Callouts & quotes from 349+ activist slides

""I'm wondering whether Bristol-Myers will become an acquisition target in the next year." — Unidentified Shareholder, May 2017. "Thank you. So let me answer 2 of your important questions. The first one with respect to your comments about acquisitions. My comment and answer is that our company has very strong performance for our marketed medicines. We have an extraordinary, exciting pipeline that has the potential to develop into really important medicines in the future. And so as a management team, I we are very focused on delivering on the value of our products in our pipeline and that's really our focus and our objective in executing a strategy and delivering long-term value to shareholders." — Giovanni Caforio, Chairman & CEO, May 2017."

""These appointments and organizational changes are part of Vulcan's ongoing management succession process to develop our new leadership team for the future. They reflect the great depth of talent at the Company and further advance our ability to capitalize on future growth opportunities and enhance shareholder value," said Donald M. James, Chairman and Chief Executive Officer. "Danny, Michael and John are all extremely qualified and well respected executives, and are poised to work together and seamlessly assume these important leadership positions at Vulcan. We also want to thank Bob for his dedication and commitment to Vulcan over these past 24 years, and we look forward to his strategic counsel." — Vulcan Materials Company 8-K Filing"

""The ‘key goal is to dismantle the alleged deception and unfairness built into how Herbalife does business. As the company rewrites its advertising claims and restructures its compensation system, we’ll be watching’" — FTC blog 7/15/16; "An order that requires Herbalife to restructure its business from top to bottom – and to start complying with the law" — FTC blog 7/15/16; "A major restructuring of business operations" — Edith Ramirez, FTC Chairman 7/15/16; "It’s no longer business as usual at Herbalife" — FTC blog 7/15/16; "The FTC’s settlement significantly restructures Herbalife, changing – top to bottom – how it does business" — Statement of Lois Greisman, Associate Director, FTC Division of Marketing Practices"

"“The key goal is to dismantle the alleged deception and unfairness built into how Herbalife does business. As the company rewrites its advertising claims and restructures its compensation system, we’ll be watching” — FTC blog 7/15/16; “An order that requires Herbalife to restructure its business from top to bottom – and to start complying with the law” — FTC blog 7/15/16; “A major restructuring of business operations” — Edith Ramirez, FTC Chairman 7/15/16; “It’s no longer business as usual at Herbalife” — FTC blog 7/15/16; “The FTC’s settlement significantly restructures Herbalife, changing – top to bottom – how it does business” — Statement of Lois Greisman, Associate Director, FTC Division of Marketing Practices"

""Harvey Golub is everything that you would want in a director. And one of the things that I appreciate most about him is that he has always respected the space between the Non-Executive Chairman and the CEO roles. He challenged me. He held me accountable. But he did not try to do my job for me... ... And he has challenged us to sharpen our strategy, and better execute that strategy by holding us to high performance standards. He often tells us, 'This is what you said you would do. Are you delivering and, if not, why not?'" — Douglas Conant, former CEO of Campbell Soup Co; "Harvey Golub has done an absolutely sensational job, and we're probably $4 billion better because of it." — Warren Buffett"

"Currently, the Company has a combined Chairman and CEO leadership structure, a classified board, and over-tenured directors. A plethora of these problematic governance practices appear to be a driving force in the Company's underperformance. — Egan-Jones, May 1, 2025; These issues stack on what we consider to be fairly disconcerting corporate governance considerations, including a dubious commitment to good faith engagement, a questionable and counterproductive realignment of key oversight roles and a late-stage candidate pivot which seems to call into question the board's prior candor. These issues should, in our view, be of significant concern to P66 investors. — Glass Lewis, May 10, 2025"

""We believe board independence is essential to good corporate governance. In addition to having a board's majority made up of independent members, we generally prefer an independent board chair" — Capital Group. "Northern Trust generally leaves the choice of chairman to the board's discretion... However, Northern Trust will vote case by case on whether to support shareholder resolutions seeking the separation of chairman and CEO" — Northern Trust. "MFS believes boards should include some form of independent leadership responsible for amplifying the views of independent directors and setting meeting agendas, and this is often best positioned as an independent chair of the board" — MFS."

