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  "documentTitle": "Kao Corporation (4452)",
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  "authorName": "Oasis Management Company Ltd.",
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  "presentationDate": "2024-12-17 00:00:00",
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      "text": "Oasis believes this timing was intentionally designed to bypass meaningful consideration of independent profiles and limit shareholder input.",
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      "text": "Engagement Lacks Good Faith: The nomination review process was communicated as “ongoing” by the Chair of Kao’s Nomination Committee (November 22)...",
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      "text": "Oasis sets out in Table 1 below key clarifications in this release to provide shareholders with a full view of Kao's inadequate approach to shareholder engagement.",
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      "text": "As per Kao's historical public filings, Kao has consistently announced its nominee director candidates with its full-year results in the first week of February every year for at least the past decade. However, this year, following Oasis's submission of independent profiles to the Nomination Committee, Kao announced its candidates two months earlier than usual. Oasis believes this timing was intentionally designed to bypass meaningful consideration of independent profiles and limit shareholder input.",
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      "text": "Kao has attempted to justify this year's early announcement by citing the planned December 2024 retirement of David Muenz, an executive officer and board member, who will remain on the Board until the upcoming AGM. Yet, during Oasis's meeting with the Nomination Committee, no member identified Mr. Muenz's retirement as a reason for the timing change. Furthermore, as directors are only elected in March, his retirement is not reason enough for an abbreviated process and rushed disclosure to the market.",
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      "text": "Oasis informed the Company in early November that it would like to refer five independent profiles for consideration by the Nomination Committee. The Nomination Committee took nearly three weeks to reply with a letter stating, “the review process is already ongoing, if your proposal requires urgent consideration, we kindly ask that you promptly submit specific candidates to the Nomination Committee.”",
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      "text": "On December 12, Kao issued the following statement: “This year, the Committee for Examination of Nominees for Directors and Audit & Supervisory Board Members spent more than six months discussing the matter before reaching a final decision, and the decision was made before Oasis Management proposed any director candidates.”",
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      "text": "Oasis submitted resumes of these individuals to the Company two working days later, on November 26. However, to Oasis's surprise and without further communication from Kao, the Board Chair then announced the Company's two director nominees for the 2025 AGM on December 2.",
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      "text": "\"This year, the Committee for Examination of Nominees for Directors and Audit & Supervisory Board Members spent more than six months discussing the matter before reaching a final decision, and the decision was made before Oasis Management proposed any director candidates.\" — Kao statement, December 12, 2024",
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      "text": "2. Detailed Timeline Reveals Kao's Lack of Constructive Engagement",
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