On May 12, 2023, SK Kaken Co., Ltd., announced in its press release that it had decided to oppose the proposals submitted by Asset Value Investors Limited. The proposals were as follows, (i) Partial Amendment of Articles of Incorporation: Addition of Article 12 which states “In addition to the matters stipulated in the companies act, at the General Meeting of Shareholders, the company can decide on matters concerning the cancellation of treasury stock.”, (ii) Cancellation of Treasury Stock, (iii) Appropriation of Surplus: The dividend amount to be the amount after deduction of dividend surplus per share of common stock from 800 Yen. The company opposes the proposals for following reasons, (i) Resolutions should me made by the Board of Directors in accordance with provisions of the Companies act, rather than by the Board of Directors, (ii) The company has decided that there is no need to cancel treasury stocks at this time, (iii) Distributing additional dividends is not in line with the company's policies.