"[I]t is unusual for an executive chairman to be compensated at a significantly higher level than the company's CEO and the proxy does not provide a compelling reason for this arrangement... The proxy does not adequately explain why investors should bear the costs for him to remain the most highly compensated NEO even when his apparent role and responsibilities within the company are reduced. — Institutional Shareholder Services – 2021 Disney Report; [W]hile we acknowledge the need to retain critical leadership in anticipation of such a significant merger, the magnitude of the special equity grant ($100 million) is excessive. — Institutional Shareholder Services – 2018 Disney Report"

"Scott D. Farmer, Cintas's Chairman and Chief Executive Officer, stated, "We are pleased with these fourth quarter financial results which conclude a very successful year. For the ninth consecutive year, our organic revenue growth was in the mid- to high- single digits and EPS grew double digits when adjusted for one-time and special items. Additionally, our strong cash flow and balance sheet enabled us to deploy cash to increase shareholder value. In fiscal 2019 we paid an annual dividend of $220.8 million that increased 26.5% over the prior year, and we purchased 4.8 million shares of company stock in a total amount of $953.4 million." — Fiscal Year 2019 results press release"

""The CEO should not try to be the board members' best friend. Some believe that by keeping up an extensive schedule of private dinners and special events with directors, a CEO can build an atmosphere of rapport and friendship that will carry over into the boardroom. But the board is not the CEO's friend — it is the CEO's boss. The board of directors is not just a collection of individuals — it is an institution with a responsibility for representing the interests of shareholders. Friendship should never allow a CEO to get concurrence when it otherwise wouldn't be coming." — Harvey Golub, Shareholder Nominee, Former Chairman & CEO American Express, September 2009"

"I have nothing but the highest regard for Nelson Peltz. We served together on the Heinz board and I found him constructive, open-minded and thoughtful. He played by the rules and was a positive influence. He had a lot of good ideas to help make Heinz a better company, including increased marketing and reducing corporate overhead. He definitely added value for all Heinz shareholders. — Thomas J. Usher, Former Chairman and CEO, United States Steel Corporation, non-executive Chairman of the board of Marathon Petroleum Corporation, Director of The PNC Financial Services Group, Inc. and PPG Industries, Inc., and former Director of H.J. Heinz Company"

"I have nothing but the highest regard for Nelson Peltz. We served together on the Heinz board and I found him constructive, open-minded and thoughtful. He played by the rules and was a positive influence. He had a lot of good ideas to help make Heinz a better company, including increased marketing and reducing corporate overhead. He definitely added value for all Heinz shareholders. — Thomas J. Usher, Former Chairman and CEO, United States Steel Corporation, non-executive Chairman of the board of Marathon Petroleum Corporation, Director of The PNC Financial Services Group, Inc. and PPG Industries, Inc., and former Director of H.J. Heinz Company"

"I have nothing but the highest regard for Nelson Peltz. We served together on the Heinz board and I found him constructive, open-minded and thoughtful. He played by the rules and was a positive influence. He had a lot of good ideas to help make Heinz a better company, including increased marketing and reducing corporate overhead. He definitely added value for all Heinz shareholders. — Thomas J. Usher, Former Chairman and CEO, United States Steel Corporation, non-executive Chairman of the board of Marathon Petroleum Corporation, Director of The PNC Financial Services Group, Inc. and PPG Industries, Inc., and former Director of H.J. Heinz Company"

""I’m desperately in need of a strategy." — Richard Parsons, CEO of Time Warner Inc., April 2002; "First, we took out management layers. Layers hide weaknesses. Layers mask mediocrity..." — Jack Welch, Former Chairman and CEO of The General Electric Company, October 1989; "If you don’t know how to execute, the whole of your effort as a leader will always be less than the sum of its parts." — Larry Bossidy, Former Chairman and CEO of Honeywell International Inc., June 2002; "The restructuring process was intended to 'delayer' the company’s management structure and reduce costs." — Ann Moore, Chairman and CEO of Time Inc., December 2005."

