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  "documentTitle": "Kao Corporation (4452.JP)",
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  "notes": "The chart highlights Kao's current board size of 8 versus a proposed maximum of 14 post-AGM.",
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      "text": "Oasis believes the low board size limits the coverage of skills, diversity and independence.",
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      "text": "Outside Directors / Inside Directors",
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      "text": "FMCG peers commonly have boards larger than Kao's current size. Indeed, Kao's small Board failed in preventing several years of underperformance and strategic errors. Global peers have welcomed a large majority of outside directors meaning not only a stronger independent counterweight, but significantly greater scope to introduce strategic skills onto the board.",
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      "text": "Expanding the board to peer-aligned levels provides more expertise, and more independence",
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      "text": "Room for both Oasis and Kao nominees",
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