Callouts & quotes from 2,037+ activist slides

"Starboard’s average return on a 13D filing is 22.2% (versus an average of 5.0% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 27.8% versus 8.4% for the S&P500. — 13D Monitor"

"We respectfully ask BP's Board of Directors to consider the following six actions: (i) remove medium-term Scope 3 targets (reduction of 10-15% by 2025; 20-30% by 2030) and qualify 2050 target (Net-Zero) as a target to be reached 'in line with Society'."

"Given these conflicting financial interests, how can we, as shareholders of NHI, be expected to trust that these individuals will be able to represent our best interests in the boardroom, particularly as it relates to negotiating the NHC lease renewal?"

"we remain incredulous at the mere possibility that the Board could interpret the regulations enacted in January 2024 in such an unreasonable and potentially abusive manner, that could be viewed as a means to circumvent the proper authorization process."

"“…[T]here’s a qualification level that is required to sit on the Disney board, and the board will make, not me, the board makes decisions about who’s qualified and who isn’t qualified to be on the board.” — Robert A. Iger, CEO & Director, November 2023"

"Help Phillips 66 (NYSE: PSX) realize its potential for best-in-class operating performance and corporate governance by voting the GOLD card FOR Elliott’s highly qualified board nominees and its proposal to move to annual elections for all board seats."

"The same cast of characters that keeps popping up as lead investigators for Nevro’s studies, and as some of its highest volume implanters, also has a knack for topping its OpenPayments leaderboard, which appears to consist mostly of…speaking payments."

""[T]here's a qualification level that is required to sit on the Disney board, and the board will make, not me, the board makes decisions about who's qualified and who isn't qualified to be on the board." — Robert A. Iger, CEO & Director, November 2023"

"Mr. Feld's experience as an active stockholder, board member, and expert in capital markets and corporate governance practices, as well as his knowledge of intellectual property licensing, will enable him to provide invaluable oversight to the Board."

"In this instance, given the long record of falling short and the deep loss of confidence in Southwest’s leadership among shareholders and other constituents, it is simply untenable for the same Board and management team to continue to lead Southwest."

"In this instance, given the long record of falling short and the deep loss of confidence in Southwest’s leadership among shareholders and other constituents, it is simply untenable for the same Board and management team to continue to lead Southwest."

"In this instance, given the long record of falling short and the deep loss of confidence in Southwest’s leadership among shareholders and other constituents, it is simply untenable for the same Board and management team to continue to lead Southwest."

"Gregg Saretsky reflects on his journey through the airline industry, from working as a flight attendant and gate agent in college to serving as the president & CEO of WestJet, and how his experiences would add value to Southwest's Board of Directors."

"Mr. Goff’s more than 40 years of experience includes nearly three decades at ConocoPhillips (Phillips 66’s predecessor company), nearly a decade as CEO of refiner Andeavor (formerly known as Tesoro), and service on the Exxon Mobil Board of Directors."

"We advocate for a strengthened senior management and Board composition that is both attuned to the demands of the consumer goods industry and equipped to steer Kao to fully capitalize on its market opportunities and lead in the consumer goods sector."

"In this instance, given the long record of falling short and the deep loss of confidence in Southwest’s leadership among shareholders and other constituents, it is simply untenable for the same Board and management team to continue to lead Southwest."

"In this instance, given the long record of falling short and the deep loss of confidence in Southwest’s leadership among shareholders and other constituents, it is simply untenable for the same Board and management team to continue to lead Southwest."

"We believe Leidos should write down the value of the business as impaired, and the Board should immediately terminate CEO Krone and CFO Reagan for abysmal due diligence failures, and misrepresenting the financial outlook of the business to investors."

"In this instance, given the long record of falling short and the deep loss of confidence in Southwest’s leadership among shareholders and other constituents, it is simply untenable for the same Board and management team to continue to lead Southwest."

"Gregg Saretsky reflects on his journey through the airline industry, from working as a flight attendant and gate agent in college to serving as the president & CEO of WestJet, and how his experiences would add value to Southwest's Board of Directors."

