Shareholder activist groups are asking a French regulator to investigate conflicts of interest and possible breaches of governance at the Renault-Nissan Alliance, according to reports.
Reuters reports that Proxinvest is among a group of activists that have put their case for a Renault-Nissan review in a letter to the French AMF market watchdog.
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The letter, according to Reuters, claims that Renault failed to adequately inform shareholders about a transfer of decision-making powers to its Renault-Nissan BV joint venture, or to respect the procedure for their renewal in 2012 for ten years.
It also reportedly points to potential conflicts of interest arising from Alliance chief Carlos Ghosn’s multiple roles – he is chairman and chief executive of Renault as well as chairman of both Mitsubishi and Nissan, where he also served as CEO until earlier this year.
The letter said a creeping transfer of power to the Dutch-listed RNBV venture has been taking place since 2002 without “adequate governance mechanisms or protections for Renault shareholders” or any new regulatory scrutiny.
Reuters notes that the conflict of interest allegations partly repeat complaints aimed at Carlos Ghosn by the French government during a 2015 power struggle that involved then finance minister Emmanuel Macron, who is now France’s President.
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