Nissan committee says there were sufficient facts to suspect private use of company funds by Ghosn

It also singled out Nissan director Greg Kelly, who has also been indicted, for his alleged role in helping Ghosn avoid oversight.The seven-member committee recommended a majority of directors be independent and that the role of company chairman should be abolished, while an independent, outside director should be chairman of the board.

“It is clear that there are issues requiring improvement with respect to Nissan’s governance as it could not prevent the misconduct.” “We expect Nissan will take these recommendations seriously and execute them in a swift manner to build the best possible governance structure,” committee co-chair Seiichiro Nishioka told a briefing in Yokohama.

At the time of his arrest in Tokyo in November on financial misconduct allegations, Ghosn held the chairmanship at Nissan, Renault and Mitsubishi Motors Corp, which together form one of the world’s biggest automakers selling roughly 10 million vehicles each year, while also serving as Renault CEO.Nissan’s board currently comprises nine directors including the chairman, three of whom are categorized as outside, independent directors.

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