Item 8. Election of board members, including the chairman of the board
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 12. Authorization for the board to acquire own shares
Buybacks can be a good supplement to dividends. However, Treasure is a very illiquid stock with limited trading volume in the market and inefficient pricing. Buybacks at these discount levels also favor those who do not sell, and we therefore believe it is a worse alternative than dividends, which would treat all shareholders equally. At the same time, it further reduces free float.