TOKYO -- Kao's shareholders rejected proposals submitted by Hong Kong-based activist investor Oasis Management on Friday, though the Japanese consumer goods group faces pressure to accelerate its global expansion to keep them on its side.
The annual general meeting drew 478 shareholders, up 60% from last year. Oasis presented four proposals: the election of five outside directors, including former KFC and Procter & Gamble executives; higher compensation for outside directors; stock-based compensation for outside directors; and the approval of a long-term incentive scheme for internal directors.
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