On April 14, 2023, Maruzen stated in its press release that it had decided to oppose the shareholder proposal submitted by United Managers Japan, Proposal (1) Appropriation of Surplus: production has increased from 21.2 billion yen to 42.9 billion yen, an increase of approximately 102%, Company's forecast for net income for the current fiscal year is 2.8 billion yen, a 33% increase from 2.1 billion, In this way, the rate of increase in net assets far exceeds the rate of increase in net income, and as a result, the Company's ROE has fallen significantly from 10.2% ten years ago to around 6.6% at the end of this fiscal yea the, to overcome this undervalued situation, it is necessary to increase the dividend payout ratio from the current 30% to 100% or more, reduce unnecessary cash equivalents, and improve ROE, the Company opposes this proposal as the company have been stably paying dividends by recording profits continuously and have steadily increased dividends in stages, this proposal does not match the company's dividend, cash and deposit utilization policy.