Nissan shareholders block external director Nagai's reappointment to board over banking ties (updated)

Mizuho Financial

23/06/2026 05:47

Renault didn't support Nagai's reappointment due to Mizuho ties, spokesperson says
Nagai was a key supporter of Nissan-Honda merger talks that collapsed in 2025
Shareholders approved Nissan's other 11 board nominees, including CEO, three new directors
Updates with Renault confirmation, Nagai backing earlier Nissan-Honda merger

    June 23 (Reuters) - Nissan Motor 7201.T shareholders rejected the reappointment of powerful outside director Motoo Nagai after the former banker lost the endorsement of Renault and proxy advisers over concerns about his independence due to his banking ties.
Nagai is a former executive of Mizuho 8411.T, the automaker's main banking partner, and was a key supporter of the merger talks between Nissan and rival Honda 7267.T that collapsed early last year.

        Renault RENA.PA, which holds 15% voting rights in Nissan, abstained from the vote on Tuesday on Nagai's reappointment because he could not be considered independent given that he was linked to Mizuho, a spokesperson for the French automaker said. 

        Renault deliberately decided to abstain from the vote instead of voting against him, reflecting its restraint, the spokesperson said. 
Nissan declined to comment, while Reuters could not reach Nagai for comment.
Ahead of the annual meeting, proxy advisers Glass Lewis and Institutional Shareholder Services had recommended a vote against Nagai's reappointment, saying he was not regarded as independent.
Nagai, an outside director since 2019, chaired Nissan's audit committee and also sat on its nomination and compensation committees. He had earlier served as an outside statutory auditor from 2014 to 2019.

CEO ESPINOSA RE-ELECTED TO BOARD
The talks between Nissan and Honda, Japan's second-largest automaker, collapsed within weeks early last year due to disagreements over how to structure the tie-up and who would be in control. 

        Honda has since faced mounting turmoil, reporting its first annual loss in seven decades last month after making a wrong bet on electric vehicles.

        Nissan shareholders on Tuesday approved the company's other 11 board nominees, including Chief Executive Ivan Espinosa and three new directors. Three other directors stepped down.

        Among new appointees, Junichi Shinbo, another former Mizuho banker, was elected even though Renault also abstained from backing him as he could not be considered independent due to his Mizuho ties, the spokesperson said.
Reuters could not reach Shinbo for comment.

        
  

 (Reporting by Maki Shiraki and Daniel Leussink; Editing by Sonali Paul, Jacqueline Wong, Ros Russell and Susan Fenton)
 ((daniel.leussink@thomsonreuters.com; Twitter: @danielleussink;))