""We believe that having an independent chair is the preferred structure for board leadership. Having an independent chair avoids the inherent conflict of self-oversight and helps ensure robust debate and diversity of thought in the boardroom." — Wellington; "The roles of chair and CEO are substantially different, requiring distinctly different skills and experience. Therefore, LGIM expects the two roles to be separated." — Legal & General; "Harris has an existing guideline that states that we will normally vote in favor of proposals requiring the separation of the Chairman and Chief Executive Officer positions" — Harris Associates."

"“As Rick said, we do sort of the ground game for us is those smaller acquisitions that we do roughly one a quarter and we consider that more like an organic activity.” — CFO Mike Sicoli, Q2 2018 earnings call; “We add these smaller acquisitions and buying books of business which I call organic as well because it's a lot less expensive sometimes to buy those books than to take six months or nine months to build a sales organization to achieve that.” — Executive Chairman H. Brian Thompson, Q4 2017 earnings call; “The organic part of our business is also the combination of small acquisitions.” — CEO Rick Calder, Q3 2018 earnings call"

""We believe that having an independent chair is the preferred structure for board leadership. Having an independent chair avoids the inherent conflict of self-oversight and helps ensure robust debate and diversity of thought in the boardroom." — Wellington; "The roles of chair and CEO are substantially different, requiring distinctly different skills and experience. Therefore, LGIM expects the two roles to be separated." — Legal & General; "Harris has an existing guideline that states that we will normally vote in favor of proposals requiring the separation of the Chairman and Chief Executive Officer positions" — Harris Associates"

"As I have always said, I believe strongly in professional management and appropriate corporate governance. Decisions about who will succeed me as chairman of CBS and Viacom will be made by the Boards of the respective companies, and not by any individual. Despite press reports to the contrary, such decisions have not yet been made. After my death, my ownership interest in the companies will be overseen by a group of seven trustees who will make fiduciary decisions based solely on the best interests of the beneficiaries of the trust. Until that time, I will continue to make all such decisions. — Sumner Redstone, May 7, 2015"

""And in our conversations with customers that effectively -- the math would come back to effectively the same kind of level of businesses we do today, that's -- I know it's a somewhat high-level explanation, but to take you any deeper would require spreadsheets..." — Ajay Shah, Chairman/CEO. "This reduction of the Import Tax diminishes the protection of the national industry and, if it comes along with the reduction of the tax benefit that we have today in the Computer Law, it may be big enough that there is no longer interest of a company, multinational company to produce in Brazil" — Rogério Nunes, CEO of SMART Brazil."

""No question, no question, that anybody who’s not in the Nevro cult has the exact same clinical experience that I had with explants. Not a question. Additionally, you should talk to [KOL name redacted]. He is the former chairman of [redacted] at [redacted] University and then former chairman of [redacted] at the University of [redacted]. He knows every inside story about everything. His take on Nevro is slimy people, falsification of data. Everything we have talked about but amplified. He can’t stand them. He’s a real ethical guy." -- Ex-Nevro consultant/speaker and one of the most prominent KOL's in the space"

"“The Executive Committee shall consist of the Chairman and Chief Executive Officer and not less than four other directors who shall from time to time be appointed by the Board of Directors. The Executive Committee shall have and exercise in the intervals between the meetings of the Board of Directors all the powers of the Board of Directors, except as prohibited by applicable law. All acts done and powers conferred by the Executive Committee from time to time shall be deemed to be, and may be certified as being, done and conferred under authority of the Board of Directors” — BlackRock, Article of Association"

""The Executive Committee shall consist of the Chairman and Chief Executive Officer and not less than four other directors who shall from time to time be appointed by the Board of Directors. The Executive Committee shall have and exercise in the intervals between the meetings of the Board of Directors all the powers of the Board of Directors, except as prohibited by applicable law. All acts done and powers conferred by the Executive Committee from time to time shall be deemed to be, and may be certified as being, done and conferred under authority of the Board of Directors" — BlackRock, Article of Association"

""There's a lot of interest around Viacom in your upcoming contract renewal. How are those talks going, and is there a chance the two sides decide to part ways?" — Shalini Ramachandran, The Wall Street Journal. "Viacom has been a long-term partner, so it'd take a lot for us not to do a deal with them, but they have to be realistic that their ratings have deteriorated over the last three years or four years in some cases in a material way... We know there's alternatives for their product today that weren't there three years ago or four years ago." — Charles William Ergen, Executive Chairman, President & CEO."