"“Elliott is asking the Board to devise a way to evade our governing documents, and the Board does not think that such actions would be in the best interests of the Company and our shareholders.” — Phillips 66 Definitive Proxy, April 7, 2025, Page 115"

"“Elliott is asking the Board to devise a way to evade our governing documents, and the Board does not think that such actions would be in the best interests of the Company and our shareholders.” — Phillips 66 Definitive Proxy, April 7, 2025, Page 115"

"Legion Partners called it an “obvious and clear conflict was seemingly overlooked by a Board” and JANA Partners asked “is the board simply not sufficiently engaged to appropriately safeguard shareholder interests?” — Legion Partners and JANA Partners"

"Mr. Gallogly’s significant operating, financial, and environmental management experience as a senior executive within the chemicals industry, as well as his significant public company board experience would make him a valuable addition to the Board."

"Consistent with a pattern of delusion that includes pretending that TSR and operating performance have been excellent, Arconic’s board claims to “value” good governance practices. Reality: the Company has been a corporate governance house of horrors"

"AS FELLOW PHILLIPS 66 SHAREHOLDERS, WE NEED YOUR HELP TO MAKE THIS VISION A REALITY – PLEASE SIGN AND RETURN THE GOLD CARD TO PUT OPTIMISTIC OPERATORS LIKE BRIAN ON THE BOARD AND CREATE A STRONGER, MORE VALUABLE PHILLIPS 66 FOR ALL OF ITS INVESTORS."

"AS FELLOW PHILLIPS 66 SHAREHOLDERS, WE NEED YOUR HELP TO MAKE THIS VISION A REALITY - PLEASE SIGN AND RETURN THE GOLD CARD TO PUT OPTIMISTIC OPERATORS LIKE BRIAN ON THE BOARD AND CREATE A STRONGER, MORE VALUABLE PHILLIPS 66 FOR ALL OF ITS INVESTORS."

"Mr. Gallogly’s significant operating, financial, and environmental management experience as a senior executive within the chemicals industry, as well as his significant public company board experience would make him a valuable addition to the Board."

"We believe the board and management’s aggressive disregard for shareholder rights, consistent missteps, lack of a cogent strategy, and inability to deal with the legacy Miss Lime assets have kept the stock from trading closer to its intrinsic value."

"The key role of a board member is to appoint management, to set, together with management, a clear strategy with defined goals and metrics, and to hold management accountable for effecting that strategy. The oversight role of the board is critical."

"We believe Hess has great assets but is mismanaged. It is a public company that should be run for all Shareholders but has been held captive by a CEO and Board that are apparently unwilling to take an objective, clear-eyed look at their own record."

"If the Board and management are preventing a value maximization process based on their belief that the stock is undervalued, why aren't we seeing insiders buying? In fact, we are seeing insiders (including CEO Bob Espey) consistently selling stock."

"The Board determined once again this year that the service of Mr. Fink as both BlackRock's CEO and Chairman is the most appropriate and effective leadership structure for the Board and the Company at the present time. — BlackRock Board of Directors"

"We believe Mr. Garden’s demonstrated record of strong operating experience and his network of significant institutional relationships can be utilized for the Company’s benefit and makes him extremely well qualified to serve on the Company’s board."

"the fundamental challenge is dollars per kilogram," and by that metric, it simply costs a lot more to launch a single small rocket with a single small satellite than it does to launch a single large rocket bundling many small satellites aboard it."

"There are doctors in the landscape with a lot of influence who are completely corrupt who are on board with Saluda. And they will corrupt people with Saluda. They own stock and options in Saluda and have consulting contracts. Saluda is everywhere."

"We sincerely thank Martin for his many contributions and dedication to METTLER TOLEDO. We regret that he has to retire due to his new commitments and wish him well as he takes on this time-intensive role. — Robert F. Spoerry, Chairman of the Board"

"Starboard believes Mr. Cwynar’s experience as the former chief executive officer of a semiconductor product and licensing company, as well as his technology and engineering background, will enable him to provide invaluable oversight to the Board."

