On May 18, 2021, Asset Value Investors announced that it has submitted shareholder proposals to Tokyo Radiator Mfg. Co., Ltd. to address a conflicted listed subsidiary shareholder structure responsible for, among other things, idle cash in excess of market capitalization. Further, Asset Value added that the proposal talks for the return of the ¥5.5 billion cash on deposit with Marelli to the Company’s shareholders in the form of a special dividend and also about also proposed the establishment of an Audit and Supervisory Committee and majority independent director Nomination and Compensations Committees to bring greater objectivity.