""We believe board independence is essential to good corporate governance. In addition to having a board's majority made up of independent members, we generally prefer an independent board chair" — Capital Group. "Northern Trust generally leaves the choice of chairman to the board's discretion... Northern Trust will vote case by case on whether to support shareholder resolutions seeking the separation of chairman and CEO" — Northern Trust. "MFS believes boards should include some form of independent leadership responsible for amplifying the views of independent directors and setting meeting agendas" — MFS."

"With the exception of the information below, we have no observations to make on the sincerity and consistency with the annual accounts of the information given in the management report of the chairman and in the other documents on the financial situation and the annual accounts address the sole shareholder. In application of the law, we inform you that the information relating to the payment periods provided for in article D. 441-6 of the commercial code is not mentioned in the management report. Consequently, we cannot attest to their sincerity and their consistency with the annual accounts. — Deloitte"

"“Although not saying so directly, Mr. Docter also indicated that Pixar had perhaps drifted too far from its storytelling roots” and that Mr. Docter “want[s] to double down on what allowed [Pixar] to speak to audiences to begin with.” — New York Times October 2023 Interview with Pete Docter, Head of Pixar Animation; “Mr. Iger continued to direct Disney’s creative endeavors until his departure as Executive Chairman last December [2021], and the Company’s robust pipeline of content is a testament to his leadership and vision.” — Disney November 2022 Press Release Announcing Mr. Iger’s Return as CEO"

"Although not saying so directly, Mr. Docter also indicated that Pixar had perhaps drifted too far from its storytelling roots and that Mr. Docter "want[s] to double down on what allowed [Pixar] to speak to audiences to begin with." — New York Times October 2023 Interview with Pete Docter, Head of Pixar Animation; "Mr. Iger continued to direct Disney’s creative endeavors until his departure as Executive Chairman last December [2021], and the Company’s robust pipeline of content is a testament to his leadership and vision." — Disney November 2022 Press Release Announcing Mr. Iger’s Return as CEO"

"Land and Buildings believes MGM's high-quality real estate portfolio is substantially undervalued in the public markets. We have been attempting to work collaboratively with MGM management to find an optimal corporate structure for the Company and believe the proposed REIT conversion detailed in the presentation released today will maximize shareholder value while minimizing costs. We are pleased that MGM's CEO and Chairman Jim Murren has said he is open to considering a REIT conversion and has stated that his focus is rightfully on what is best for all shareholders. — Jonathan Litt"

""Trian is in the business of making good companies a lot better. Their research, analysis, and recommendations are focused on operational and strategic initiatives to build shareholder value over the long term. They ask tough, probing questions, do rigorous fundamental work to understand a company, and develop ideas to help it grow and increase profits. They also are persistent, thoughtful, and creative agents for change." — Dennis Kass, Former Chairman and CEO, Jennison Associates, former Chairman and current Director of Legg Mason, Inc., and current Trian Advisory Partner."

"“Trian is in the business of making good companies a lot better. Their research, analysis, and recommendations are focused on operational and strategic initiatives to build shareholder value over the long term. They ask tough, probing questions, do rigorous fundamental work to understand a company, and develop ideas to help it grow and increase profits. They also are persistent, thoughtful, and creative agents for change.” — Dennis Kass, Former Chairman and CEO, Jennison Associates, former Chairman and current Director of Legg Mason, Inc., and current Trian Advisory Partner."

""Trian is in the business of making good companies a lot better. Their research, analysis, and recommendations are focused on operational and strategic initiatives to build shareholder value over the long term. They ask tough, probing questions, do rigorous fundamental work to understand a company, and develop ideas to help it grow and increase profits. They also are persistent, thoughtful, and creative agents for change." — Dennis Kass, Former Chairman and CEO, Jennison Associates, former Chairman and current Director of Legg Mason, Inc., and current Trian Advisory Partner."

