Renault Backs Nissan’s Management Reforms

Renault SA says it supports a Nissan Motor Co. offer to give it greater presence in the Japanese carmaker’s proposed new management oversight committees.

Last week Renault, which owns 43% of Nissan, demanded more representation as a condition for its vote in favor of the new committees. Nissan will seek support for the plan from two-thirds of its shareholders next week, making Renault’s now-promised “yes” vote essential to implementing the reforms.

Renault says Nissan’s overture “confirms the spirit of dialogue and mutual respect” within the 20-year-old Renault-Nissan alliance. Mistrust between the partners has risen to at an all-time high since last November’s arrest of Carlos Ghosn, formerly the chairman of both companies and their alliance.