On January 29, 2020, Asset Value Investors announced that it has submitted 2 shareholder proposals to Teikoku Sen-i. Asset Value Investors stated that the 2 proposals seek an increase in this year's dividend from Yen40/share to 76/share and a Yen2bn share buyback (approximately 3% of outstanding shares). Asset Value Investors added that it calls on the Company's group shareholders to stop voting passively with management and to vote in the interests of all shareholders and best governance practices.