YOKOHAMA (dpa-AFX) - Renault SA (RNSDY.PK, RNSDF.PK, RNT.L) said its internal investigation found that Chief Executive Officer Carlos Ghosn's compensation at the company was legal, leading the board to keep him at the company despite facing charges in Japan for financial crimes.
A preliminary review of the years between 2015 and 2018 found the jailed executive's pay also adhered to French law and industry recommendations, Renault said.
Renault board said, 'Their preliminary conclusion is that the compensation of the Chairman and Chief Executive Officer of Renault and the conditions under which such compensation was approved were in compliance with applicable law as well as the recommendations of the AFEP-MEDEF. In addition, Renault's lawyers provided the Board of Directors of Renault with a report on the presentation made to them by Nissan's lawyers concerning the investigation they carried out at Nissan.'
Renault board said, 'The Board of Directors requested that Renault's lawyers continue their review and assessment of the information provided, in liaison with Nissan's lawyers, and promptly provide the Board with a new update on the situation.'
Renault board also said it doesn't 'have information concerning Carlos Ghosn's defense.'
Ghosn was ousted at Nissan and Mitsubishi Motors Corp., the third partner in their globe-spanning alliance.
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