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(Reuters) – French group Renault SA has announced to Nissan Motor Co Ltd that it will block the project to review the company's governance, the Financial Times reported on Sunday.
Renault President Jean-Dominique Senard revealed the same in a letter to Nissan CEO Hiroto Saikawa on Saturday, according to sources close to the letter.
The letter was sent two weeks before Nissan's annual meeting, where it hoped to move from auditors' control to a governance system of three appointments, compensation and audit committees, FT said. according to FT. Renault's decision to abstain during the vote denies the proposal the required two-thirds majority.
Renault and Nissan did not immediately respond to a request for comment from Reuters on Sunday.
(Report by Kanishka Singh in Bengaluru, edited by Louise Heavens)
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