"While our termite business has been growing by double digits for several years in a row now, termite damage claims as well as any related to litigation have declined year-by-year reaching our lowest level in recent history during 2021. To be more specific, termite damage claims received have declined from a high of 9,349 to the low of 380 new claims received this past year, while at the same time, revenue from termite has tripled. — Wilson, Vice Chairman, Q4 2021; We don't break out the termite business from the ancillary, so it's hard to report that. — Krause, CFO, Q4 2022"

"“We have had this strategic transformation...underway really going back, not only since I became Chairman and we started to shift to E&P, but predominantly when we started to build our Bakken position in 2010. So this is not something that just happened overnight and is response to an activist. In fact, Elliott got on the train after it really left the station. This is a carefully structured strategy that's been given a lot of thought, and it's really the natural culmination of the strategic transformation I went through in my remarks...” — John Hess, March 2013"

""Yeah, I mean, I would say the that piece is about $430 million at 14 -- 13 or 14 loans, the average loan is $37 million. There is, some that are bigger, some that are smaller. There's some that we never think about and there some that we think about every other day. I mean this is, this is a chaotic environment and so we have some businesses that have benefitted from it and there's some that are grinding through it. So I would say -- I -- that's as much color as I would give you only because of not -- I think that tells it all." — Chairman/CEO Bryant Riley"

"As Gary transitions to the Executive Chairman role, we are completely aligned in terms of the direction of the company. There are things, of course, that we want to work on, but this is not a change to Southwest Airlines, 90 degrees either direction. We're extremely aligned. We're not reinventing the company post-pandemic. It's quite the opposite... And I just want to stop and express my gratitude to my friend, Gary Kelly. He's been my sponsor, my mentor for 34 years. You couldn't have a better one. He's my friend. — CEO Bob Jordan, December 2021"

"As Gary transitions to the Executive Chairman role, we are completely aligned in terms of the direction of the company. There are things, of course, that we want to work on, but this is not a change to Southwest Airlines, 90 degrees either direction. We're extremely aligned. We're not reinventing the company post-pandemic. It's quite the opposite... And I just want to stop and express my gratitude to my friend, Gary Kelly. He's been my sponsor, my mentor for 34 years. You couldn't have a better one. He's my friend. — CEO Bob Jordan, December 2021"

""Our gross administrative fees will grow at a faster rate than net admin fees, as we forecast increases in our revenue share obligation due to renewal pricing, shift of fixed fee to shareback agreements, and the impact of performance related fees on the percentage of shareback." — Mike Nolte, COO, MedAssets; "I know we have discussed this in the past, but we do see continued pressure, as we said, in the 100-basis-point to 200-basis-point range for the revenue share obligation -- that's an industry trend." — Haley Wise, Chairman & CEO, MedAssets"

"“Nelson Peltz seeks to understand other points of view as much as he seeks to be heard. He is an active listener. Having been a CEO, Nelson also has a healthy respect for the difficulties and challenges of leading large public companies...Nelson is collaborative by nature – he is always searching for the best ideas. That makes him a great change agent.” — Dennis Reilley, Former Chairman and CEO, Praxair, Inc., current Chairman of Marathon Oil Corporation, and Director of Dow Chemical Company and Covidien Ltd., and current Trian Advisory Partner"

"Nelson Peltz and I served together on the Heinz board beginning in 2006 and have remained in touch since the company was sold in 2013. Nelson was an insightful and constructive presence on the Heinz board. He approached board and management relationships professionally and collegially. Nelson, in concert with other members of the Heinz board, made excellent strategic and operational recommendations and decisions which helped move Heinz forward. — Charles E. Bunch, Chairman and CEO, PPG Industries, Inc., and former Director of H.J. Heinz Company"

""Nelson Peltz seeks to understand other points of view as much as he seeks to be heard. He is an active listener. Having been a CEO, Nelson also has a healthy respect for the difficulties and challenges of leading large public companies...Nelson is collaborative by nature – he is always searching for the best ideas. That makes him a great change agent." — Dennis Reilley, Former Chairman and CEO, Praxair, Inc., current Chairman of Marathon Oil Corporation, and Director of Dow Chemical Company and Covidien Ltd., and current Trian Advisory Partner"

