"Activist fund Oasis calls on Kao to hold shareholders' meeting over supply-chain risks," 5 March 2026

Activist fund Oasis Management is calling on Kao to convene an extraordinary general meeting, seeking an independent investigation into the Japanese company’s supply-chain risk management and internal control.

Oasis received numerous whistleblower allegations concerning Kao’s supply-chain practices, including potential links to deforestation and human rights violations, it said in a statement Thursday...

Kao said it’s reviewing the request by Oasis and declined to give further comment, according to a company spokesperson...

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Oasis...currently holds a 6.6% stake, making it Kao’s fourth-largest shareholder as of January, data shows.

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In its latest documents, Oasis said Kao relies on several high-risk suppliers and cited eight examples. It said FGV Holdings/Federal Land Development Authority, a major Malaysian palm oil supplier, were subject to U.S. import ban over allegations of forced labor, child labor and sexual abuse from 2020 to 2026. Unilever has suspended trading with FGV and FELDA since 2018, Oasis said.

The fund also identified Indonesian plantation operator PT Astra Agro Lestari, another key supplier, with whom Kao’s trade is increasing. Norges Bank Investment Management excluded the group from its investment universe, it said.

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