On May 15, 2024, Oasis Management Company Ltd announced that it made an announcement stating its adoption of the Japan Financial Services Agency?s ?Principles of Responsible Institutional Investors,? commonly known as the Japan Stewardship Code. In alignment with these principles, Oasis actively monitors and engages with its investee companies.

Oasis stated that Kumagai Gumi consistent failure to meet its self-set targets, expressing concern about the lack of evidence indicating any substantial changes within the company to assure shareholders of achieving targets outlined in its new Medium-term Plan. Oasis emphasized the necessity for significant changes within the Company, aiming to hold the board of directors accountable for persistent operational shortcomings and suboptimal capital allocation. Oasis urged the company to prioritize management accountability, fair treatment of all shareholders, and enhanced shareholder returns.

Furthermore, Oasis encouraged shareholders to vote for its proposal for a dividend of JPY 160 per share, emphasizing the importance of capital efficiency to the company's management, and advised voting against the reappointment of Chairman Yasunori Sakurano and current directors Tatsuru Sato and Shigeru Okada at the upcoming 2024 AGM.