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Cover shows Oasis wordmark branding only.", "kpisCited": [ { "detail": "over 5% of shares (4452 JT)", "metric": "Oasis ownership stake in Kao" }, { "detail": "December 2, 2024 — two months earlier than Kao's decade-long first-week-of-February practice", "metric": "Timing anomaly of nominee announcement" }, { "detail": "nearly three weeks to reply to Oasis's November 5 candidate proposals", "metric": "Nomination Committee response lag" }, { "detail": "Committee contacted Oasis's five referred candidates only 90 minutes after Oasis's December 10 large-shareholder filing", "metric": "Candidate outreach delay" } ], "closingAsk": "Oasis urges Kao's Nomination Committee to nominate and recommend shareholders vote for the highly qualified, independent director candidates Oasis proposed.", "extraction": { "at": "2026-04-22 18:27:20+00", "model": "unknown-legacy", "runId": null, "seconds": 56.61832, "promptVersion": null }, "scqaReward": "A genuinely independent, shareholder-informed board would rebuild governance credibility and position Kao to execute a transformation into a more profitable, higher-growth company creating sustainable long-term value.", "thesisTypes": [ "governance_board", "management_change" ], "top3Reasons": [ "Kao announced nominees two months early, short-circuiting a proper selection process", "Committee contacted Oasis's five proposed candidates only after large-shareholder filing", "Kao's 'decision already made' statement contradicts its earlier 'review ongoing' claim" ], "scqaSituation": "Oasis manages funds holding over 5% of Kao Corporation and has engaged the Nomination Committee since October 2024 ahead of the 2025 AGM to strengthen Kao's Board with independent outside directors.", "thesisSummary": "Oasis, holding over 5% of Kao Corporation (4452 JT), publicly disputes Kao's handling of its 2025 AGM director nominations and calls out the Nomination Committee for bad-faith engagement. After Oasis referred five independent candidates in early November 2024, the Committee delayed responses, urgently requested full resumes, then announced its own two nominees on December 2 — two months earlier than Kao's decade-long February practice — and only contacted Oasis's candidates 90 minutes after Oasis filed its large-shareholder report on December 10. Oasis argues Kao's December 12 claim that the decision predated Oasis's proposals directly contradicts the Committee Chair's November 22 statement that review was 'ongoing'. 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