On May 15, 2023, Ishihara Chemical Co., Ltd. announced the shareholder proposal by Nippon Active Value Fund plc, the proposals submitted were as follow. (i) Acquisition of treasury stock: within one year, the Company shall acquire common shares of the Company up to a total of 3,200,000 shares and a total acquisition price of up to 2,700,000,000 yen by delivering cash. (ii) Amendments to the Articles of Incorporation Concerning the Composition 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 15, 2023, it resolved to oppose this shareholder proposal.