Callouts & quotes from 2,037+ activist slides

"Elliott’s John Pike on the urgency of boardroom change at Phillips 66 (NYSE: PSX), and how the #Streamline66 plan is the path to unlocking value for shareholders: “Change is going to start there.”"

""The board is unanimously recommending this all-cash offer by Nuvei to buy SafeCharge at an attractive premium, which represents compelling value for SafeCharge shareholders" — igamingbusiness.com"

"In the beginning, HBOP ordered a corrugating medium paper machine, but now, it's ordering a kraft board paper machine. — Mr. Zhang, General Manager of Sales, Henan Qinyang First Paper Machine Ltd."

"CPG is a street fight at the shelf (...) How do you do that with a largely Japanese board that has nobody from marketing, nobody from E-Com, nobody from supply chain on there? — Anonymous Investor"

"Mark's experience on an executive team that manages the lowest-cost operator in an unconventional resource play and operates with a sharp focus on ROCE will be a great resource for the Hess Board"

"We believe Mr. Harris' more than three decades of experience in operational and executive roles at the world's largest food and beverage company would be extremely additive to the US Foods Board."

"Continually communicate internally to employees and externally to shareholders with near, medium, and long-term targets with which shareholders can hold management and the Board accountable for."

"We believe these factors can be addressed easily and immediately via our 3-Step Plan, a carefully calibrated initiative that should be implemented without delay by Keisei’s board and management."

"We propose an immediate improvement to the Company by replacing four of the six legacy Board members as a direct result of their failed attempt to create shareholder value over the past 11-years"

"To prevent further value destruction, Ancora urges shareholders to vote “AGAINST” Board Chair George S. Mayes, Jr., Director Javier Polit and Director Laurie A. Tucker at the 2025 Annual Meeting"

"Given AOL’s past inaction with regard to monetizing the patent portfolio, we do not believe the Company would have actually executed this transaction had it not been for Starboard’s involvement."

"CEO Sunny Verghese has suggested that instead of shorting Olam, Muddy Waters should go long and work with the board to improve the Company. Thank you, Mr. Verghese, but we must politely decline."

"The real reason FMCN counted 30,500 cardboard posters in the LCD network is that Muddy Waters caught the company with its pants down, and management is now trying to lie its way out of trouble."

"The Board cannot be trusted to right the ship given its historic disregard for sound governance and inability to address long-term underperformance or fix its culture that lacks accountability."

"We are unsure what benefit Noble would have received by abetting what seems to be questionable accounting treatment by PT Atlas; but, little about this series of transactions seems above board."

"We also believe it's vital that the Company not be allowed to unilaterally appoint a new Board member without shareholder input, which would only serve to further the entrenchment of the Board."

"We believe that Mr. Kiefaber’s substantive experience from serving in a variety of senior executive positions as well as his industry specific knowledge makes him a valuable asset to the Board."

"Now is the time for Marathon's Board to take action and Remake Marathon by unlocking the value trapped in the current structure and realizing the full potential of three world-class businesses."

"Historical intransigence about considering stock repurchases demonstrates a deep seated bias by HMA's Board to even consider share repurchases as an effective tool to increase shareholder value"

"For this reason, we are nominating four exceptional, experienced and highly-qualified nominees for election to the Board at the 2022 Annual Meeting, including a direct Starboard representative."

"For this reason, we are nominating four exceptional, experienced and highly-qualified nominees for election to the Board at the 2022 Annual Meeting, including a direct Starboard representative."

"Starboard engaged with Corteva to help identify individuals with highly relevant industry expertise that could help the Board diversify its perspectives and better hold management accountable."

"We believe these highly concerning actions demonstrate that the Board is beholden to management, and is not strong enough nor independent enough to represent the interests of ALL stockholders."

"Not only the extortion-like tactics employed preceding the privatization, but also the highly unusual deal structure should have been significant red flags for TeliaSonera's board at the time."

"Despite McDonald's' hollow attempts to miscast some of our "demands," the reality is our asks are completely reasonable and can help the Board restore its broken credibility with shareholders"

"P&G’s performance has deteriorated, we believe partly due to the lack of an appropriate and consistent long-term strategy to address critical challenges – a direct responsibility of the Board"

"ISS recommended shareholders vote against three incumbent AOL Board members, including James Stengel, who is Chair of AOL’s Compensation Committee and one of the directors we are challenging."

"hon·est /'änəst/ free of deceit; truthful; sincere; candid; frank; open; forthright; straightforward; plain-speaking; upfront; aboveboard — Automotive Logistics 2016, CEO Jacobs' Presentation"

"I was particularly annoyed about the shameless allegation that Ströer did not have any proper corporate governance and that the supervisory board was not independent. Intolerable effrontery!"

