On June 26, 2023, Bunka Shutter Co., Ltd announced that it held its 77th ordinary meeting of shareholders on June 20, 2023, and declared voting results. Accordingly, the shareholder proposals submitted by Strategic Capital regarding 1: setting the dividend payout ratio to 100%, 2: Distribution of Daiwa House shares as dividend in-kind, 3: Revision of the provisions of articles with regard to the convener and chair of the General, 4: Choosing an outside director to chair the Board of Director meetings, 5: Abolish the position of Chairperson of the Board of Directors, 6: Revision of the provisions of articles with regard to disclosing individual remuneration of Directors with representation rights, 7: Revision of the provisions of articles with regard to disclosing the calculation method of performance-linked remuneration for Directors with representation rights, and 8: Revision of the provisions of articles with regard to disclosing information on mergers and acquisition in Australia, were rejected by the shareholders of the company.