Nissan Board Nomination Rejected

Nissan Motor Co’s proposal to reappoint an external board member was blocked at its annual meeting on Tuesday, in a rare rejection of a board nomination submitted by a major company. The rejection of Motoo Nagai, who formerly worked at Mizuho Financial Group Inc., was apparently due in part to French automaker Renault SA, the largest shareholder of Nissan, abstaining from exercising voting rights. 

The automaker proposed 12 board members, including President and CEO Ivan Espinosa, with three new outside directors nominated, such as Asahi Group Holdings Ltd Chairman Akiyoshi Koji. The appointments of the remaining 11 were approved.