On September 21, 2023, Muraki Corporation announced in its press release that it had decided to oppose the shareholder proposals submitted by Management Survey Co., Ltd. The proposals are as follows, (i) Dismissal of Directors Mr. Kiyomi Nagai and Mr. Naohiko Sekitomi: The shareholder states that both the directors have failed to utilize company?s management resources effectively and can not be entrusted with the management of the company, (ii) Appointment of 4 Directors: The shareholder has proposed the appointment of Mr. Tsuyoshi Yoshino, Ms. Mihoko Shinoda, Mr. Masaya Takahashi, and Mr. Tetsuro Tono. The company has opposed the proposals for the following reasons, (i) The current management team with Mr. Kiyomi Nagai and Mr. Naohiko Sekitomi is qualified to serve as directors to improve the profitability and corporate value of the company and there is no need to either dismiss or appoint new directors, (ii) The shareholder proposal, if approved, could be detrimental to many shareholders as dismissal of both the directors could make it difficult to maintain trust with business partners which could lead to significant damage to the corporate value. Further, the company is also concerned that the dismissal of both the directors, who are highly respected by the employees, will reduce the motivation of all employees and hinder business operations.