YOKOHAMA: An external committee tasked with improving governance at Nissan Motor Co. said on Wednesday there were sufficient facts to suspect violations of laws and the private use of company funds by ousted chairman Carlos Ghosn.
The committee, which has been scrutinizing Nissan’s corporate governance since the start of the year, said in its report that the concentration of all authority on Ghosn was the primary root cause of the misconduct.
It recommended that a majority of directors be independent and recommended that the role of company chairman should be abolished, while an independent, outside director should be chairman of the board.
Following the arrest and ouster of Ghosn, Nissan has pledged to overhaul the way it allocates corporate responsibilities, after admitting that too much control had been placed with Ghosn before his arrest late last year.
Ghosn, who was recently released on $9 million bail after spending more than 100 days in a Tokyo detention center, has called the charges against him “meritless.”
Nissan committee: facts point to private use of company funds by Ghosn
Nissan committee: facts point to private use of company funds by Ghosn
- The committee said Ghosn had too much authority in the company
- Nissan said they will change the structure of corporate responsibilities in the company
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
