On June 16, 2023, Oasis Management Company Ltd announced that it has issued a statement on the Opinion on Hokuetsu’s Corporate Governance by Daio Kaiun where the Company is in a confrontational relationship with Daio Paper. Oasis stated that the Company is dysfunctional in terms of corporate governance due to Kishimoto's leadership and Oasis explained that the Company's view on improving relations with Daio Paper as abstract, dysfunctional and a means of self-preservation. In addition, Oasis also explained that the Company and Daio Paper can become an even stronger Company by creating synergies.

Further, Oasis Management urged the shareholders to vote against the re-election of Kishimoto, at the 2023 annual meeting of shareholders.