On May 10, 2023, Rinnai Corporation stated in its press release that it had decided to oppose the shareholder proposals submitted by Longchamp Asset Management to be discussed in the 73th Annual Shareholders' Meeting, the proposals submitted were as follows, (1) Acquisition of treasury stock, (2) Partial amendment of articles of incorporation (Handling of shares held by directors), (3) Partial amendment of articles of incorporation (Composition of outside directors), the Company oppose all of these proposals: Although a large amount of treasury stock buybacks improve ROE, it cannot be said that this alone will lead to an increase in corporate value over the medium to long term. Moreover, the Company determined that there is no need to establish the guidelines without specifying specific details.