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Nissan and Carlos Ghosn settle SEC claims over undisclosed compensation

WASHINGTON — Nissan and its former Chief Executive Carlos Ghosn have agreed to settle claims from the U.S. Securities and Exchange Commission over false financial disclosures related to Ghosn's compensation, an SEC statement said on Monday. Nissan will pay $15 million, while Ghosn agreed to a $1 million civil penalty and a 10-year ban from serving as an officer or director of a publicly traded U.S. company, the SEC statement said. Ghosn was arrested in Japan and fired by Nissan last year. He is awaiting trial in Tokyo on financial misconduct charges that he denies. Former Nissan human resources official Gregory Kelly agreed to a $100,000 penalty and a five-year officer and director ban. Nissan, Ghosn, and Kelly settled without admitting or denying the SEC's allegations and findings. The SEC said in total Nissan in its financial disclosures omitted more than $140 million to be paid to Ghosn in retirement — a sum that ultimately was not paid. The SEC also accused Ghosn in a suit filed in New York that he engaged in a scheme to conceal more than $90 million of compensation. That suit is being settled as part of the agreement announced Monday. Nissan confirmed it had settled the allegations and said it "is firmly committed to continuing to further cultivate robust corporate governance." Nissan provided significant cooperation to the SEC, the agency said. The company now has a new governance structure with three statutory committees — audit, compensation and nomination — and has amended its securities reports for all relevant years. The SEC said beginning in 2004 Nissan's board delegated to Ghosn the authority to set individual director and executive compensation levels, including his own. The SEC said "Ghosn and his subordinates, including Kelly, crafted various ways to structure payment of the undisclosed compensation after Ghosn's retirement, such as entering into secret contracts, backdating letters to grant Ghosn interests in Nissan's Long Term Incentive Plan, and changing the calculation of Ghosn's pension allowance to provide more than $50 million in additional benefits." "Investors are entitled to know how, and how much, a company compensates its top executives. Ghosn and Kelly went to great lengths to conceal this information from investors and the market," said Stephanie Avakian, co-director of the SEC's Division of Enforcement.

Least reliable cars and trucks of 2022

Related: Most reliable cars and trucks of 2022   Every year, Consumer Reports ranks new cars based on their predicted reliability. We often see Toyota, Lexus, and a few other automakers near the top. But on the other side of the coin, the list of least reliable vehicles sometimes contains surprises.   The organization surveys its members to determine the vehicles that exhibited the most problems over the prior year. Owners are asked about creaks and rattles, the durability of parts and trim, and mechanical issues. Consumer Reports assigns a weight to each problem and then uses them to create a score, with 100 being the best. Some familiar names appear on the list of least reliable vehicles (in order with the lowest predicted reliability score at the top), but there are a few eyebrow-raising models, followed by CR's score: Ford F-150 Hybrid: 4 Hyundai Kona Electric: 5 Lincoln Aviator: 8 Nissan Sentra: 9 Ford Explorer: 16 Chevrolet Bolt: 17 Chevrolet Silverado 1500/GMC Sierra 1500: 19 Jeep Gladiator: 21 Mercedes-Benz GLE: 23 Jeep Wrangler: 24 Consumer Reports noted that sedans are the most reliable vehicle category and found that trucks are far lower on the list. That said, the survey showed that trucks from American brands tended to have better reliability scores, so it’s surprising to see GMÂ’s big two and the Ford F-150 on the list. Part of their problematic ownership experience could be due to the fact that all three trucks have received recent updates, and the Ford was completely redesigned for 2022. New tech, fresh drivetrain components, and other improvements can upset the balance of reliability and make newer models look less dependable than their older counterparts. Related video: Green Chevrolet Ford GMC Hyundai Jeep Lincoln Mercedes-Benz Nissan Car Buying Truck Crossover Hatchback SUV Electric Hybrid Sedan Consumer Reports reliability

Recharge Wrap-up: Nissan UK battery plant, Hyundai EV/FCEV station

Hyundai has opened a joint hydrogen fueling/EV charging station in South Korea. Called a "Fusion" station, it allows customers to take advantage of both types of alternative energy Hyundai uses for its vehicles. The station in Gwangju began as a hydrogen station, and EV charging capability was added recently. While users will have in common the use of green energy to power their vehicles, it will be interesting to see if spontaneous debates erupt between drivers over the merits of the two alternative powertrains. Hyundai will now use the hydrogen fueling part of the station to study fuel usage. Read more at Inside EVs. EV charging company EverCharge is teaming up with Schneider Electric to provide charging infrastructure to multi-tenant buildings. Because of the limited electricity for buildings like apartments, condominiums and offices – as well as the fact that multiple occupants often share power – installing charging at such locations has been challenging. EverCharge's SmartPower technology senses excess or limited power supply, and uses it to charge multiple vehicles accordingly. The groups will use this technology along with Schneider Electric's EVlink Home EV Charger to provide charging services at these otherwise difficult locations. Read more at Green Car Congress, or at the EverCharge blog. Nissan will build fourth-generation lithium-ion batteries for the Leaf at its plant in Sunderland, England. The announcement comes amidst rumors of the automaker outsourcing battery production. The decision means that Nissan's $37.5 million investment will preserve 300 jobs at the plant. The factory currently manufactures second-generation, 24-kW Leaf and e-NV200 batteries, and imports the third-generation, 30-kW Leaf battery from Nissan's plant in Smyrna, Tennessee. "Today's announcement reflects Nissan's intention to remain EV leaders for many years to come, with our European operations at the heart of our future innovations," says Nissan Europe Chairman Paul Willcox. Read more at Automotive News Europe, and in the press release below.