On May 10, 2023, MEISEI INDUSTRIAL Co.,Ltd. stated in its press release that it had decided to oppose the shareholder proposals submitted by Nippon Active Value Fund plc to be discussed in the 81st Annual Shareholders' Meeting, the proposals submitted were as follows, (i) Revision of remuneration amount for Directors: the remuneration limit for directors shall be within 350 million yen instead of 330 million yen per year, (ii) Acquisition of treasury stock: within one year from the time of this Ordinary General Meeting of Shareholders, the Company shall acquire common shares of the Company up to a total of 5,000,000 shares and a total acquisition price of up to 4,000,000,000 yen by delivering cash, (iii) Amendments to the Articles of Incorporation regarding the number of outside directors: outside directors should make up a majority of the company's directors.