Item 9. Election of board members
We believe that the board should contribute more to highlighting of the company’s assets and safeguard the minority shareholders. We therefore vote against the board member who is up for re-election
Item 13. Authorisation of the board to acquire own shares
Buying back shares can be a good supplement to paying dividends. However, Treasure is a very illiquid share with a limited trading volume in the market and inefficient pricing. Buying back shares at these discount levels also favours those who are not selling, and we therefore believe it is a poorer alternative than dividends that would have treated all shareholders equally. At the same time, it also further reduces free flow.