Thu. Jun 20th, 2019

Proxy advisers urge shareholders to vote against Nissan CEO reappointment: Nikkei

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FILE PHOTO: Nissan President and Chief Executive Officer Hiroto Saikawa speaks during a news conference at its global headquarters building in Yokohama, Japan, December 17, 2018. REUTERS/Kim Kyung-Hoon

(Reuters) – Two leading proxy advisory firms have urged shareholders of Japanese automaker Nissan Motor to vote against the reappointment of Chief Executive Officer and President Hiroto Saikawa, the Nikkei newspaper reported on Wednesday.

Glass Lewis and Institutional Shareholder Services (ISS) have sent materials opposing Saikawa’s reappointment to their clients, the Nikkei said without citing sources.

Glass Lewis told shareholders that as Saikawa was a representative director when the then Chairman Carlos Ghosn allegedly engaged in financial misconduct, it cannot support him in a position of oversight over other directors, the newspaper said.

Saikawa needs the support of at least half of voting shareholders at the June 25 meeting to get reappointed.

Nissan, Glass Lewis and ISS were unavailable for comment outside their regular business hours.

Reporting by Shriya Ramakrishnan in Bengaluru; editing by Richard Pullin

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