Proxy Advisors Seek to Replace Nissan CEO Saikawa

Two large proxy advisory firms are suggesting that Nissan Motor Co. shareholders vote against reappointing CEO Hiroto Saikawa, The Nikkei reports.

The advisors, Glass Lewis & Co. and Institutional Shareholder Services, say Saikawa should be replaced because he shared the status of representative director with then-Chairman Carlos Ghosn, now awaiting trial on charges of financial misconduct.

A representative director has power to sign contracts, including those affecting other board members, on behalf of the company without further oversight. Glass Lewis says it cannot support Saikawa in a position of oversight with other company directors, according to The Nikkei.