23:21
societynews[dot] org
YOKOHAMA, Japan-Nissan CEO Carlos Ghosn fielded some tough questions from shareholders about his salary 982 million yen (12 million dollars) Wednesday, but won approval without problems for another two years as head of the Japanese automaker.
Ghosn, who is also head of partner of Nissan Motor Co. Alliance Renault SA of France, told an annual meeting of shareholders that his pay was based on global standards. He said that the average compensation for executives comparable car industry is a $ 15.3 million.
"Nissan is a Japanese company with global management," he said at a hotel in Yokohama, southwest of Tokyo.
Brazilian-born Ghosn, who has French citizenship, has observed that the multicultural management talent could easily find work elsewhere, and that the rivals were trying to recruit from the ranks of Nissan.
Ghosn came from Renault to drive a recovery at Nissan near-bankrupt in 1999 and oversaw the painful cost cuts that now they put the carmaker's no. 2 of Japan on a solid growth track.
It targets a 8 percent of global auto market share within a six-year strategy, announced last week. Nissan now has 5.8 percent global market share.
Americans can be used to hear about high pay of managers in their country, but individual compensation began to be published more regularly in Japan last year alone, under a new rule requiring the disclosure of remuneration for executives receiving 100 million yen ($ 1 million) or more. Ford Motor Co. Chief Executive Alan Mulally is paid $ 26.5 million.
Ghosn earned 891 million yen last year — already between higher salaries for a head of a Japanese company.
Most Japanese top executives are paid salaries far lower, in part because their roles tend to be different, especially in the past.
That does not have the power management of a European or American company Chief, acting more as what is known as a "Salaryman President" in Japan, gradually rising up the ranks to become a cheerleader symbolic, while key decisions are still made by a larger team.
Nissan, which makes the leaf electric vehicle, the March subcompact and Infiniti luxury model, is among the handful of Japanese companies that have a foreigner.
Japanese electronics and Entertainment Sony Corp. reported Tuesday that the Chief Executive Howard Stringer, an American born in Welsh, received 345 million yen (4.3 million), with stock options worth 518 million yen ($ 6.4 million).
Ghosn has emerged as a rare example of charismatic administration in a nation that promotes teamwork on individuals standing outside.
At the meeting on Wednesday, an investor, who didn't give his name, asked riches of Ghosn Ghosn, noting that it also has 3 million shares of Nissan.
"It should be reassuring for shareholders who have a lot of actions," Ghosn said, noting that meant has a stake in the automaker's success.
Other shareholders were impressed with the leadership of Ghosn. One woman said that she had no questions, but wanted to give Ghosn a book as a gift. He accepted, waving his hand from the stage.
Yoshinobu Ota, 74, a retired trust banker, said he is invigorated by the momentum that has found for Nissan's Ghosn.
"I could feel the passion by Nissan under Mr. Ghnosn I am so grateful to him, "he said after the shareholders ' meeting.
"Some may argue that his pay is too, but that kind of ability," he said.
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Yuri Kageyama can be achieved http://twitter.com/yurikageyamato
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