Callouts & quotes from 2,037+ activist slides

"If negative 32 percent is what this board and management can produce after a bankruptcy eliminated most of their legacy issues, it may well be time to let someone else try."

"To provide the real change Campbell shareholders deserve, Third Point seeks to replace the entire incumbent Board with an attractive new slate of highly qualified nominees"

"No doubt retail is a tough business, but BOOT's executives and Board members have been associated with an unusually high number of retailers that ultimately went bankrupt."

"In our view, there continues to be a clear lack of operating discipline at the management level as well as ineffective oversight from the Board of Directors (the “Board”)."

"However, in the case of CEO Blackford, we find that nearly every company he has been involved with at the senior executive or Board Director level has faced controversies."

"By voting for Trian's two nominees, Nelson Peltz and Jay Rasulo, you can help restore the Board's focus, alignment and accountability and help Restore the Magic at Disney."

"Shareholders should be alarmed that the Board and Mr. Shaw willingly gave up a valuable asset to their closest competitor in exchange for hiring an inferior COO candidate."

"Just Business invested $1.25 million into ABML while Mr. Batstone will receive ~1/5th of that investment back in equity and $120k annually in exchange for this board role."

""We do not believe that Pershing Square's nominees would add value to the Board." — Target spokesperson; "Ackman campaign for Target like prize fight" — Reuters, 4/18/2009"

"We are concerned that the Board’s actions were not only self-serving but also directly adverse to the best interests of shareholders and their ability to elect directors."

"Then we come to the issue of supervisory board selection. This is one of Muddy Waters' central charges. They say, OK, we have a supervisory board that is not independent."

"We question why the Board, including new members added between 2018 – 2021, chose to overlook problematic conflicts and keep highly-interconnected directors on the Board?"

"We believe restoring the magic at Disney starts with a focused, aligned and accountable board, intensely committed to returning an 'ownership mentality' to the boardroom."

"Through the May 2023 filing of Samsara’s audit committee report, its Audit Chairman and “Independent Director” Jonathan Chadwick served on a mind-blowing ten (10) boards!"

"Inconsistent Methodologies Used: The column titled "P&G Peers" uses a Simple Average, while column titled "Peltz Serving on the Board" uses a Market Cap Weighted Average."

"Dr. Beckerle is a beneficiary of substantial donations from the Huntsman family. Despite this fact, the Board shockingly claims Dr. Beckerle is an “independent” director."

"We believe the Board conducted an incomplete analysis of Dr. Beckerle’s independence and a consideration of all the facts suggests Dr. Beckerle is clearly not independent"

"We question why the Board, including new members added between 2018 – 2021, chose to overlook problematic conflicts and keep highly-interconnected directors on the Board?"

"Marathon has excelled since its board carried out a series of crucial changes that we recommended, resulting in a ~150% relative outperformance by Marathon's share price."

"Inexplicably, the board declined to retain this consultant (or any other consultant of comparable reputation and quality) to pursue this path to create shareholder value."

"The combined experience of our nominees and our proposed management team can take Norfolk Southern from worst to first, but it requires replacing a majority of the Board."

"The combined experience of our nominees and our proposed management team can take Norfolk Southern from worst to first, but it requires replacing a majority of the Board."

"In our view, it is fair to conclude that this chain of events a) is unnecessarily complex for an above-board transaction, and b) creates ample opportunity for wrongdoing."

"The Board says Jamie Boychuk "offers more downside for Norfolk Southern than upside" and that "his track record as an operator is not inspiring." — Norfolk Southern Board"

"Shareholders should not trust the management team or a Board that has overseen financial underperformance, poor capital allocation and unacceptable corporate governance."

"Elliott believes that there are clearly identifiable steps to realize value at ACAS and that a capable Board actively overseeing a strategic review can unlock this value"

"BlackRock is simply not in the position to fulfil its stewardship responsibilities. The Board, due to lack of independent oversight, has failed to recognised this issue."

"Board members and senior executives have also donated significant funds to HCI / HCF, which we believe creates further financial conflicts of interest with Dr. Beckerle."

"The Special Meeting will provide an alternative forum for shareholders to show the Board that Darden’s shareholders will not stand to be silenced on this critical issue."

