On June 26, 2023, Nippon Fine Chemical Co., Ltd. announced the Voting Results of Nippon Active Value Fund plc at the 155th Ordinary General Meeting of Shareholders held on June 23, 2023. The activist Proposals about Revision of remuneration amounts related to the restricted stock remuneration system "Monetary remuneration claims are granted to directors, including outside directors, granting restricted stock of up to 250 million yen per year and a maximum of 100,000 shares", Acquisition of Treasury Shares "2,281,000 shares of the Company's common stock will be acquired by delivering cash, up to a limit of 5,702,500,000 yen in total acquisition price", and Amendments to the Articles of Incorporation regarding the number of outside directors "Article 19 of the Company's Articles of Incorporation will be amended in order to make the Company's Outside Directors a majority" were rejected by Shareholder Vote.