Documents shows Renault-Nissan considers hidden bonus plan

by SpeedLux
Renault-Nissan logo

Renault-Nissan alliance bankers have prepared strategies created to channel millions of euros in additional, undisclosed rewards to CEO Carlos Ghosn and other officials by means of a specifically created service company, as per the documents seen by Reuters.

Under the initial proposal, Renault, Nissan and Mitsubishi would pay the Dutch-registered company a share of new synergies from their automaking alliance, set to top 5.5 billion euros ($ 6.2 billion) next year.

The funds would be handed down as money and stock benefits to “motivate executives to pursue synergy opportunities”, according to a presentation by Ardea Partners, an investment banking company advising Ghosn on better alliance integration.

Renault-Nissan spokesperson Catherine Loubier stated that the post is not based upon any details offered by the alliance or its member companies, and no such decisions have been made.

Loubier refused to comment more or react to comprehensive concerns from Reuters about the proposal and the relationship with Ardea Partners, which likewise refused to comment.

Carlos Ghosn, 63, remains in open conflict with the French state, Renault’s most significant shareholder, whose opposition to his CEO pay package contributed to its symbolic rejection in a non-binding vote at last year’s shareholder meeting. His combined 15.6 million euros in Renault-Nissan pay totaled up to the third-biggest haul amongst French CAC 40 company managers.

In reaction, Renault cut Ghosn’s variable pay component by 20 percent and clarified reward criteria. Shareholders will have their say again at the 2017 general conference on Thursday, in a vote that has now become binding under country’s law.

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