In This Article:
* Saikawa apologises for Ghosn scandal, prioritises recovery
* New governance scheme approved after last-minute Renault demands
* Saikawa: Will put alliance capital structure on table if needed (Adds comments from Senard and Nissan shareholder, alliance details)
By Naomi Tajitsu
YOKOHAMA, Japan, June 25 (Reuters) - Nissan Motor Co Ltd on Tuesday threw cold water on hopes for a quick fix to strained relations with France's Renault SA, saying inequality between the partners could unravel their two-decade-old automaking alliance.
Speaking at Nissan's annual general meeting in Yokohama, Chief Executive Hiroto Saikawa said he wanted to preserve the spirit of equality - in an alliance whose shareholding structure Nissan has long seen as lopsided.
During a three-hour affair peppered with heckling, shareholders returned Saikawa to the automaker's board as widely expected and in defiance of opposition from proxy advisors. The executive now faces the task of repairing trust with Renault, which has deteriorated in past weeks as the French automaker has sought more control within Nissan.
Tuesday's meeting, the first since the ouster last year of former Chairman Carlos Ghosn, comes just days after Saikawa and Renault Chairman Jean-Dominique Senard resolved an unusually public disagreement over appointments to Nissan's new governance committees.
"We want a win-win relationship with Renault. The alliance has been successful until now because we have respected each others' independence," said Saikawa.
"If necessary, we will put our capital structure on the table. If the relationship becomes a win-lose one, the relationship will break up very quickly."
The comments are some of the starkest in recent memory and signal Nissan's deepening concern over the alliance, in which Renault owns 43% of the Japanese automaker, which in turn holds a 15%, non-voting stake in its partner.
Saikawa also said Nissan would "postpone discussions" on the future direction of the alliance as the automaker prioritised recovery of its dismal financial performance.
France's finance ministry, Renault's biggest shareholder with a 15% stake, declined to comment on Saikawa's comments.
FRAYING TRUST
Shareholders at Japan's second-biggest automaker voted in favour of a new governance structure and 11-member board to address lax auditing revealed after the arrest of Ghosn over financial misconduct allegations he denies.
Renault had demanded additional representation on Nissan groups overseeing company auditing and personnel nominations. The move was widely speculated to be a reprisal after Nissan abstained from endorsing Renault's doomed merger plan with Italian-American peer Fiat Chrysler Automobiles NV.