Renault may block Nissan reform over boardroom dispute

Renault Chairman Jean-Dominique Senard reportedly plans for the French carmaker to abstain in a shareholder vote on Nissan’s reorganization. (Reuters)
Updated 10 June 2019

Renault may block Nissan reform over boardroom dispute

  • Renault owns 43.4 percent of alliance partner Nissan
  • There is concern about Renault’s under-representation on the new Nissan board committees being introduced

PARIS: Renault has signaled it will block reforms launched by alliance partner Nissan in the wake of the Carlos Ghosn scandal unless it is granted representation on new board committees, a source close to the French carmaker said.
Renault, which owns 43.4 percent of Nissan, informed its Japanese affiliate in a letter signed by Chairman Jean-Dominique Senard that it planned to abstain in a shareholder vote on the plans, the Financial Times reported earlier on Sunday.
An abstention by Renault would effectively block the reforms, which require a two-thirds majority to pass.
A Renault spokeswoman did not immediately return calls and messages seeking comment.
Japan’s Jiji news agency quoted Nissan Chief Executive Hiroto Saikawa as saying: “We are preparing for the shareholder meeting and will discuss necessary issues at the appropriate time. If there are differences of opinion (with Renault), then I’d like for those to be discussed.”
The source said Senard’s letter was motivated by concern about Renault’s under-representation on the new Nissan board committees being introduced following the November arrest of their former chairman Carlos Ghosn, who is now awaiting trial in Japan on financial misconduct charges he denies.
“It’s is not a final abstention, and Renault’s position can still change,” the Renault source said. “As things stand, Renault has not been assured of appropriate committee representation as Nissan’s main shareholder.”


Iran’s Petropars developing South Pars gas field after withdrawal of foreign companies

Updated 25 January 2020

Iran’s Petropars developing South Pars gas field after withdrawal of foreign companies

DUBAI: Iran’s Petropars will develop phase 11 of South Pars, the world’s largest gas field, after the withdrawal of French oil major Total and the China National Petroleum Corp (CNPC), Iran’s oil minister was quoted as saying on Saturday.
“Now with the exit of the other two companies from the contract, Petropars has completely taken their place and the development of the first unit of phase 11 of South Pars has been given to this company,” Bijan Zanganeh was quoted as saying by ICANA, the Iranian parliament’s news site.
The offshore field, which Iran calls South Pars and Qatar calls North Field, is shared between Iran and Qatar.