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  "documentTitle": "Oasis Fujitec Presentation December 2022",
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  "presentationDate": "2022-12-01 00:00:00",
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  "notes": "Uses a side-by-side comparison of an activist investor's critique (Kempen) and the company's own governance report to highlight a governance failure.",
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      "text": "Letter to the Board, January 2022 - Source",
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      "text": "2022 Fujitec Corporate Governance Report (Source)",
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      "kind": "paragraph",
      "text": "Shareholders were exposed to the management bias that exists within Fujitec on the first publication of the strategy. The Outside Directors are stated to only be included in strategic decision making on a “case-by-case” basis, meaning that they are falling well short of the expectations of shareholders and the principles of the Code.",
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      "text": "Strategy - a below-Board responsibility? “The Global Executive Committee meets quarterly to deliberate important matters related to group management, including the pursuit of domestic and overseas business. Operating officers meet monthly to deliberate important issues related to domestic business... Agendas and results of these important meetings are reported to outside directors on a case-by-case basis.”",
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      "kind": "paragraph",
      "text": "The Board published Vision 24, the mid-term plan for FY2023-25, in December 2021. Immediately after, the Board was subject to considerable criticism from shareholders. In March 2022, Fujitec announced a more aggressive revised version.",
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      "kind": "paragraph",
      "text": "As set out in the Japan Corporate Governance Code (the “Code”) - Principle 4: Responsibilities of the Board - given the fiduciary duty to shareholders, the Board is responsible for “setting the broad direction of corporate strategy” and “carrying out effective oversight of directors and the management”.",
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      "text": "The Vision 24 plan lacks details and a commitment to address our concerns on capital efficiency, underperformance versus peers and corporate governance. We question the thoroughness and process by which the management team prepared the Plan. Furthermore, we have doubts on the level of scrutiny and challenge by the Board of Directors on the underlying assumptions and financial implications of the Plan. The low level of detail provided to the public gives us little confidence that adequate due diligence by the Board of Directors could have taken place.",
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      "text": "IV.b Strategic Mis-Management",
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