman and representative director. Saikawa will also propose the removal of Kelly from his position as representative director.
Nissan deeply apologizes for causing great concern to its shareholders and stakeholders. Nissan will continue its work to identify governance and compliance issues, and to take appropriate measures.
Statement by Renault –
Boulogne-Billancourt, 20 November 2018 – The Board of Directors of Renault held today adopted transitional governance measures to preserve the interests of the Group and the continuity of its operations.
The Board was chaired by the lead independent director Mr. Philippe Lagayette after the opening of judicial proceedings against Mr. Carlos Ghosn in Japan. At this stage, the Board is unable to comment on the evidence seemingly gathered against Mr. Ghosn by Nissan and the Japanese judicial authorities.
Mr. Ghosn, temporarily incapacitated, remains Chairman and Chief Executive Officer. The Board of Directors resolved to appoint Mr. Thierry Bolloré on a temporary basis as Deputy Chief Executive Officer Mr. Bolloré will therefore lead the management team of the Group, having the same powers as Mr. Carlos Ghosn.
During this period, the Board will meet on a regular basis under the chairmanship of the lead independent director to protect the interests of Renault and the sustainability of the Alliance.
The Board decided to request Nissan, on the basis of the principles of transparence, trust and mutual respect set forth in the Alliance Charter, to provide all information in their possession arising from the internal investigations related to Mr. Ghosn.
The Board endorsed the support expressed by the Nissan management to the Renault Nissan Mitsubishi Alliance, which remains the priority of the Group.
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