Renault pressed over executive compensation paid through Dutch holding company

The French government has informed Renault to give more details on compensation paid to senior executives through a Dutch holding company jointly owned with alliance partner Nissan, Finance Minister Bruno Le Maire stated on Sunday.

Le Maire made the demand after France’s CGT trade Union raised concerns over payments made to specific high-ranking executives through the alliance’s Renault-Nissan BV (RNBV) Dutch venture and asked for more transparency at the automaker.

Corporate governance inside the alliance has come under strict scrutiny after Japanese officials arrested its chairman Carlos Ghosn in mid November on suspicion of under-reporting his earning at Nissan.

The French state is automaker’s biggest shareholder.

Le Maire informed CNews television that the government had written to Renault’s leadership to “request all information necessary for full transparency on these compensation payments”.

“I want to know who these payments were made to, if they were declared and therefore whether … the Renault board was aware of them.”

A Renault spokesman did not immediately return requests for comment.