Since Carlos Ghosn was ousted as chairman of Nissan last November, the position of chairman of the board has since been left vacant. Last Monday, the Nissan board of directors met but was unable to pick a new chairman to replace Ghosn, saying more discussions were needed with no deadline being mentioned as to when a replacement would be chosen.
Instead, Nissan has announced that the board of directors have created a special committee which aims to improve corporate governance at the company. The committee will be comprised of independent third party members along with three outside directors – Masakazu Toyoda, Keiko Ihara and Jean-Baptiste Duzan.
According to Nissan, the purpose of the committee is to provide recommendations on how to improve the company's approval process for determining director compensation and to create a 'healthy state of governance as the foundation for sustainable business'.
Nissan says it expects to receive the recommendations from the special committee by March 31, 2019.
As for the selection of a new chairman, he or she must be chosen among the current list of Nissan board members. The three outside directors will also be making the decision of appointing a new chairman.
The board meeting comes after former chairman Carlos Ghosn was formally charged last week for financial misconduct and misusing company funds. Specifically, Ghosn and director Greg Kelly were said to have collaborated and underreported the formers income by around 5 billion yen from 2011 to 2015. Both have since been arrested by Tokyo prosecutors and currently remain in detention.
In order to keep the alliance alive, Nissan also presented the full briefing of the conduct of the former Nissan chairman and representative director to Mitsubishi Motors. The company states that they are also ready to provide the same briefing to Renault when needed.
Nissan has also announced that they solemnly accept the process improvements directives issued to them by the Japanese Ministry of Land, Infrastructure, Transport and Tourism in relation to the company's non-conformities in the final vehicle inspection processes (kanken) at plants in Japan.
The company says that they 'remain committed to safety, promoting compliance, thoroughly implementing the countermeasures reported to the Ministry, and to restoring the trust of our Japanese customers and stakeholders'.