Renault to block Nissan's corporate governance overhaul- FT

 Renault to block Nissans corporate governance overhaul- FT

(Reuters) - France's Renault SA has told Nissan Motor Co Ltd that it will block the company's plan to overhaul its corporate governance, the Financial Times reported on Sunday.

Renault Chairman Jean-Dominique Senard revealed the same in a letter to Nissan Chief Executive Hiroto Saikawa on Saturday, according to the report https://on.ft.com/2X3nGJC, which cited people familiar with the letter.

The letter comes two weeks before Nissan's annual meeting, where it had hoped to vote through a long-overdue transition from having statutory auditors to a governance system of three committees covering nominations, remuneration and audit, FT reported. Renault's decision to abstain from the vote denies the proposal the two-thirds majority it needs to pass.

Renault and Nissan did not immediately respond to a Reuters request for comment on Sunday.

(Reporting by Kanishka Singh in Bengaluru, editing by Louise Heavens)

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Updated Date: Jun 10, 2019 00:05:24 IST