On May 12, 2023, Meiko Trans Co., Ltd. announced the shareholder proposal by Nippon Active Value Fund plc, the proposals submitted were as follow. (i) Approval of Remuneration Amount for Restricted Stock Remuneration Plan: Currently the maximum amount of remuneration for the Company's directors is 650 million yen per year. In order to provide incentives for the Company's directors to continuously improve the corporate value of the Company and to further promote the sharing of value between Directors and shareholders, Eligible Directors will be newly granted monetary compensation claims for granting restricted stock of up to 650 million yen per year and a maximum of 590,000 shares.

It shall be designed to be granted in the next three years. (ii) Acquisition of treasury stock: within one year, the Company shall acquire common shares of the Company up to a total of 3,000,000 shares and a total acquisition price of 3,300,000,000 yen by delivering cash. (iii) Amendment to the Articles of Incorporation regarding the number of outside directors: outside directors should make up a majority of the company's directors.

At the meeting of the Board of Directors held on May 12, 2023, it resolved to oppose this shareholder proposal.