Renault CEO Ghosn Clashes With French State on Shareholder Votes - Bloomberg
Renault SA Chief Executive Officer Carlos Ghosn lost a clash with French Economy Minister Emmanuel Macron, as the Socialist government won a shareholder vote to keep the carmaker under French control. A proposal to allow Renault to sidestep a French law that provides double-voting rights for long-term shareholders failed to win the two-thirds support it needed to pass. Investors holding 39 percent of Renault shares, including the government, voted against. Thursday’s annual meeting followed three weeks of tense exchanges after the state grabbed more influence by unexpectedly boosting its stake in Renault. For Ghosn, who has three passports and speaks four languages, the 2014 law that gives extra voting rights to those owning stocks more than two years represents a flagrant disregard of the principle of one share, one vote. For the French government, it’s a way to ensure continuity in a company already partially owned by a powerful foreign partner. Renault’s Japanese partner Nissan Motor Co. holds 15 percent of the French manufacturer, with no voting rights. Relationship Cooled Ghosn is CEO of both companies and has steered the 16-year-old Renault-Nissan alliance for a decade. He’s due to collect 7. 22 million euros ($8. 1 million) in cash and shares in remuneration from Renault for last year, nearly three times what he made in 2013. The figure concerned some in the French government, according to people familiar with... Source: www.bloomberg.com
