Leading proxy advisory firm ISS has urged shareholders of Nissan Motor Co Ltd to...
FILE PHOTO: Nissan President and Chief Executive Officer Hiroto Saikawa speaks during a news conference at its global headquarters building in Yokohama, Japan, December 17, 2018. REUTERS/Kim Kyung-Hoon
In a client note, Institutional Shareholder Services said Saikawa’s reappointment “is not considered appropriate” if Nissan hopes to break away from years of poor corporate governance, as Saikawa had served as a key lieutenant to Carlos Ghosn, Nissan’s ex-CEO and chairman who is facing financial misconduct charges he denies.
It also advised shareholders to vote against the nomination of Moto Nagai to Nissan’s board, as the former executive of Mizuho Financial Group Inc served as an independent auditor at Nissan during Ghosn’s tenure, and “shares responsibility” for failing to exercise oversight of Ghosn’s alleged wrongdoing.
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