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  "documentTitle": "Kao Corporation (4452.JP)",
  "authorId": "25_Oasis_Management",
  "authorName": "Oasis",
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  "presentationDate": "2025-02-26 00:00:00",
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  "notes": "The slide includes a table detailing current board tenure and shareholdings for four directors.",
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      "text": "Oasis proposes giving external directors stock compensation (RSUs) to better align them with Kao’s long-term success.",
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      "text": "This proposal would give each outside director annual stock grants worth up to 5 million yen (1,000 shares) with a total cap of 50 million yen (10,000 shares) for all external directors. Share dilution would be capped at 0.06% over three years with a 3-year vest.",
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      "text": "share dilution: 0.06%",
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      "text": "Current external directors only receive cash pay and the incumbent external directors have objectively low holdings given their tenure. We believe all directors should have a personal stake in improving the Company’s value. Oasis proposes giving external directors stock compensation (RSUs) to better align them with Kao’s long-term success.",
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      "text": "* As at the 2025 AGM ** Assuming a share price of JPY 6,500 † as reported in the 2025 AGM Convocation Notice",
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      "text": "Board Tenure and Shareholding table for Shinobe, Sakurai, Nishii, and Takashima.",
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      "text": "Proposal No. 6",
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