"Despite these recent missteps, which have badly damaged the credibility of management and the Board, we believe that Perrigo has a strong franchise with valuable assets."

"The new Board is doing exactly what they were entrusted to do by shareholders: Holding management accountable and ensuring that the best leaders are running the Company"

"Ms. Moorehead and her Board’s actions indicated that they were willing to go to great lengths to maintain power and prevent shareholders from having their voices heard."

"In Trian’s limited interactions with DuPont’s Board, it has become clear to us that management maintains a significant information advantage over the Board of Directors"

"In Trian’s limited interactions with DuPont’s Board, it has become clear to us that management maintains a significant information advantage over the Board of Directors"

"In Trian’s limited interactions with DuPont’s Board, it has become clear to us that management maintains a significant information advantage over the Board of Directors"

"In Trian’s limited interactions with DuPont’s Board, it has become clear to us that management maintains a significant information advantage over the Board of Directors"

"The Board and management's flawed response is costly: Norfolk Southern has reserved $1.1 billion in charges so far as a result of the 2023 derailment in East Palestine."

"A new board-level committee, assisted by independent advisors, will lead a comprehensive business review to modernize Southwest and restore best-in-class profitability"

"A new board-level committee, assisted by independent advisors, will lead a comprehensive business review to modernize Southwest and restore best-in-class profitability"

"A new board-level committee, assisted by independent advisors, will lead a comprehensive business review to modernize Southwest and restore best-in-class profitability"

"Where will the Director's minimum be for year end 2019? How should other shareholders feel if a member of the Board only wants to own the bare minimum number of shares"

"A new board-level committee, assisted by independent advisors, will lead a comprehensive business review to modernize Southwest and restore best-in-class profitability"

"Shareholders should vote AGAINST the proposed Fuji/Xerox transaction and FOR a new board of directors that can drive much needed change and maximize shareholder value"

"Target’s board lacks significant shareholder representation, owning less than 0.3% of the company. Independent directors own only 0.02% of the company in common stock"

"The Board's actions have been designed to favor and protect the trustees at the expense of shareholders, much like how the Board rejected the cash-rich premium offer."

"The takeaway is that this Board cannot be trusted to act in the best interests of shareholders – let alone handle the most critical decision facing the Company today."

"For far too long, Darden shareholders have suffered mightily under the failed leadership of a Board that has blatantly disregarded the best interests of shareholders."

"The Board decided to spend an estimated $100mm+ of shareholder money engaging in a proxy contest, while 8 out of 11 Directors have not even met Nelson Peltz in person"

"Chair Colleen Moorehead and her Board’s actions indicate that they will go to great lengths to maintain power and prevent shareholders from having their voices heard."

"Why did Bob Iger and the Board invite Nelson to meet in person three years ago to hear his views on Disney and barely give him the same opportunity three years later?"

"We believe that it would be prudent for the Board to evaluate the Company's intellectual property and determine whether there are certain areas that can be monetized."

"“[I]t is often the case that older directors are among the savviest and most skilled board members...” — David Katz and Laura McIntosh, Wachtell, Lipton, Rosen & Katz"

""[I]t is often the case that older directors are among the savviest and most skilled board members..." — David Katz and Laura McIntosh, Wachtell, Lipton, Rosen & Katz"

"The fact that Parkland's stock rose merely 6% on the news says it all: the market doubts the Board's true intentions, judgement and competence to run a true process."

"We encourage you to rely on the judgment of the Arconic Board, which is independent, objective and thoroughly dedicated to the interests of all Arconic shareholders."

"The poor valuation reflects investor concerns that management and the Board will waste OUTR's substantial (but declining) free cash flows on risky growth initiatives"

"These actions demonstrate how profoundly out of touch Southwest's Board has become with shareholder sentiment and with the reality of the situation, said the letter."

"Our directors are not permitted to serve on more than four additional public company boards without the approval of the Board of Directors. — Samsara Proxy Statement"

"Shifting the focus from the C-level management and Board of Directors’ sideshow drama will allow Yahoo’s core assets and overlooked businesses to take the spotlight"

"In a recent presentation, the current Board actively misled investors about Mr. Loeb’s credentials and Third Point’s track record of creating value for shareholders"