"Nelson Peltz and I served together on the Heinz board beginning in 2006 and have remained in touch since the company was sold in 2013. Nelson was an insightful and constructive presence on the Heinz board. He approached board and management relationships professionally and collegially. Nelson, in concert with other members of the Heinz board, made excellent strategic and operational recommendations and decisions which helped move Heinz forward. — Charles E. Bunch, Chairman and CEO, PPG Industries, Inc., and former Director of H.J. Heinz Company"

"“Nelson Peltz seeks to understand other points of view as much as he seeks to be heard. He is an active listener. Having been a CEO, Nelson also has a healthy respect for the difficulties and challenges of leading large public companies...Nelson is collaborative by nature – he is always searching for the best ideas. That makes him a great change agent.” — Dennis Reilley, Former Chairman and CEO, Praxair, Inc., current Chairman of Marathon Oil Corporation, and Director of Dow Chemical Company and Covidien Ltd., and current Trian Advisory Partner"

"Nelson Peltz and I served together on the Heinz board beginning in 2006 and have remained in touch since the company was sold in 2013. Nelson was an insightful and constructive presence on the Heinz board. He approached board and management relationships professionally and collegially. Nelson, in concert with other members of the Heinz board, made excellent strategic and operational recommendations and decisions which helped move Heinz forward. — Charles E. Bunch, Chairman and CEO, PPG Industries, Inc., and former Director of H.J. Heinz Company"

"“We showcased several innovative technologies at Labelexpo... The second innovation is Fasson Curve appeal, which will enable consumer packaged goods companies to label containers with complex curves, where today the only option is shrink sleeve.” — Former CEO and Chairman Dean Scarborough, Q3 2010 Conf Call. "The clearest threat to Avery has been the growth of shrink sleeves. It’s a container that’s fully decorated where the full bottle is covered by a plastic label and shrunk with heat." — 50 Year Pressure Sensitive Industry Label Expert."

"“CSIM believes that the board is typically best positioned to determine its leadership structure. Therefore, CSIM will typically not support proposals requiring the separation of these roles unless certain circumstances are in place.” — Charles Schwab Investment Management. “We will generally vote for proposals looking to separate the CEO and Chairman roles unless the company has governance structures in place that can satisfactorily counterbalance a combined chairman and CEO/ president post.” — JP Morgan Asset Management."

""This alliance is a critical addition to our industrial asset management capabilities as we continue to strategically invest for growth by delivering integrated APM solutions for our energy and industrial customers. We share the same strategic vision of combining critical equipment engineering with digital analytics, and Augury also has broad technology and skillsets that complement our existing offering to improve efficiencies, productivity and operational excellence." — Lorenzo Simonelli, chairman and CEO at Baker Hughes"

"“The turnaround would be astonishing in any industry, but especially in the beverage-marketing business, where short-lived brands are depressingly common... I posed those questions to Triarc’s top executives: chairman and majority owner Nelson Peltz, CEO Mike Weinstein... There is a vital interplay between the challenge a brand faces and the culture of the corporation that owns it. When brand and culture fall out of alignment, both brand and corporate owner are likely to suffer...” — John Deighton, Harvard Business Review"

"“Indicative of the strength within our portfolio is the performance of our 50 most productive United States centers. These properties generated average sales per square foot of approximately $648. Not only do these 50 centers produce tremendous sales per square foot, they also represent approximately 50% of our total mall NOI. This is one more example of the quality of our portfolio, and quality will be more important than ever as we move forward in 2008 and 2009.” — John Bucksbaum, Chairman and Former CEO, July 31, 2008"

"“Based on our confidence in ozanimod’s potential, we are raising our 2020 revenue targets to more than $21 billion…it’s an incredibly exciting time for Celgene as we continue to invest in our future and accelerate growth potential through 2020 and beyond.” — Bob Hugin, Chairman & CEO, July 2015; “We believe that ozanimod has the potential to generate peak sales in the range of $4 billion to $6 billion annually in just the initial indications.” — Scott Smith, President – Global Inflammation & Immunology, July 2015"

""[O]ur performance was strengthened by our guiding principle to always attack waste... This included an effort to begin rationalizing our facilities and organizational assignments to drive unnecessary expense out of the business and to improve our customer intimacy by delayering the organization. We remain focused on executing our global pipeline of opportunities to improve our efficiency and reduce our waste. This will remain a major focus in fiscal year '08 and beyond." — Tony Aquila, CEO, President, Chairman"

