The allegations of misconduct relate to Ghosn's role as chairman of Nissan, which Renault now owns a 43.4 per cent stake in. Saikawa did say that Nissan was committed to the Renault-Nissan-Mitsubishi Alliance, and that was echoed in Renault's statement.
Ghosn is accused of under-reporting income of about $44 million and misusing company funds at Nissan, where he was also chairman.
For now, Renault has named Chief Operating Officer Thierry Bollore as interim CEO, with the same powers as Ghosn. France has a 15 per cent stake in the local auto manufacturer.
Renault is opting to wait for the Japanese investigation, allowing Ghosn to keep his job as CEO and position as board chairman.
Lagayette, 75, has been on Renault's board since 2007 and leads the audit, risks and ethics committee as well as being part of the grouping that oversees executive compensation.
Renault's decision not to strip Ghosn of his duties puts it at odds with alliance partner Nissan - which Renault owns a stake in - and follows Nissan CEO Hiroto Saikawa saying he felt "despair, indignation and resentment" as Ghosn's alleged actions.
In a letter sent to Renault employees on Monday, Bollore expressed full support for Ghosn and pledged to preserve the alliance.
French officials have mobilised to defend the alliance since Ghosn's surprise arrest in Japan - which came as both countries stage events to mark 160 years of diplomatic relations.
Nissan has indicated that they intend to remove Ghosn from his posts, and despite his having been retained by his French employer, French Finance Minister Bruno Le Maire had earlier told the media that Ghosn was "no longer in a position" to hold the leadership at Renault, in which the French government owns a 15% stake.
The board, meeting later on Tuesday, will likely agree that director Philippe Lagayette should fill in as chairman, several people with knowledge of the deliberations said.