"Target’s board decided not to transfer credit risk in a credit card transaction, despite Pershing Square’s repeated requests. In 2008, Target’s credit card operating profits fell 65% predominantly due to increased credit risk and bad debt expense"

"Our criticism of FND's deficient disclosures extend to its Board relationships and related party dealings. For example, despite Peter Starrett serving on both the Boards of Floor & Decor and Boot Barn, FND fails to disclose that it sells to BOOT."

"...however, Elliott believes that BMC's significant underperformance is due to a deficit on the Board of relevant and timely experience in Enterprise Software, emerging business models ("SaaS" and "Cloud"), and critical skillsets (Large Cap, M&A)"

"Mr. Riedel's extensive knowledge of the technology industry and intellectual property licensing, as well as his significant leadership experience as a senior executive and a public company director, makes him well qualified to serve on the Board."

"Brad Blum is the longest tenured leader in Olive Garden’s recent history. Mr. Blum led Olive Garden through its very successful turnaround in the 1990s. That is why we went out and recruited Mr. Blum to be one of our nominees — Starboard Value LP"

"Informed by the online reviews from anonymous current and former employees on Glassdoor, we believe the Board’s lack of diversity has permeated throughout the Company, resulting in broader issues which exacerbate the Company’s cultural problems."

"On March 29, 2022, DY appointed Ms. Carmen Sabater to the Board and she serves on the Finance and Compensation committees. Her biography notes that she was the Controller of MasTec Inc. (NYSE: MTZ) from 1994 – 2000 and CFO through January 2002."

"In the circumstances, we believe that the best way forward is for you, the members of the Capricorn Board, to immediately withdraw your recommendation for the Proposed Merger and instead to initiate a transparent and meaningful strategic review"

"the behavior we are witnessing is a clear indication of an unsophisticated and self-interested board focused on self-preservation and apathetic to external viewpoints, even when these opinions are provided by the Company’s largest shareholders."

"FMCN vehemently denied our allegation at first, and even hired two firms to “verify” the size of its LCD network. FMCN eventually conceded that it was counting in excess of 30,500 cardboard posters in order to meet its LCD count — Muddy Waters."

"To fulfill these duties, the UNP Board must address eight years of staggering underperformance and immediately make a change in leadership. It is imperative for the Board to pair the best railroad in North America with the best leadership team"

"A 2018 shareholder proposal to declassify PPG’s Board received overwhelming support (99% of votes cast in favor), but insufficient voter turnout resulted in the proposal’s failure... a greater effort should be made to reach retail investors(1)"

""We have paid dividends consecutively for 76 years, and our Board of Directors recognizes the value that our common shareholders place on both our historical payment record and on our future anticipated dividend payments" — Essential Utilities"

"Spruce Point believes the voting control paired with exceptionally long tenured directors has effectively turned the Company's Board into a "good old boys club"; four of Zillow's seven independent directors have been on the Board since 2005."

"Unanimous support: At Phillips 66 (NYSE: PSX), leading independent proxy advisors Institutional Shareholder Services, Glass Lewis and Egan-Jones support Elliott's case for change, greater accountability and highly qualified board candidates."

"Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.5% versus 14.8% for the S&P500."

"Hess has an interesting set of assets that have not yielded competitive shareholder returns over time. And they ought to. Working with the Board to refocus Hess in order to deliver returns to shareholders represents an exciting opportunity."

"Even through today, Disney has underperformed over every relevant period over the last decade...outside of the period since news broke of Trian’s increased beneficial ownership in Disney shares and expected request for Board representation."

"Even through today, Disney has underperformed over every relevant period over the last decade...outside of the period since news broke of Trian’s increased beneficial ownership in Disney shares and expected request for Board representation."

"To safeguard employees, shareholders, and other stakeholders' interests, Palliser call on Kobayashi-CEO and the Board to stem the ongoing value destruction and facilitate conditions for longer-term improvement with three immediate measures"

"The Board has failed to recognize and address the growing risk of 'greenwashing', despite an inconsistent and contradictory approach to ESG investing: in the 10K, BlackRock neglects to identify 'greenwashing' as a standalone source of risk"

"We believe this share price decline sends two clear messages: 1) PepsiCo is worth more and would be run better as two separate companies; and 2) the Board and management's decision not to separate goes against shareholders' best interests."