Nissan Motor Co., Ltd. shareholders today issued near-unanimous support for the company’s CEO and board of directors when they overwhelmingly voted to re-elect them for another two-year term and passed all management proposals.
The 114th Ordinary General Meeting of Shareholders, which was held at the National Convention Hall of Yokohama, lasted just under two hours. A total of 1,379 shareholders attended the meeting.
Nissan President and CEO Carlos Ghosn and COO Toshiyuki Shiga reviewed the company’s performance during the past fiscal year and the outlook for the year ahead for shareholders. Nissan’s fiscal year 2012 ended on March 31, 2013.
Three items were proposed to the shareholders for approval including the appropriation of retained earnings for the 114th fiscal year, the election of nine (9) directors due to expiration of terms of all directors, and the granting of share appreciation rights (SAR) to the directors.
All items were approved by the shareholders as presented.
Ghosn offered shareholders a picture of the year ahead. He said that the global automotive industry should sell 81 million vehicles during Nissan’s fiscal year (April 2013 to March 2014), an increase of three percent over the last fiscal year. Additionally, he reiterated the company’s goal of selling a record 5.3 million new vehicles during the year—a 7.8% year-on-year increase that would bring Nissan’s global market share to 6.5 percent.
Ghosn also told shareholders that Nissan’s financial performance forecast reflects the company’s growth expectations for this fiscal year. The company anticipates a net income of JPY 420 billion (USD 4.42 billion) for the year ahead, and consequently suggested a dividend for fiscal year 2013 of JPY 30 per share.
