Nissan shareholders reject appointment of external director Nagai to board

Nissan Motor shareholders on Tuesday rejected the reappointment of long-serving outside director Motoo Nagai, whose independence had come under scrutiny due to his ties to the automaker’s main banking partner.

Nagai is a former executive of companies within Mizuho Financial Group.

Proxy advisers Glass Lewis and Institutional Shareholder Services had recommended voting against his 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.

Shareholders backed the appointments of 11 others Nissan had put up for the board, including Chief Executive Ivan Espinosa.