Renault as Nissan's parent company which by law would force the publication of the agreement
pan's Nissan Motor Co Ltd on Tuesday rejected a shareholder proposal at its annual general meeting that would have led to the disclosure of a decades-old agreement with 43% stakeholder Renault SA, Qazet.az reports.
Ahead of the AGM, one investor proposed designating Renault as Nissan's parent company which by law would force the publication of the agreement which stipulates the automakers' capital and business alliance.
Lack of publication prevents shareholders discussing the alliance which consequently remains "unequal", the investor said. Nissan owns only a 15% non-voting stake in Renault.
Observers expected opposition from the French automaker to scupper the proposal. Still, Nissan last month said it would disclose the agreement's content in its annual securities report to the extent it does not violate a confidentiality obligation.
Full disclosure of the Restated Alliance Master Agreement would reveal the scope of the 23-year-old tie-up, formed when Renault rescued Nissan from the brink of bankruptcy. The deal has long been the source of tension as it allows Renault to increase its involvement in Nissan's management.
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