Nissan shareholders OK governance steps, Saikawa remaining CEO

If I was a share holder, I would have to cover my head with a paper bag.

Saikawa and the other board members, including French alliance partner Renault Chairman Jean-Dominique Senard, bowed deeply at the meeting at a convention center in the port city of Yokohama, where Nissan is based.

Empty bows.

Although Nissan has been trying to put the scandal behind it, many wonder why the alleged wrongdoing, if true, had gone unchecked, and especially how much Saikawa knew. One shareholder asked whether Nissan officials besides Ghosn shared in the alleged misconduct.

This is the point tha everyone seems to be forgetting. Or that maybe media and Nissan do not want people to get.

I'd like to offer my deepest apologies, representing the company, for how the misconduct has caused serious concern for our shareholders," Saikawa said.

And he should have submitted his resignation at the same time, you know, to take responsibility for HIS part in the entire drama.

Particularly for not thinking deeply enough ahead of time!

Well, the shareholders care about only one thing, and if Saikawa can deliver this thing to them, all will be forgotten. The flip side is that, if Nissan continues to dive, it'll be his chestnuts in the fire. I can't say I'm cheering for Nissan's success.

I agree with the sentiment here. The dive in Nissan stock is due directly to Saikawa and NOT Ghosn. Ghosn is what created the confidence in Nissan stock in the first place. This is going to become very apparent in the time ahead. Does anyone really think the blinkered view of the current Nissan leadership is going to bring Nissan back to it pre-Ghosn level? I would not touch a single stock of Nissan under that kind of leadership...zero foresight whatsoever! If I was a Nissan shareholder I would be furious with Saikawa personally. Now let’s see who he blames next for Nissans slide back into bankruptcy..

Particularly for not thinking deeply enough ahead of time!

Spending longer than half of your life to reach almost to the top of it, and all of sudden, you face what's really going on above the clouds, and you are not entitled to think of your carrer, your family, everything else?

Heck , you must be a perfect salary man who could immediately nail the root of the corruption.

Will he start thinking deeply about stuff from now on?

Well, if that's what the shareholders want, then so be it. Prepare to lose your shirt as Nissan is now a tainted brand.

Instead of a bazillion committees and outside directors, why not have a democratic transparent govt? Do what the Germans do (work councils and codetermination) or make workers equal common stock shareholders (1 person 1 vote) and investors as preferred stock shareholders (no limit, dividends but no voting power except with their wallets). Workers elect the 50 member board (parliament). The board elects the 7 member executive committee (cabinet). Have 5 workers chosen by lottery to head Review Committee (company court) for grievances within.

In the latter proposal, the executive committee members would have to be from the board (not investors who may hold rival company stock as well).

As my Cockney mum would say, you've made your bed now you need to lay in it.

"I'd like to offer my deepest apologies, representing the company, for how the misconduct has caused serious concern for our shareholders," Saikawa said.

Which you knew and signed. I can't believe people still trust him.

Bows bows bows. They've lost their meaning and value. I'd love to know how other foreign CEOs feel about this circus. Who's this about? The courts? Saikawa? Nissan? How sad.

Just how much does the media know that they're not telling? Unfortunately, I feel a lot.

Andrew House on the board? Really? I like him.

Saikawa didn't get indicted because... Wait for it.... He's Japanese! Run the foreigners outta town, no worries there. Even when the defense asked the prosecution as to why he was indicated they said... I didn't think clearly enough.

Yeah, but you didn't think twice about taking down Kelly and Ghosn did you?

Share-holders are blind, used to sweet words. These share-holders will pay a huge price for the down-fall of Nissan. Well, i am sure these share-holders are not people who can see facts. saikawa has no morals. Nissan down fall expected in 2021. Too bad.

Don't blame the world for all yr actions, From now on, the world will play the same game like nissan did , no morals and very unfair in bullying carlos, who had help nissan out of bankruptcy. Nissan had sowed a distrustful seed first.

Nissan is now without its rain maker, Carlos Ghosn. The controversy should have never gone to court. It should have been flagged and addressed as an internal audit issue (assuming the charges are even valid). The arrests were unnecessary. But now that Saikawa has taken the firm down this path, Nissan will need to deal with the fallout for years to come.

Will he start thinking deeply about stuff from now on?

I think you'll find that the deeper he thinks, the more likely that he would have signed off on any Ghosn paperwork. Think about it, corporate culture (anywhere, not just Japan). Who's going to refuse the boss's direction?

The problem, which unfortunately was glossed over at the meeting, is that Ghosn was in charge of his own remuneration. I'd hope that the recently approved new governance measures addresses conflicts in interest of those on the remuneration committee, ie you must abstain from voting on your own remuneration.

IMHO, Saikawa will go, but he'll get to keep his dignity, because as far as Japanese corporate culture is concerned, he diligently followed the Samurai code, ie orders from the boss. I can't see him staying, unless this whole saga was initiated by him suddenly in possession of superior ethics???

A company without moral, integrity & with only back-stabbing saikawa & his gang is doomed for failure.pls wake up share-holders. Operators that waste time destorying other people's lives are not fit for anything regarding governance, is truly a big joke. Is this the way Nissan respect his share-holders and customers ???.

All this will be affected when Ghosn opens his mouth in court and evidences brought forward. But till then, a company must keep it's identity and reputation as clean as possible and must allow the "stockholders" to vote and in that way be also held accountable. An interesting way to "spread" the responsibility for the good and the bad.

All this will be affected when Ghosn opens his mouth in court and evidences brought forward.

The chance of this scenario floating is next to nil, because Ghosn has already started his PR fight well before the legal fight. If he had anything worthwhile, he'd already used it.

Having said this, Ghosn's lawyer does have form getting clients off the hook, so I've got my pop corn ready for the trial, and I won't be surprised if Ghosn does get off.