On June 20, 2023, Oasis Management Company Ltd announced that it urged all shareholders of Kumagai Gumi to vote for an independent review of strategy and to hold President Sakurano accountable for the failed alliance with Sumitomo Forestry and declining corporate value. ISS and Glass Lewis support Oasis’s view that the Company’s partnership with Sumitomo Forestry has failed and warrants further scrutiny by shareholders and both have therefore recommended shareholders mandate an independent Strategic Review Committee, which will also serve to review the Company’s capital policy, and Glass Lewis have also recommended shareholders remove President Sakurano. Additionally, Oasis also urged shareholders of the Company to vote against the Nomination of President Yasunori Sakurano and the Nomination of Sumitomo Forestry Representative Director Tatsuru Sato.

As well as Oasis urged vote for the Oasis shareholder proposal calling for the Company to establish a strategic review committee to address the capital alliance with Sumitomo Forestry and failed investment plan and also vote for 2 Oasis Shareholder Proposals calling for the Company to initiate a 20% share buyback and distribute a dividend of JPY188/share. Further, Oasis has submitted several proposals to the Company for shareholders to vote on at the 2023 Annual General Meeting to be held on June 29, 2023.