On May 17, 2023, Daiichi Kensetsu Corporation announced the shareholder proposals submitted by Nippon Active Value Fund PLC. The proposals were as follows: (i) Approval of compensation amount for restricted stock compensation plan: The timing and distribution of payment will be decided by the Board of Directors and it will be a performance based incentive system, (ii) Acquisition of Treasury Stock: Acquire a total of 2,000,000 shares at an acquisition price of 2.8 billion Yen, (iii) Amendment to Articles of Incorporation regarding the number of outside directors: Addition of a new article “The majority of directors shall be outside directors as defined under Article 2 of the Companies Act”. The company has opposed the proposals stating that, (i) The proposal's amount of compensation is excessive considering the company's past performance and would lack balance among the company's stakeholders, (ii) The company believes it is not realistic to repurchase its own shares from time to time, taking into consideration the total return ratio of 30% or more, (iii) Board of Directors composed of candidates proposed by the company is the most suitable composition as they will contribute to the company's sustainable growth and cover business peculiarities.