TOKYO – Nissan rejected a shareholder proposal at its annual general meeting that would have led to the disclosure of a decades-old agreement with Renault Group, which holds a 43 percent stake in the Japanese automaker.
Ahead of the meeting on Tuesday, one investor proposed designating Renault as Nissan's parent company, which by law would force the publication of the agreement – known as the Restated Alliance Master 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 a 15 percent 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.