After meetings in previous years, LBPAM met again with Renault representatives in Spring 2018 to discuss the issues of leadership and remuneration within the company.
LBPAM questioned the functioning of the board: concentration of powers for the Chairman and CEO (Mr. Ghosn), lack of a substantial answer to the negative vote of shareholders on Say on Pay at the 2016 AGM.
LBPAM sent emails before previous AGMs to share its concerns.
In 2018 Renault offered a meeting to LBPAM to present improvements in its corporate governance, that were a first step in the right direction: nomination of a deputy CEO, increased transparency on the performance criteria, decrease of the targeted total remuneration for the Chairman and CEO.
Changes accelerated dramatically following the arrest of Mr. Ghosn in Japan in Fall 2018.
Investments were frozen for RI strategies until the improvements were announced by the Renault.