{ "docId": "019f6b8f-46e3-7178-b88b-781944304949", "docSlug": "jarvis-oasis-fujitec-presentation-december-2022", "documentTitle": "Oasis Fujitec Presentation December 2022", "authorId": "oasis-fujitec-presentation-december-2022", "authorName": null, "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2022-12-01 00:00:00", "orientation": null, "aspectRatio": null, "pageNumber": 62, "pageCount": 71, "prevPage": 61, "nextPage": 63, "slideType": "appendix_disclosure", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a '!' icon to highlight the 'Obvious Selection for Concealment' section.", "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019f6b8f-46e3-7178-b88b-781944304949/62", "deckHref": "/decks/019f6b8f-46e3-7178-b88b-781944304949", "deckJsonHref": "/decks/019f6b8f-46e3-7178-b88b-781944304949.json", "deckAnchorHref": "/decks/019f6b8f-46e3-7178-b88b-781944304949#slide-62", "components": [ { "bbox": { "h": 0.06, "w": 0.88, "x": 0.06, "y": 0.31 }, "kind": "paragraph", "text": "These opinions, made to Nikkei in 2019, express the opinion that companies should have tighter control of third-party committees, limit the scope of investigations, and there should be limited disclosure of the results as it could lead to litigation against the company.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "24f11e82-7e43-4c2b-a6f7-223fbb237aca", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.88, "x": 0.06, "y": 0.56 }, "kind": "paragraph", "text": "By having such a narrow focus, both Mr. Kobayashi and Mr. Hen failed to investigate the cultural and governance issues as would have been required under the JFBA guidelines. And Toyo Tire continued very similar substandard issue of Anti-vibration rubber, which happened during the same time of his investigation. Their failure to root out the cause was followed by two additional scandals at Toyo Tire which then took more than three years to address.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3230eb3c-ace3-453d-8247-7fb1f43ba111", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.88, "x": 0.06, "y": 0.72 }, "kind": "paragraph", "text": "Mr. Kobayashi and Mr. Hen were likely selected to ensure that the investigation will be undertaken superficially and in a manner that will only benefit the Uchiyama family. It is unfortunate, that the Outside Directors allowed the Company to nominate a member and Chair of the Third-Party Committee as Kaori Oishi, Kazuhiro Mishina and Yoshiyuki Yamasaki ended up just selecting committee chairperson CANDIDATES and outside directors failed to lead the full process of the nomination independently.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5f40768c-35cb-41cc-acbd-c048af58ac66", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.88, "x": 0.06, "y": 0.82 }, "kind": "paragraph", "text": "Out of thousands of possible experts, Fujitec have selected an individual that has publicly stated that companies should exert greater control over investigations contrary to the accepted JFBA guidelines. Fujitec's actions demonstrate an obvious intention to skew any investigation in favor of Mr. Uchiyama and not find the root cause of the issues.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "83bd93ae-a421-4eda-b2db-ba8687163a79", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.06, "y": 0.22 }, "kind": "paragraph", "text": "Oasis is particularly concerned that Hideaki Kobayashi, the chair of the Third-Party Committee and senior counsel at Nagashima Ohno & Tsunematsu (\"NO&T\"). Kobayashi has publicly expressed opinions that do not follow the best standards for third-party committees as presented in the Japan Federation of Bar Associations (\"JFBA\") guidelines.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d47c758c-171b-46c3-a5e4-4a0450401f22", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.43 }, "kind": "paragraph", "text": "Although Mr. Kobayashi was retained by the Company as advisor to handle the crisis at Toyo Tire, he and his team investigated the substandard seismic isolation rubber as third-party. The negative impact of Mr. Kobayashi's rejection of the JFBA guidelines can be clearly seen from the investigation that both Mr. Kobayashi and Mr. Hen conducted at Toyo Tire Corporation in 2015. In the investigation, Mr. Kobayashi kept to an extremely narrow scope of investigation focusing solely on the issues associated with the substandard rubber.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dedcc602-fd65-4fd3-823b-0b8e51d64229", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.06, "y": 0.08 }, "kind": "title", "text": "IX. Appendix 6 – Third Party-Committee Chair", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4f7c5b77-b7d1-4ab4-93ec-ad85cc081890", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.06, "y": 0.39 }, "kind": "title", "text": "A HISTORY OF FAILING SHAREHOLDERS IN INVESTIGATIONS", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7a1de9f5-ca3d-4206-a281-b7b93f7fc66b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.06, "y": 0.68 }, "kind": "title", "text": "AN OBVIOUS SELECTION FOR CONCEALMENT", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fa7eb028-2216-4f12-8b1d-ac9bc3d7919b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.88, "x": 0.06, "y": 0.15 }, "kind": "title", "text": "Third-Party Committee Chair", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ea085a78-a3b8-405f-b2e9-c8e2ce5582d5", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Narrative foundations (from the Storymakers methodology)", "slug": "narrative-foundations", "agent": "storyteller", "layer": "slide", "matchId": "2624a28b-6d23-46dd-8b5e-932e1d409a49", "evidence": "paragraph/paragraph: Although Mr. Kobayashi was retained by the Company as advisor to handle the crisis at Toyo Tire, he and his team investigated the substandard seismic isolation rubber as third-party.", "confidence": 0.5 } ], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "0e665c0b-5382-479e-9499-e058ffa8c765", "evidence": "The slide explicitly argues that the appointment of a specific chair is intended to 'conceal' and 'skew' investigations, a classic activist tactic to expose governance fraud.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }