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  "docSlug": "jarvis-oasis-fujitec-presentation-december-2022",
  "documentTitle": "Oasis Fujitec Presentation December 2022",
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  "presentationDate": "2022-12-01 00:00:00",
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  "notes": "Uses a Fujitec diagram to illustrate reporting lines and audit independence concerns.",
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      "text": "Audit Concerns",
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      "text": "Fujitec diagram showing reporting lines and collaboration between Board, Audit & Supervisory Board, Management, Internal Audit, and Grant Thornton.",
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      "text": "The outside directors rely on their own expertise and judgement to evaluate problematic financial transactions, however, there is also reliance on assurance mechanisms - i.e. internal and external audit. Oasis has doubts over the Outside Directors, however, we also see that: 1. The external auditor, Grant Thornton Taiyo LLC, has been the Company auditor since the 2010 AGM (Source). A tenure of 13 years risks the maintenance of independence and no rotation policy or tendering process has been disclosed. 2. There is significant distance between internal audit and the Board - internal audit's primary reporting line is to management, meaning that anything reported to the Board must be filtered through the executive team which has been led by Takakazu Uchiyama.",
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      "text": "The existence of related-party transactions (“RPTs”) to the extent that they have been committed, both in duration, and aggregated value, raises significant concerns that the Board was either unaware or did not challenge the RPTs’ existence. The RPTs were, however, in the public domain, therefore, they were not hidden from the Board, therefore, the Outside Directors failed to sufficiently challenge them. Oasis has identified that the risk management system would struggle to avoid management bias.",
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      "text": "As set out in the Japan Corporate Governance Code - Principle 4: General Responsibilities of the Board - “the board should... [carry] out effective oversight of directors and the management from an independent and objective standpoint... regardless of the form of corporate organization – i.e., Company with Kansayaku Board...”.",
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      "text": "IV.d Lax Risk Management & Controls",
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