Renault’s Board of Directors today reviewed the final findings of the Joint Audit Mission that was commissioned jointly with Nissan in respect of their jointly-owned subsidiary RNBV. These findings confirmed the existence of deficiencies within RNBV in terms of financial transparency and procedures for monitoring expenditure. These deficiencies had already been highlighted by the auditors in their interim report issued early in April, a fact that Renault disclosed to the market in its press release of April 3, 2019.
In this respect, as of early April and in accordance with the Audit, Risks and Ethics Committee’s proposal, the Board of Directors requested Renault’s executive management to reach out to Nissan with a view to reaching an agreement between the
shareholders on corrective measures to be implemented by the end of this year.
The findings of the Joint Audit Mission have also confirmed the concerns arising in relation to a certain number of expenses incurred by RNBV for a total amount that is in the region of EUR 11 million.
This amount includes various types of expenses, i.e.:
- air travel expenses for Mr. Ghosn;
- certain other expenses incurred for Mr. Ghosn; and
- gifts to non-profit organizations.
In light of these findings and, in addition to those measures decided during its meeting of April 3, 2019, the Board of Directors has resolved to ask Renault’s representatives to make contact with their counterparties from Nissan forming the governing bodies of RNBV, for the implementation of any legal actions available in The Netherlands in respect of Mr. Ghosn’s extra costs of air travel and other expenses incurred for Mr. Ghosn as well as exploring recovering from Mr. Ghosn gifts made to some non-profit organizations.