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  "documentTitle": "Oasis Fujitec Presentation December 2022",
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  "notes": "Uses a quote from T. Rowe Price to validate the activist's claim of board incompetence.",
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      "text": "UK Stewardship Code, October 2021 - Source",
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      "text": "As set out in the Japan Corporate Governance 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": "In the lead up to the Vision 24 strategy, long-term shareholders expressed such significant levels of doubt in the Board to produce a strategy that would deliver shareholder value, that an external strategic review was requested.",
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      "text": "This mistrust, exhibited by many investors surrounding the design and publications of the Vision 24 strategy, put into doubt the capability of the Board to design a strategy, and further contributes to shareholders’ significant doubt in the ability of (1) management to execute, and (2) the Outside Directors in oversight.",
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      "text": "At the June 2020 AGM... we voted against the re-election of the CEO to encourage the Board to undertake a review of strategy and performance with more urgency than they currently exhibit. We have engaged with Fujitec on the need for an external strategic review to improve operational efficiency, the need to improve capital allocation, and the need to lift governance standards across the business. We expressed our views directly to senior management through our investment team via a series of calls, then sent a letter to the Board of Directors.",
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