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Market Chatter: Renault to Abstain on Nissan Director Votes over Independence Concerns

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Renault plans to abstain from voting on the reappointment of Nissan Motor (TYO:7201) director Motoo Nagai and board nominee Junichi Shinbo at the Japanese automaker's annual shareholders meeting on Tuesday, Bloomberg News reported, citing people familiar with the matter.

The French carmaker, which owns about 36% of Nissan but can exercise only 15% of voting rights under a revised alliance agreement, is concerned about the independence of Nagai and Shinbo because both are former bankers at Mizuho Financial Group (TYO:8411), Nissan's largest lender, the report said.

The move highlights Renault's efforts to exert greater influence over governance at Nissan as the Japanese automaker seeks to recover from years of weak performance, according to the report.

Renault did not immediately respond to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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