Cleaning up the mess made by its former chairman after engaging in financial misconduct, Japanese automaker Nissan’s board of directors met in May resolving to strengthen its corporate governance by transitioning from a company with statutory auditors to a company with three statutory committees: nomination, compensation, and audit.
The board unanimously voted in favor of the transition, in addition to new director candidates proposed by the company’s Provisional Nomination and Compensation Advisory Council. Both matters are to be submitted for approval at the Annual General Meeting of Shareholders (AGSM) at the end of June. Once the transition is complete, the company’s current auditors will leave their posts.
