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TOKYO: Nissan was involved in another executive compensation scandal on Thursday after CEO Hiroto Saikawa admitted to being overpaid, in violation of internal procedures, as part of a ploy. designed by the deposed president, Carlos Ghosn.
An internal investigation revealed that Saikawa and other leaders had received inadequate compensation, a well-informed source told Reuters, raising doubts about Saikawa's commitment to improving governance after Ghosn was arrested. last year for financial misconduct.
Saikawa apologized and promised to return the funds unduly paid since he had confessed to Japanese journalists Thursday that he had wrongly received an indemnity related to shares under a "ploy". Ghosn era ".
"I am deeply sorry to have aroused concern," Saikawa said, according to Jiji Press.
In other comments reported by Kyodo News, Saikawa denied any direct role in the enforcement of the rights protection mechanism and said that he thought "appropriate procedures" had been put in place .
Unexpected payments, including tens of millions of yen received by Saikawa under a Stock Appreciation Rights (SAR) mechanism, were revealed Wednesday at a meeting of the company's audit committee. Nissan, said the source who refused to be identified because the information is not public.
The disciplinary measures to be taken on this subject would be discussed at a future meeting of the board of directors, added the source.
In a statement, Nissan said in a statement that the findings of its investigation, including issues related to stock appreciation rights, would be submitted to its board on 9 September.
The company is attempting to strengthen governance, reduce costs and achieve low profitability despite persistent allegations of financial misconduct stemming from Ghosn's 20-year reign at Japan's second-largest automaker.
Ghosn is awaiting trial in Japan on charges including US $ 5 million enrichment for Nissan. Kyodo said the procedure could begin as early as March.
He denies any wrongdoing and claims to be the victim of a coup in a boardroom.
Confidence in Saikawa had already been shaken by accusations that he was too close to Ghosn, whose arrest in November had shaken the global auto industry and revealed tensions in the automobile partnership between Nissan and Renault HER.
The company launched its internal investigation after Japanese magazine Bungei Shunju published in June accusations of former director Greg Kelly that Saikawa would have benefited from an exception in 2013 to reschedule an action-related bonus. which increased the payment of 47 million yen (445,962 USD).
Like Ghosn, Kelly is awaiting trial for financial misconduct.
The latest clearing issue could exacerbate tensions with the main shareholder, Renault, after an unsuccessful attempt by the French automaker to complete a merger with Nissan and combine Renault with Fiat Chrysler (FCA). Saikawa is opposed to both plans.
"Saikawa is expected to resign once the misconduct has been formally reported to the board," wrote on his website, Nobuo Gohara, attorney at the head of Gohara 's Compliance and Law Office, who said he would not resign. is not involved in the Ghosn case.
The Chief Executive Officer was reappointed by the shareholders with the lowest rating of the 11 directors in June.
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