""[Bob] Iger had personally selected every member of the board, which is surprisingly lacking in media and entertainment experience. Iger is personally close with several of them, including Nike Executive Chairman Mark Parker and General Motors CEO Mary Barra [who is on Disney's Compensation Committee]. In addition, the wife of another director, Michael Froman, then vice chairman of Mastercard and now president of the Council on Foreign Relations, had been housemates with Iger's wife..." — CNBC, September 2023"

""We have had this strategic transformation... underway really going back... since I became Chairman... In fact, Elliott got on the train after it really left the station... This is a culmination of a multi-year strategy..." — John Hess, March 2013; "Absolutely, that is the correct understanding of my remarks, that the major moves to reshape our portfolio in terms of divestiture to complete the strategic reshaping of our portfolio, will have been completed by the end of 2013." — John Hess, January 2013."

"CSIM believes that the board is typically best positioned to determine its leadership structure. Therefore, CSIM will typically not support proposals requiring the separation of these roles unless certain circumstances are in place. — Charles Schwab; We will generally vote for proposals looking to separate the CEO and Chairman roles unless the company has governance structures in place that can satisfactorily counterbalance a combined chairman and CEO/ president post. — JP Morgan Asset Management"

""Allegion was spun-off from Ingersoll Rand in December 2013. As an Ingersoll Rand board member, Nelson worked with us to craft a shareholder friendly governance structure that is an important element in keeping our leadership accountable for performance as a standalone entity. Nelson Peltz, the Trian team and Allegion believe that good corporate governance and good operational results go hand in hand. The results speak for themselves." — David Petratis, Chairman, President and CEO, Allegion, plc"

"Allegion was spun-off from Ingersoll Rand in December 2013. As an Ingersoll Rand board member, Nelson worked with us to craft a shareholder friendly governance structure that is an important element in keeping our leadership accountable for performance as a standalone entity. Nelson Peltz, the Trian team and Allegion believe that good corporate governance and good operational results go hand in hand. The results speak for themselves. — David Petratis, Chairman, President and CEO, Allegion, plc"

"Allegion was spun-off from Ingersoll Rand in December 2013. As an Ingersoll Rand board member, Nelson worked with us to craft a shareholder friendly governance structure that is an important element in keeping our leadership accountable for performance as a standalone entity. Nelson Peltz, the Trian team and Allegion believe that good corporate governance and good operational results go hand in hand. The results speak for themselves. — David Petratis, Chairman, President and CEO, Allegion, plc"

""We're very excited, and I feel more confident today than I ever have about the future. I know that's something that everybody always says. But why do I feel that, I feel that because we have more control of these issues...there are going to be headwinds here and there. But what we can control, what we're focused on as a company, and what we're able to do, I think, puts us in a unique opportunity to further transform this business." — Peter Huntsman, Chairman, President & CEO, November 2021"

""We're very excited, and I feel more confident today than I ever have about the future. I know that's something that everybody always says. But why do I feel that, I feel that because we have more control of these issues...there are going to be headwinds here and there. But what we can control, what we're focused on as a company, and what we're able to do, I think, puts us in a unique opportunity to further transform this business." — Peter Huntsman, Chairman, President & CEO, November 2021"

""[O]ne of the things about Alcoa Corp. that is fundamentally different than Alcoa Inc. is that we were given the opportunity to come out with a much better governance structure. So as a new company, we separated the Chairman and the CEO role. I personally believe that's the right way to have the business set up.... In addition to that, we've decided to incorporate in Delaware.... Delaware is much more shareholder-friendly." — William F. Oplinger, CFO Alcoa Corp., November 16, 2016"

"While our termite business has been growing by double digits for several years in a row now, termite damage claims as well as any related to litigation have declined year-by-year reaching our lowest level in recent history during 2021. To be more specific, termite damage claims received have declined from a high of 9,349 to the low of 380 new claims received this past year, while at the same time, revenue from termite has tripled. — Wilson, Vice Chairman, Q4 2021, Jan 26, 2022"