On April 1, 2019, Teikoku Sen-i Co., Ltd. announced that the SPARX Asset Management proposals were rejected due to the voting results. both Proposal No. 7 on Mr. Katsuya Natori appointed as outside director because it required independent outside directors to adequately reflect the views of stakeholders, such as minority shareholders on the board of directors, was rejected with Vote, as well as for the Proposal No.

8 on Surplus Dividend, a year-end dividend of 95 yen per share "35 yen company forecast" and reduction of the director's term to 1 year "currently within 2 years." The proposals were consulted but were rejected as a result of the vote.