Renault Again Pushes Nissan for a Special Stockholder Meeting

Renault SA has again requested Nissan Motor Co., in which it holds a 43% stake, to hold an extraordinary shareholders meeting following the indictment of ex-Chairman Carlos Ghosn on Dec. 10.

Renault holds two seats on the Nissan board, including one that had been occupied by Ghosn. Renault is demanding its right to name Ghosn’s replacement.

Japanese law gives investors that hold at least 3% voting rights in the company the power to demand a shareholder meeting and seek a court order to enforce it if Nissan’s board fails to act within eight weeks, according to The Nikkei.

Nissan rejected an earlier request from Renault on Dec. 17 for a special shareholder meeting. At the time, Nissan’s board said it intended to first revise its corporate governance code and then convene its next shareholder meeting in June.

Ghosn continues to serve as the official chairman and CEO of Renault, although both of those roles have been assumed on an interim basis by other executives. Ghosn is accused of failing to report $43 million in deferred compensation. He also was re-arrested last week for allegedly assigning a personal financial loss to Nissan.

Renault says its own preliminary investigation found no evidence of wrongdoing in the company’s handling of Ghosn’s financial matters and compensation.