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  "docSlug": "d431e2d5bb2b",
  "documentTitle": "Kao Corporation (4452.JP)",
  "authorId": "25_Oasis_Management",
  "authorName": "Oasis",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-02-26 00:00:00",
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  "pageNumber": 129,
  "pageCount": 136,
  "prevPage": 128,
  "nextPage": 130,
  "slideType": "expose_contradiction",
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  "density": "overcrowded",
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  "notes": "Uses a 'Kao Thinks vs In Reality' framing to expose a contradiction.",
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  "slideHref": "/slides/019dd923-622b-71dc-a6dd-591332a8793a/129",
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  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-591332a8793a#slide-129",
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      "kind": "callout",
      "text": "In Reality... Respondents believe the board lacks both accountability oversight and operational expertise.",
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      "kind": "callout",
      "text": "Kao Thinks... The steady progress of K27 can largely be attributed to the contribution of oversight and advice made by the current Outside Directors.",
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      "kind": "callout",
      "text": "Respondents believe the board lacks both accountability oversight and operational expertise.",
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        "x": 0.75,
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      "kind": "chart",
      "text": "Do you think management is being effectively assessed by the board for its failure to achieve a positive EVA? Yes 25%, No 75%",
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      "kind": "list",
      "text": "Selected Quotes - Accountability & Oversight: Given the lack of change in management and lack of sustained growth, the board has not done a good job of oversight; The board of directors is not independent... they are doing things in a half-hearted way.",
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      "kind": "list",
      "text": "Selected Quotes - Board Expertise: CPG is a street fight at the shelf...How do you do that with a largely Japanese board that has nobody from marketing, nobody from E-Com, nobody from supply chain on there?; Even the director with the most international experience is not from the consumer sector.",
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    {
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      "kind": "metric",
      "text": "management assessment: 75%",
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      "kind": "quote",
      "text": "Given the lack of change in management and lack of sustained growth, the board has not done a good job of oversight — Foreign Buyside Analyst; The board of directors is not independent... they are doing things in a half-hearted way — Domestic Sellside Analyst; CPG is a street fight at the shelf...How do you do that with a largely Japanese board that has nobody from marketing, nobody from E-Com, nobody from supply chain on there? — Foreign Buyside Analyst; Even the director with the most international experience is not from the consumer sector — Domestic Sellside analyst",
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      "kind": "title",
      "text": "3. Corporate Governance",
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  "loops": [
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "75ca1ab2-52d5-4cd8-a634-bf116fe8f57c",
      "evidence": "The presentation highlights the consequences of not addressing Kao Corp.'s problems, including continued underperformance.",
      "position": 1,
      "objective": "Emphasize the consequences of not taking action",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "description": "Quantify what happens if the audience does nothing"
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