The U.S. Securities and Exchange Commission (SEC) announced today that it has fined Nissan and its ousted CEO, Carlos Ghosn, a total of $16 million.

Of that, Nissan must pay $15 million; Ghosn, who is to pay the other $1 million, is still awaiting trial in Japan over accusations of financial impropriety.

Nissan said it is taking steps to ensure "robust corporate governance" that would help it avoid such a situation in the future.

The Securities and Exchange Commission today fined Nissan $15 million for its part in padding former CEO Carlos Ghosn's salary.

Ghosn agreed to pay a fine of $1 million with the disclaimer that he reserves the right to plead not guilty to criminal charges based on the same actions in Japan, where he is awaiting trial.

The fine will put a small part of the Ghosn saga behind Nissan, which is currently running without a permanent CEO. Its U.S. dealership network is reportedly unhappy with the current direction of the company, with many complaining its product lineup is bloated and aging.

The SEC said Nissan's board in 2004 gave Ghosn the ability to set his own compensation levels and to determine how much directors and executives at the company would be paid. The SEC said that starting in 2009 until his arrest in Tokyo in 2018, Ghosn received significant help from former director Greg Kelly and other Nissan staffers to conceal more than $90 million from the public books. They also boosted Ghosn's retirement allowance by $50 million.

"Investors are entitled to know how, and how much, a company compensates its top executives," said Stephanie Avakian, co-director of the SEC's Division of Enforcement. "Ghosn and Kelly went to great lengths to conceal this information from investors and the market."

Among the steps they took: The company entered into secret contracts designed to boost Ghosn’s pay, back-dated letters stating how long Ghosn had been involved in a long-term incentive plan, and changed the calculations of Ghosn's pension allowance to give Ghosn $50 million in additional benefits.

None of the extra $140 million Ghosn and Kelly accounted for was ever paid out, the SEC said.

In a statement, Nissan said it has been working on remedial actions, including installing a new governance structure that has three separate groups to oversee audits, compensation, and promotions.

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