"In August 2024, the Board approved two acquisitions for a total consideration of $69 million, taking net leverage to where it was prior to the dilutive equity offering from earlier this year"

"Your vote on the enclosed Gold Card will set in motion a clear plan to improve Phillips 66's operating performance, strengthen Board accountability and increase the value of your investment."

"Note that in the above disclosure, FMCN is stating that the “LCD display network” contains cardboard posters. In other words, FMCN has valmorphanized cardboard into LCD. Who does that???!!!"

"Over the last several years, Autodesk’s management team and the Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"While the Board tasked management with considering a range of strategic alternatives, it appears that management never seriously considered alternatives outside of an acquisition of Celgene"

"Over the last several years, Autodesk’s management team and the Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"The proxy advisors highlight troubling governance practices at Phillips 66, including selective or misleading communications and a leadership structure that prevents proper Board oversight."

"GoDaddy is a scale-leading infrastructure business trading at 11x FCF; replaying Starboard's Splunk/Wix/Salesforce margin-expansion playbook can close a 37% peer gap and re-rate the stock."

"We believe the time has come for Yahoo’s management and Board to narrow Yahoo’s focus to areas where it can demonstrate a high return on investment and a sustainable competitive advantage."

"After more than a year of supposedly running a sale process for non-core assets and just weeks before the Annual Meeting, the Board suddenly received an offer. What a timely coincidence..."

"Beginning in January 2018, leadership of both the Board and management team was consolidated with Peter Huntsman, and shortly thereafter, the Company declared itself as “The New Huntsman”."

"Phillips 66 (NYSE: PSX) shareholders, act today to #Streamline66. Vote the GOLD card FOR Elliott's highly qualified nominees and proposal to implement annual elections for all board seats."

""Having a classified board is not an accountability issue for Alcoa. The company's corporate governance policies hold directors accountable to shareholders." — Alcoa's 2011 Proxy Statement"

"With lower capital intensity, a focused board of directors, a streamlined portfolio and a credibly reduced exploration budget, we believe Hess International can achieve a premium multiple"

"We strongly encourage the Board to incorporate return-based metrics in management's compensation framework and ensure bonus payouts are better aligned with satisfactory operating results."

"Trian encourages management teams and boards to operate as if wearing "bifocals," with a watchful eye on the near-term but always maintaining a primary focus on maximizing long-term value"

"Starboard believes Mr. Taffe’s extensive experience as a senior executive and Board member at leading semiconductor companies will enable him to provide invaluable oversight to the Board."

"Ancora believes the reconstituted Board will be well-suited to support management through this critical period and position the combined company for long-term shareholder value creation."

"Since Norfolk Southern's public relations firms failed to place smear pieces about Mr. Boychuk in the media, the Board is now doing Mr. Shaw's dirty work by using innuendo in its letter."

"Despite all our evidence that Xylem has failed investors, we believe its rubber-stamping Board approved short-term annual incentive target changes that are beneficial towards management."

"Key MDA executives and Board members were resigning well in advance of the DigitalGlobe acquisition. Most recently, Maxar’s CFO McCombe resigned abruptly ahead of the March Investor Day."

"TSR as CEO of Lucent was (55%); as CEO of Alcatel-Lucent was (58%); dramatically underperformed S&P 500 and Peers. Interlocking relationship with Dr. Kleinfeld at the HPE/Arconic Boards."

"Shareholders are deciding whether to elect Nelson Peltz to the existing Board so that, as a Director, he can have full transparency into what is causing P&G’s consistent underperformance"

"Hughes is purportedly independent, and chairs the CPI PG board. He is also president of the audit and investment committees. Through his company, he has a 50/50 joint venture with Savic."

"Hobson's experience representing energy industry clients in complex transactions, along with her corporate governance expertise, would make her a valuable addition to the Phillips Board."

"Elliott’s Streamline 66 plan could drive shares to $180 or higher—an increase of 75% or more—but it will take a Board of Directors willing and able to capture this significant potential."

"We also understand that there were disagreements on changes to Board composition and frustrations over the speed at which they were occurring... — TD Cowen analyst note, January 2, 2024."

"Marathon’s prior Management and Board continued pointing towards the loss of integration benefits, which was quickly disproven, through thoughtful structuring and commercial engagement."

"Marathon’s prior Management and Board continued pointing towards the loss of integration benefits, which was quickly disproven, through thoughtful structuring and commercial engagement."

"Recognition of reality, and the accountability that comes with it at a public company, seem to be precisely what Hess's Management and Board are doing everything in their power to avoid"

"Recognition of reality, and the accountability that comes with it at a public company, seem to be precisely what Hess’s Management and Board are doing everything in their power to avoid"